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Keyword: volcker

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  • Powell and Biden ought to mimic Volcker and Reagan's inflation solution

    12/07/2021 1:35:26 PM PST · by ChicagoConservative27 · 8 replies
    The Hill ^ | 12/07/2021 | CHRIS TALGO
    For months, Biden administration officials have downplayed the current bout of inflation as “transitory,” suggesting it is only a temporary problem that will abate sooner rather than later. On Nov. 30, while appearing before Congress, Federal Reserve Chairman Jerome Powell delivered quite a different message, saying it is time to “retire” the word “transitory” when referring to the 6.2 percent rate of inflation – a 30-year high – that is ravaging the U.S. economy. According to Powell, “We tend to use [the word transitory] to mean that it won’t leave a permanent mark in the form of higher inflation. I...
  • Ex-U.N. Officer Pleads Guilty to Bribes

    08/08/2005 9:17:25 PM PDT · by dila813 · 15 replies · 524+ views
    Yahoo & AP ^ | August 8, 2005 | Nick Wadhams and Edith M. Lederer
    AFP/File Photo: The UN-appointed panel probing the scandal-tainted oil-for-food program for Iraq, headed by Paul Volcker, seen... Slideshow: Oil-for-Food Corruption Probe Video AP Video By NICK WADHAMS and EDITH M. LEDERER, Associated Press Writers 39 minutes ago NEW YORK - A formerUnited Nations procurement officer pleaded guilty Monday to soliciting a bribe under the oil-for-food program, making him the first U.N. official to face criminal charges in connection with the scandal-tainted operation. Alexander Yakovlev, a Russian, also pleaded guilty in federal court to charges of wire fraud and money laundering for accepting hundreds of thousands of dollars in bribes...
  • Ex-Russian operative led UN 'spy nest' (UN oil-for-food scandal)

    01/26/2008 12:38:10 PM PST · by NormsRevenge · 25 replies · 734+ views
    AP on Yahoo ^ | 1/26/08 | John Heilprin - ap
    UNITED NATIONS - A former Russian top spy says his agents helped the Russian government steal nearly $500 million from the U.N.'s oil-for-food program in Iraq before the fall of Saddam Hussein in 2003. Sergei Tretyakov, who defected to the United States in 2000 as a double agent, says he oversaw an operation that helped Saddam's regime manipulate the price of Iraqi oil sold under the program — and allow Russia to skim profits. Tretyakov, former deputy head of intelligence at Russia's U.N. mission from 1995 to 2000, names some names, but sticks mainly to code names. Among the spies...
  • A Retrospective: How Paul Volcker Put The Country Above Himself And Wall Street

    12/16/2019 8:17:36 AM PST · by SeekAndFind · 3 replies
    The Federalist ^ | 12/16/2019 | By Willis L. Krumholz
    ThereÂ’s a sense that the bureaucrats who command the federal leviathan work for themselves, not for the country at large. That wasnÂ’t true of Paul Volcker. Since his death last week, Paul Volcker has been heavily eulogized. ThatÂ’s not the purpose here. In these trying times, AmericansÂ’ faith in our nationÂ’s institutions is at historic lows. Once-vaunted organizations like the FBI now struggle to command a majority of AmericansÂ’ support.The causes for this are legion. But there is a general sense that the vast federal appendages created in the last 100 years have little connection to the interests of...
  • Paul Volcker As 'Inflation Slayer' Is Hagiography, Not Biography

    12/16/2019 7:29:11 AM PST · by Moonman62 · 13 replies
    RealClear Markets ^ | 12/16/19 | John Tamny
    [Volcker's] obituaries were disappointing for them almost uniformly promoting the fiction of Volcker as inflation slayer. Such a view doesn’t square with simple economic history. Indeed, explicit in the accepted wisdom that Volcker was “inflation’s worst enemy” (Hoover Institution’s John Taylor) is that economic growth causes inflation. As Phillips Curve devotee Neil Irwin put it in the New York Times, Volcker allegedly beat inflation “at the cost of what would become the worst recession in the seven decades between the Great Depression and the global financial crisis.” In the analysis of seemingly everyone, job loss and greatly reduced prosperity were...
  • Volker 5.0 (Great UN Oil for Food Piece; Anti-War Left, Scott Ritter, Russia, France Implicated)

    10/28/2005 9:32:43 AM PDT · by MikeA · 14 replies · 1,392+ views
    The publication yesterday of Paul Volcker's fifth and final report on the U.N.'s Oil for Food program tells us little we didn't know about the broad outlines of the $100 billion scandal. But, oh, are the details ever instructive. The Volcker report confirms that Saddam Hussein demanded, and got, some $1.8 billion in illegal surcharges, kickbacks and bribes from companies doing business in Iraq. It confirms that he steered billions in oil and humanitarian contracts to his politically preferred clients, particularly Russia and France, and smaller sums to agents of influence (or their associates) such as British MP George Galloway,...
  • Paul Volcker dies at 92

    12/09/2019 6:39:55 AM PST · by Borges · 40 replies
    The Hill ^ | 12/9/2019 | SYLVAN LANE
    Paul Volcker, the former chairman of the Federal Reserve under Presidents Carter and Reagan who later played a role in the Obama administration's response to the financial crisis of 2009, has died at the age of 92. Multiple media outlets reported that Volcker, who raised interest rates as the Fed's chief to combat inflation, had died. In the Obama years, Volcker reemerged to tout a rule, eventually called the Volcker rule, that put tougher constraints on big banks.
  • 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...