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Thu Nov 29, 2012, 11:34 AM

 

Volcker: Rule Is Already Changing Wall Street

Source: CNBC

"Banks have stopped their straightforward proprietary trading operation, and they've largely cut back on their hedge funds and equity funds," Volcker said in the interview broadcast Thursday. "And as the managements and the directors finally understand that 'yes, this is a law that has to be followed,' they'll be able to manage their trading desks in what I think is an effective way."

Volcker said he isn't frustrated by the lack of progress but admits he doesn't know why the rule hasn't been fully adopted yet.

"Whether the regulation has to be as complicated, I don't know what the new regulation will be," said Volcker. "But I don't think it needs to be as complicated as our initial regulation, which got a big reaction."

In prepared remarks at a recent banking conference, Treasury Undersecretary Mary Miller said, "Our goal is to achieve a strong and consistent rule, although the process is not as easy or simple as any of us would like."

Read more: http://finance.yahoo.com/news/volcker-rule-already-changing-wall-144926335.html;_ylt=AirFjP3KujAm0EMD2spyn3aiuYdG;_ylu=X3oDMTQ4MjU0bGdpBG1pdANDTkJDIFRvcCBTdG9yaWVzBHBrZwMwYWNmZDNiZi01MTEzLTM2ODUtOWM0Ny1mMmVjZDlmNzgwMTUEcG9zAzEEc2VjA01lZGlhQkxpc3RNaXhlZExQQ0FUZW1wBHZlcgNmM2YxNDgxOS0zYTM1LTExZTItOWVmYS1lNmM5YzYwNjMyYTk-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

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Reply Volcker: Rule Is Already Changing Wall Street (Original post)
banned from Kos Nov 2012 OP
jwirr Nov 2012 #1
Cherchez la Femme Nov 2012 #2

Response to banned from Kos (Original post)

Thu Nov 29, 2012, 01:05 PM

1. Now if they will just do something about their predatory lending practices and help the people they

have already hurt maybe something will change.

A survey I often answer asked about banks a couple of days ago. I so enjoyed telling them what I think of them.

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Response to banned from Kos (Original post)

Thu Nov 29, 2012, 01:35 PM

2. If Banksters are for it

However 'grudgingly', it's a bad, weak law full of loopholes; so it'll be good for them, another crash for us.

They realize that
"this is a law that has to be followed"
--the sheer arrogance!
What laws needn't I have to follow? I mean,fair's fair, right?

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