Word: volcker
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...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...
...focus also reveals a power shift inside the Administration, a smackdown of Treasury Secretary Timothy Geithner, White House aide Lawrence Summers and other centrists who consider populism a dirty word, and have been accused (often unfairly) of being too close to Wall Street. Former Federal Reserve Chairman Paul Volcker, the head of Obama's Economic Recovery Advisory Board, has spent the past year getting frozen out of the White House while blasting Wall Street as a glorified casino; yesterday, he stood next to Obama as the President described the proposed ban on proprietary trading by commercial banks as "the Volcker...
...with Wall Street, at one with Big Government. And obviously that means financial reform and also I think budget and infrastructure are going to be big things this year. But let me ask you first about the financial reform part of it. One of your advisers, Paul Volcker, has said that none of the financial instruments that have been developed over the past 20 years have added anything to our economy. And I remember you and I talking during the campaign about how the economy was going to have to change. Do you agree with Volcker? Well, what I agree...
...Paul Volcker, the former Fed chairman, and Mervyn King, the governor of the Bank of England, agree that governments should mandate separation between commercial and investment banks. Volcker argues that President Obama’s “regulate the giants” approach is insufficient, since the market changes faster than regulators can keep up with it. Under Volcker’s plan, commercial banks and investment banks would still be free to flourish—just as separate companies...
...Democrat, Paul Kanjorski of Pennsylvania, said he feared the bill's accumulation of executive-branch power. Regulators are also sniping. At Thursday's hearing in the House, Federal Deposit Insurance Corporation chair Sheila Bair said the Administration's plan didn't give enough power to regulators. Graybeards like Paul Volcker have been calling for greater constraints on big banks...