Paul Volcker

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The Economist  Mar 25  Comment 
THERE are many potential explanations for the rise in inequality over the last 30 years - globalisation, the impact of technology (or skill-biased technological change as economists, with their love of jargon, like to call it), capture of the...
Mondo Visione  Mar 25  Comment 
Summary On December 10, 2013, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation, the U.S. Securities and Exchange Commission, and the U.S....
Yahoo  Mar 21  Comment 
The Volcker Rule will cost U.S. national banks as much as $4.3 billion to implement as it forces them to sell restricted investments at a loss, according to a study by the Office of the Comptroller of the Currency. The regulator estimates...
Forbes  Mar 7  Comment 
As optimism grows that U.S. regulators will come forward with the hoped-for relief for CLOs with respect to Volcker, some CLO managers and their investors are still not taking any chances, and are continuing to structure and restructure deals –...
New York Times  Feb 12  Comment 
The American Bankers Association announced on Wednesday that it was dropping its lawsuit to block parts of the Volcker Rule from going into effect after regulators modified what the group found most objectionable.
Financial Times  Feb 12  Comment 
TheStreet.com  Feb 11  Comment 
NEW YORK (The Deal) -- Federal Reserve chairwoman Janet Yellen on Tuesday refuted assertions by Republicans that the Volcker Rule - written to prohibit big bank speculative proprietary bets - would limits efforts to manage risk and would hurt the...




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Image:PaulVolcker.jpg Paul Adolph Volcker was Federal Reserve Chairman under United States Presidents Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). He is currently chairman of the newly formed Economic Recovery Advisory Board under President Barack Obama[1].

Volcker is credited to have lifted the US economy out of a decade stagflation that sported such negative highlights as 21% interest rates, solid two-digit-inflation and unemployment rates topping 10% after he took over the job from his predecessor G. William Miller.

Latest developments in 2010

After a 22-year semi-retirement Volcker was appointed as head of Economic Recovery Advisory Board under President Barack Obama in early 2009. Volcker, always a staunch advocate of balanced budgets, who told the world as early as 2006 that the USA's deficit spending is unsustainable, landed a surprise victory when US President Barack Obama largely followed his proposals in January 2010 that will (as of January 2009) ban proprietary trading for banks receivinf federal money and essential re-introduce the Glass-Steagall Act that separated investment banks and such taking deposits from 1933 to 1999. It is coming as a surprise that Volcker outgunned Wall Street-pal Treasury Secretary Timothy Geithner who had opted for more lax deals for his Wall Street friends. Whether this means Obama moves from Wall Street to Main Street is up to your mind.

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