Will Volker Rule Rule?
Finally the only economist on this planet who has really succeeded in battling dire economic conditions with a series of tough measure is having his say in regulating US financial institutions. The following is an excerpt from Mr. Volker’s interview with the Financial Times on Feb 11th. Excerpts:
“The implication for Goldman Sachs or any other institution is, do you want to be a bank? If you don’t want to follow those [banking] rules, you want to go out and do a lot of proprietary stuff, fine, but don’t do it with a banking license.”