Word: bankses
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"The financial crisis was caused by the juxtaposition of regulators who really didn't believe in regulation, and excess leverage," says Jon Corzine, the former governor of New Jersey and a former chief executive of Goldman Sachs. "We need stricter, higher capital rules for the banks. That's a much...
Indeed, a number of former and current Wall Streeters have come out in favor of limiting proprietary trading by banks. At the Senate hearing on Thursday, former chairman of Citigroup John Reed said he supported a Volcker-rule-like separation of financial firms. "The industry should be compartmentalized so as...
Top Wall Street money manager Jeremy Grantham recently wrote shareholders that he thought the Volcker rule would eliminate conflicts of interest at financial firms. Citigroup's current chief executive Vikram Pandit, too, has said he believes banks need to start curtailing their riskier activities. In November, speaking to business students...
Skeptics say it will be very hard to define which trades are being made on behalf of the firm and which are being made for clients. At issue as well is which firms would be subject to the Volcker rule. The skeptics say the Volcker rule wouldn't have stopped...
The problem is that Wall Street and Washington appear to have very different definitions of what is proprietary trading. Goldman and others are defining proprietary trading as the day-to-day money these firms risk in the markets, buying and selling stocks and bonds. Volcker seems to want to limit...