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Keyword: volcker

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  • Savor the Change! Obama Brings on Another Clintonista

    11/15/2008 8:13:49 PM PST · by Free ThinkerNY · 10 replies · 732+ views
    JammieWearingFool ^ | November 15, 2008 | JammieWearingFool
    I'm actually beginning to think had Hillary won there would be fewer Clinton retreads coming on-board. Where the change? The bold innovative thinking? Are former Clinton hacks the best you can do, Barry? Geez, at this rate I almost expect Lani Guinier to be nominated for something. It's almost as if they had some incriminating photos of the guy. No, instead of this mythical change, we get a guy who sent Elian Gonzalez back to hell. Craig, 63, is a partner at Williams & Connolly and a protégé of the late Edward Bennett Williams, the legendary Washington power lawyer. His...
  • Washington & Wall Street: Too Big to Fail and the Detroit Bankruptcy

    12/30/2013 2:49:03 PM PST · by george76 · 9 replies
    Breitbart ^ | 27 Dec 2013 | Christopher Whalen
    the bogey man known as “systemic risk” to gain advantage over the other creditors . ... In order for the OTC casino to work, the derivatives contracts had to be given special priority in bankruptcy. Speculative derivative instruments such as credit default swaps (CDS), which caused the failure and government bailout of American International Group, could never exist in significant size were in not for the safe harbor from bankruptcy for derivatives created by Congress in the 1980s and 1990s. Members of Congress from both parties were paid very well for their treachery. ... The intellectual author of the “systemic...
  • Regulators Vote to Back Volcker Rule

    12/10/2013 11:18:58 AM PST · by oblomov · 58 replies
    WSJ ^ | 10 Dec 2013 | Scott Patterson, Shayndi Raice, Katy Burne
    <p>WASHINGTON—All five regulatory agencies put to a vote and approved the Volcker rule on Tuesday, ushering in a new era of tough oversight that drills to the core of Wall Street's profitable markets and trading businesses.</p> <p>The rule will put in place new hurdles for banks that buy and sell securities on behalf of clients, known as market making, and will restrict compensation arrangements that encourage risky trading. The Fed also approved an extension to give banks until July 2015 to comply with the rule, though firms will be expected to make "good faith" efforts to get into compliance earlier.</p>
  • Paul Volcker: ring-fencing banks is not enough

    09/23/2012 8:58:33 PM PDT · by bruinbirdman · 4 replies
    The Telegraph ^ | 9/23/2012 | Helia Ebrahimi,
    In an exclusive interview with The Daily Telegraph, Mr Volcker said that plans to force banks in the UK to ring-fence their traditional retail arms from "casino" investment divisions would not work in the event of a bail out. Ringfencing, he said, would only work in "fair-weather" conditions but not when banks were under pressure. "In my experience ring-fencing is not terribly effective," said Mr Volcker. The criticism comes less than a month after the publication of Sir John Vickers' banking reform proposals. The report, which was aimed at shaking up British banking, opted for ring fencing rather than a...
  • When Volcker Ruled

    09/09/2012 1:18:07 AM PDT · by bruinbirdman · 5 replies
    WSJ ^ | 9/7/2012 | JOHN B. TAYLOR
    Volcker: The Triumph of Persistence By William L. Silber Bloomsbury, 454 pages, $30 On Sunday evening, Aug. 15, 1971, President Richard Nixon announced that the United States would no longer sell gold to other governments at $35 per ounce—the dollar would no longer be convertible into gold at all. Although no one quite realized it at the time, the era of fixed change rates was over. In memos and briefing books, Mr. Volcker, an undersecretary at Treasury, had been arguing for an end to gold convertibility. He had persuaded his boss, Treasury Secretary John Connally, and Connally, in turn, had...
  • JPMorgan Chase Loss Shows Flaws Of Volcker Rule

    05/11/2012 4:54:46 PM PDT · by Kaslin · 4 replies
    IBD Editorials ^ | May 11, 2012 | Editor
    Finance: JPMorgan Chase's surprise $2 billion trading loss brought immediate calls from Washington for still more regulation. But if anything, this shows the costly Dodd-Frank financial regulation has solved nothing. JPMorgan Chase CEO Jamie Dimon has been a loud critic of the Dodd-Frank financial law — particularly the Volcker Rule, which limits banks' investments for their own accounts. So no doubt there was some high-fiving in Washington over his bank's $2 billion trading loss. Dimon was blunt in his own assessment, calling his bank's trading strategy "flawed, complex, poorly reviewed, poorly executed and poorly monitored." "We will admit it, we...
  • A Hedge or a Bet? Trade Highlights Ambiguity in Volcker Rule(Dodd-Frank)

    05/12/2012 7:02:16 AM PDT · by Son House · 7 replies
    Wall Street Journal ^ | May 11, 2012 | VICTORIA MCGRANE And KRISTINA PETERSON
    Regulators have a July deadline to finish the rule, but officials have said it appears unlikely they will meet it. The October draft rule issued by the Fed, the Securities and Exchange Commission and other regulators permits what is known as "portfolio hedging," or buying and selling in order to reduce the risk of a portfolio of securities held at the bank. Messrs. Merkley and Levin say regulators inserted a "loophole" into the rule's draft. The Dodd-Frank law says banks can conduct hedging activities related to "individual or aggregated positions." It is unclear whether that includes buying or selling to...
  • Former FED Chairman Paul Volcker: Occupy K Street

    04/16/2012 10:10:05 PM PDT · by TFine80
    POLITICO ^ | April 16, 2012 | Paul Volcker
    I don’t know just where the Washington area ranks in income distribution among American cities. I do know just by looking that it must be high. Here we are in the midst of the Great Recession and the place is booming. Big, bulky office buildings, prestigious new apartments, McMansions in the suburbs, four-star hotels all over, fancy restaurants, thriving cultural centers, a convention center, on and on. Read more:
  • Financial Reform: Unfinished Business (Paul Volcker)

    11/15/2011 8:12:25 PM PST · by neverdem · 8 replies
    NY Review of Books ^ | November 24, 2011 | Paul Volcker
    It should be clear that among the causes of the recent financial crisis was an unjustified faith in rational expectations, market efficiencies, and the techniques of modern finance. That faith was stoked in part by the huge financial rewards that enabled the extremes of borrowing, the economic imbalances, and the pretenses and assurances of the credit-rating agencies to persist so long. A relaxed approach by regulators and legislators reflected the new financial zeitgeist. All the seeming mathematical precision that was brought to investment, all the complicated new products, including the explosion of derivatives, that were intended to diffuse and minimize...
  • How Mr. Volcker Would Fix It

    10/23/2011 5:54:24 AM PDT · by MontaniSemperLiberi · 40 replies
    nytimes ^ | October 22, 2011 | GRETCHEN MORGENSON
    That’s why a recent speech by Paul A. Volcker, the former chairman of the Federal Reserve and a voice of reason on matters financial, is so timely and important. Presented last month to the Group of 30, an organization devoted to international economic issues, the speech outlined crucial work that still must be done to safeguard our financial future. “Three Years Later: Unfinished Business in Financial Reform” was the title. “By now it is pretty clear that it was faith in the techniques of modern finance, stoked in part by the apparent huge financial rewards, that enabled the extremes of...
  • Gary Johnson talks Ron Paul, and future presidential plans at CPAC (Soros, Huffington, Johnson..)

    02/16/2011 3:21:54 PM PST · by bronxville · 5 replies
    Daily Caller ^ | 02-11-2012 | Amanda Carey
    [...] Regardless of when he officially announces his candidacy – the “libertarian in disguise” was thrown a curve ball last week when Republican congressman and former presidential candidate Ron Paul announced he was considering a 2012 bid. Johnson, who would be a natural to tap into Paul’s base, shrugged off any concerns over sharing the limelight with Paul, saying the congressman “still has his heyday today.” “First of all, having a couple people talk about the same thing, I think, is really powerful. I mean, that’s a good thing!” he told TheDC. When asked if he is in regular communication...
  • Taxes and Inflation

    02/11/2011 12:15:03 PM PST · by Hojczyk · 2 replies
    Powerline ^ | Feb 11 ,2011 | Steven Hayward
    Newsweek and Washington Post columnist Robert Samuelson is the best economics writer in the mainstream media today. He nearly always gets things right, and has the numbers to back it up. His column this week on Reagan and inflation is right to draw our attention to an aspect of the Reagan story that has tended to be overlooked during Reaganpalooza, namely that Reagan's steadfast backing of Paul Volcker's campaign to wring inflation out of our economy as a crucial accomplishment, and one that few if any other presidents would have had the stomach to see through: No other possible president...
  • Paul Volcker Quitting Team Obama... to be Replaced by GE's Jeffrey Immelt?

    01/21/2011 3:39:28 AM PST · by Reaganite Republican · 8 replies
    Reaganite Republican ^ | January 21, 2011 | Reaganite Republican
    The last remaining Obama advisor who's not a banker -or totally in the banker's pockets- is now bailing... President Barack Obama announced Thursday that former Federal Reserve Chairman Paul Volcker was stepping down from his role as head of an outside panel advising the White House on economic policy. ... The White House order creating the panel expires on February 6 and sources said Obama plans to reconfigure it to focus more on business outreach. General Electric Co. chief executive Jeffrey Immelt is seen as top candidate to head the new board. Jeffrey Immelt!  Isn't that special...  CEO of the...
  • Volcker: Fed Plan an Illusion, Won't Boost Economy

    11/06/2010 11:13:32 PM PDT · by TigerLikesRooster · 33 replies · 1+ views
    Money News ^ | 11/05/10
    Volcker: Fed Plan an Illusion, Won't Boost Economy Friday, November 5, 2010 10:37 AM Former Federal Reserve Chairman Paul Volcker says the U.S. central bank's plan to buy hundreds of billions of dollars in government bonds probably won't do much to boost the economic recovery. The Fed announced Wednesday that it would purchase $600 billion in Treasurys, aiming to lower long-term interest rates in an effort to spur spending and ultimately lower the U.S. unemployment rate, currently at 9.6 percent. The move comes on the heels of previous purchases of $1.7 trillion in mortgage and Treasury bonds. Volcker told a...
  • The Informational Advantage- What do you Know that Other People Don’t

    06/29/2010 10:52:07 AM PDT · by bananaman22 · 1 replies ^ | 06/29/2010 | Dave Forest
    Bank of Japan Deputy Governor Kiyohiko Nishimura discusses "informational advantage" this week at the Lujiazui Forum on economics and finance in Shanghai: "In my understanding, the Volcker Rule [proposed legislation restricting banks from making certain speculative investments] is designed to deter banks from taking excessive risk in capital markets, where volatility is inherently high and in which bankers do not necessarily have informational advantage in predicting market developments. Rather, the Volcker Rule urges banks to return to their traditional stronghold of commercial banking business, in which they can utilize their informational advantage based on long-term relationships with their customers." Informational...
  • VOLCKER SPIN FREE OVERSEAS: Obama Spending 25% of GDP And Must Be A Massive New Tax to Cover It

    05/21/2010 4:47:39 PM PDT · by Pacothecat · 20 replies · 934+ views
    SPIN FREE OVERSEAS: Volcker Explains Obama has Raised Spending to 25% of GDP And There Must Be A Massive New Tax to Cover It Naked Emperor News
  • USAA Customer? Like USAA? Your life is about to get worse with the Volker Rule

    04/23/2010 10:26:01 AM PDT · by Mamzelle · 19 replies · 1,738+ views
    USAA email | 4-23-10 | Mamzelle
    I've been a customer of USAA services my entire adult life. It has been one company that has always kept faith, gave excellent service. Now it's threatened by the Volcker rule.
  • GOP calls O's tax toxic VAT of acid

    04/08/2010 3:25:45 AM PDT · by Scanian · 8 replies · 509+ views
    NY Post ^ | April 8, 2010 | GEOFF EARLE and JENNIFER FERMINO
    VAT chance! Republicans yesterday accused President Obama of plotting to slap a hefty new European-style "value added tax" on Americans after one of his top advisers raised the idea. "To make up for the largest levels of spending and deficits in modern history, the administration is laying the foundation for a large, misguided new tax, a first-time American VAT," fumed Sen. Charles Grassley (R-Iowa), the top GOPer on the Senate Finance Committee. "If the president wants to add completely new layers of taxation, then he should take this issue before the American people when he runs for re-election." Paul Volcker,...
  • VAT attack

    04/08/2010 3:20:15 AM PDT · by Scanian · 14 replies · 483+ views
    NY Post ^ | April 8, 2010 | DANIEL J. MITCHELL
    One of President Obama's top economic advisers, former Fed chief Paul Volcker, sug gested this week that it's time for America to adopt a VAT, or value-added tax. The White House yesterday downplayed the idea -- but it's sure to resurface: It's an inevitable consequence of a government that's too big now and likely to grow even bigger thanks to Washington's reckless spending spree. Don't get me wrong: The VAT -- on top of all the other taxes Washington imposes -- is a terrible idea. Imposing it would pretty well finish the transformation of our country into a European-style slow-growth...
  • Obama Economic Adviser Says U.S. Should Consider 'Value Added Tax' (Here it comes!)

    04/07/2010 4:37:00 AM PDT · by Red in Blue PA · 144 replies · 4,094+ views
    Foxnews ^ | 4/7/2010 | Staff
    Acknowledging it would be a highly unpopular move, White House economic adviser Paul Volcker said yesterday the United States should consider imposing a "value added tax" similar to those charged in Europe to help get the deficit under control. A VAT is a national sales tax that, like state and city sales taxes, would be collected by retailers. Volcker, at the New-York Historical Society, told a panel on the global financial crisis that Congress might also have to consider new taxes on carbon and energy.