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...risky businesses as proprietary trading and hedge-fund and private-equity-fund investing (all three activities contain some element of trading or investing for the firm's own account, possibly employing leverage). Many have dismissed the so-called Volcker rule, which Obama named for former Federal Reserve chairman and current presidential adviser Paul Volcker (who has championed the proposal), as unnecessary. They say proprietary trading played a very limited role in causing the financial crisis, that poor lending and underwriting were more to blame...
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 to limit the propagation of failures and also to preserve cultural boundaries," Reed told Senators...
...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 at Washington University in St. Louis, Mo., Pandit said that unlike with other financial crises, proprietary trading played a much bigger role than underwriting in the recent credit crunch that nearly brought down his firm. "It makes sense to me that you don't take deposits as an institution and turn...
Naturally, the repeal of DADT raises some important questions as to its implementation. For instance, the current discriminatory policy cannot merely be abolished. It must be abolished in conjunction with the establishment of a cultural and education program that will ensure that any current military prejudice is removed from more than just the annals of federal law. It is one thing to make a nominal change and another to make a real one. To prevent the persistence of vestigial homophobia, soldiers at all levels and of all genders must be encouraged to participate in conversations about the meaning of sexual...
...While Washington and Beijing seem very much at odds just now, we shouldn't let their current state blind us to how intertwined they have become, nor to parallels between America's rise at the start of the last century and China's at the start of this one. Whether they like it or realize it, their relationship is truly one thing too big to fail...