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Simon Johnson: Banks Just Plain Lying To Fight Reform At This Point

Simon Johnson: Banks Just Plain Lying To Fight Reform At This Point
Maxwell Strachan
By 

Senior Reporter, HuffPost

WASHINGTON - APRIL 9: In this handout image provided by the IMF, International Monetary Fund's Economic Counsellor and Director of Research Simon Johnson speaks along side Charles Collyns (C), Deputy Director of the Research Department and William Murray (R), Division Chief of External Relations during a news conference of the World Economic Outlook Press Conference at the IMF Headquarters April 9, 2008 in Washington, DC. The IMF claims that global growth will decelerate in 2008 due to the slowdown of the economy in the United States. (Photo by Michael Spilotro/IMF via Getty Images)
WASHINGTON - APRIL 9: In this handout image provided by the IMF, International Monetary Fund's Economic Counsellor and Director of Research Simon Johnson speaks along side Charles Collyns (C), Deputy Director of the Research Department and William Murray (R), Division Chief of External Relations during a news conference of the World Economic Outlook Press Conference at the IMF Headquarters April 9, 2008 in Washington, DC. The IMF claims that global growth will decelerate in 2008 due to the slowdown of the economy in the United States. (Photo by Michael Spilotro/IMF via Getty Images)

In a desperate attempt to prevent implementation of the Volcker Rule, representatives of megabanks are resorting to some last-minute scare tactics. Specifically, they assert that the Volcker Rule, which is designed to reduce the risks that such banks can take, violates the international trade obligations of the United States and would offend other member nations of the Group of 20. This is false and should be brushed aside by the relevant authorities.

Read more on The New York Times

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