Paul Volcker

  • 17 Dec 2013 at 6:42 PM

Fed Throws Itself A Very Fed-Like Birthday Party

Before the Federal Open Market Committee began pretending to kick around the idea that maybe it might actually begin to cut its bond buys now, rather than, say, in the future, Ben Bernanke and co. threw themselves a little birthday party featuring the Beard’s only two surviving predecessors, to commemorate the signing of the bill that made all of the ink spilled about tapering stimulus programs possible. Read more »

Just you, PV, a friend you deem worthy to tag along and the open water. You can talk about life, fish, and what banking was like in the fifties. Does that sound like something you’d be interested in? Would you go so far as to call it a dream of yours? Read more »

[New York Times]

1. What does he bench?
2. Would it have killed the photographer to get a shot of him wailing on his pecs?
3. Does that polo wick sweat?
4. How does he find the motivation on the days working out is the last thing he wants to do?
5. Will there be a follow-up story and series of photos featuring him going head to head with James D. Robinson III (far left), the former chairman of American Express who “can leg-press 900 pounds, leaving fellow gym members in awe.” (“I wanted to do 1,000, but they wouldn’t let me,” Robinson told the Times.) Read more »

I understand the goal to make sure these companies don’t take huge bets with their balance sheets. But market making? Just like these stores down the street, when they buy a lot of polka dot dresses, they hope they’re going to sell, they’re making a judgement call. They may be wrong! So protecting the system I agree with, but starting to talk about the “intent”…I tell you… for every trader, we’re going to have to have a lawyer, compliance officer, a doctor to see what their testosterone levels are, and a shrink [asking them], “what’s your intent?”. No we’re going to make markets for our clients to give them the best produtcts, the best services, the best reserach and the best prices. That’s a good thing in spite of what Paul Volcker says. [FBN]

“You know what I would like to see?” Spitzer asked the crowd. “I’d like to see a petition with a hundred million signatures, submitted to the White House tomorrow morning, saying, ‘Give us a treasury secretary who understands reform.’ Bring Paul Volcker in. Bring in Joe Stiglitz. Bring in Paul Krugman. Bring in Robert Reich…Spitzer, who was booted from the network after the program failed to offset a ratings slump, told Capital on his way out the door that he has no plans to embark on another media venture anytime soon. “Right now I’m having loads of fun,” he said. [Capital NY]

The rest of the market thought otherwise but Goldman has another interpretation. Read more »

The division, called Process Driven Trading and run by (part-time musician) Peter Muller, has generated about $4 billion in profits in the 10 years through 2006. It will be renamed PDT Advisors, run by Muller, allow Morgan Stanley to retain a stake in the new venture and take about 60 MS employees along for the ride. [WSJ]