Saturday, December 20, 2014

Catering to Banksters

FT reported former Fed Chief Paul Volcker's reaction to the postponement of financial reform that required banks to divest risky, illiquid investments from units that have federal backing::

“It is striking, that the world's leading investment bankers, noted for their cleverness and agility in advising clients on how to restructure companies and even industries, however complicated, apparently can't manage the orderly reorganisation of their own activities in more than five years.”
It's about the big money boys.  No one else is in the room.