Word: risk
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...with the premise that nothing is off the table," says Atlanta Falcons president Rich McKay, a co-chairman of the committee. This is crucial, as NFL changes will not only protect athletes who suit up on Sunday; they will also trickle down to football's lower levels, reducing injury risk for all. (See pictures of eighth-graders being recruited for college basketball...
...also no coincidence that the President made his announcement while standing next to the unlikeliest populist advocate for financial reform, 82-year-old former Federal Reserve chairman Paul Volcker, a previously marginalized Obama adviser who had chastised the Administration for making insufficient efforts to limit the size and risk profiles of big banks. The White House is tired of complaints that its economic team - especially Treasury Secretary Timothy Geithner, the former New York Fed president who helped bail out AIG and other failing firms - is too close to Wall Street. Bringing the legendary gray eminence in from the cold - Obama...
...Obama's bank tax - designed not only to make taxpayers whole but also to discourage excessive risk-taking - came from Geithner. And so did most of the Administration's plans to address the too-big-to-fail problem, create an independent consumer agency for financial products and otherwise overhaul the regulatory system that failed so dramatically in 2008. Geithner sees big banks not as evil empires to be toppled but as moneymaking machines to be restrained, so that the panic and bailouts of two years ago are never repeated. Just because it's populist, he likes to say, doesn...
...news" who suddenly sounded like a Daily Kos blogger. If Obama really wanted to stop banks from getting too big to fail, why didn't he take Volcker's advice about how to stop them from getting too big? If Obama really wanted to stop Wall Street's excessive risk-taking, why didn't he take Volcker's advice to stop federally insured banks from gambling on their own accounts? And where was Volcker anyway...
...late December, Obama's entire economic team agreed to support the rule, along with limits on the size and scope of banks that go beyond the amendment Kanjorski drew up. Geithner would have preferred to limit risk-taking through tougher rules on leverage and capital - and he's still planning a push on that front - but in an election year, it was easy to see the value of having Volcker inside the tent. "The narrative is changing," Warren says. "In 2010, Congress will have a basic choice between taking the side of banks and taking the side of families...