Bank regulation is caught up in political maneuvering. Pro and con lobbying groups are spinning legislators. We need reform.
It's time to revise the limited personal liability provisions of the corporate form. The government should sue executives personally for decisions that turn very bad for the rest of us.
If after all the fanfare, photo ops, and promises to fight, the Obama administration shamefully doesn't manage to get the Volcker rules into an already weak financial reform bill, I hope Volcker doesn't wait until the next life to speak out.
The bankers may like to show they prize flexibility, but try telling them they should change bonus culture. On that score, they will not bend. But they needn't worry -- the Champagne will still flow; Washington isn't going after bonuses.
It took three years to execute the colossal task of changing currencies into Euros. The Euro is essential, and the current decision reinforces the European common currency.
Although the defeat of Brown-Kaufman was crushing, it was nonetheless an indicator of the strength of the populist call to break up the banks and reduce Wall Street power.
Blanche Lincoln wants to force the banks to put their derivatives into separate entities that aren't subsidized by you and me. This is just common sense. But it's the biggest battle in financial reform right now.
With yesterday's defeat of the Brown/Kaufman SAFE Act -- an amendment which would have broken up the big banks -- the Democrats left themselves open to the charge that they've failed to stand up to the big banks.
Goldman Sachs is at a crossroads. Either they can significantly change their image in our society or they can face the consequences.
I speak of the "value-added tax," or "VAT." Republicans are horrified that President Obama has a secret plan to pass this tax, and are shouting from the rooftops (of the nearest Fox News building).
First, let your greed overcome all regard for the stability of the global market, and overcome your aversion to illegal activities. Then say away from people like me, because I'd like to see you thrown in jail.
While Alan Greenspan has been busy denying any blame or foresight into the financial crisis, Paul Volcker has been working to dissociate the speculative risks of hedge funds from banking. But "The Volcker Rule," does not go far enough.
When people think of the financial reforms of the New Deal, often the creation of the FDIC is what comes to mind. In reality the FDIC came last. The first thing FDR signed into law was Glass-Steagall.
If the current bull run lasts 1000 days, it will reach exhaustion after April, 2013. My research of market patterns paints a grim picture after that.
Paul Volcker expresses himself in the measured language of a distinguished technocrat. But he is very worried about our current financial structure and where it is heading.