• 22 Feb 2010 at 4:06 PM

Some People Actually Like The Volcker Rule

By Yaël Bizouati

paulvolcker.gifThe Volcker Rule -aka the euthanasia principle- got some fresh backers over the weekend, with five former Treasury secretaries sending a letter to the WSJ to voice their support. While this must be good news (late wedding gift?) for Paul, the former secretaries don’t add much to the initial argument. They’re just reiterating what Paul’s been saying from the start: This is just one component of a much broader picture, banks should not engage in speculative activity unrelated to essential bank services, prop trading is a bad, bad, thing. Right. Doesn’t do much to convince the haters.
In other news, today is National Margarita Day.

Comments (7)

  1. 1
    Posted by Captain Obvious | February 22, 2010 at 4:50 PM

    Nobody gives a shit about Paul Volcker.
    At least in the context where other potential stories include pictures of hedge fund daughters hot enough to bang with the lights on.

  2. 2
    Posted by guest | February 22, 2010 at 4:55 PM

    Yael = buzzkill.

  3. 3
    Posted by guest | February 22, 2010 at 5:02 PM

    @1, PV is smokin’ hot, you wish you could break off a piece of that, and @2, you tool, did you not _notice_ how Yaël tipped us off to the fact that today is National Margarita Day?

  4. 4
    Posted by guest | February 22, 2010 at 5:11 PM

    He looks so goddamn regal in that pic.
    Ah the days when you could abstractedly and contemptuously puff on a stogie in the committee rooms while some pissant congressman reeled off a five-minute question/diatribe.

  5. 5
    Posted by guest | February 22, 2010 at 5:13 PM

    @2 in fairness, the same holds true for anyone who’s not BL…

  6. 6
    Posted by guest | February 23, 2010 at 3:19 AM

    While they might not be “adding” anything, at least they are not falsely detracting from the argument, as the pro-prop-trading camp is:
    http://www.market-melange.com/2010/02/22/reply-to-arthur-levitt-on-the-volcker-rule/
    I don’t think it has so much to do with people “hating” prop-trading, as thinking that it is inappropriate activity for an entity that enjoys government protection from free market interests.

  7. 7
    Posted by guest | February 23, 2010 at 3:24 AM

    While they might not be “adding” to the arguments in favour of the Volcker Rule, at least they are not falsely detracting as some from the pro-bank corner are:
    http://www.market-melange.com/2010/02/22/reply-to-arthur-levitt-on-the-volcker-rule/
    I don’t so much see people hating prop-trading as considering it inappropriate business are also actively and necessarily supported for providing public service (financial intermediation).

Leave a comment

You can log in with your account or comment as a guest below.

   or