Posts Tagged ‘Paul Volcker’
Posted by Larry Doyle on July 12th, 2010 11:28 AM |
Will financial regulatory reform truly change the Wall Street landscape and insure that America never again experiences the economic crisis of the last few years? While we will likely see a number of our political operatives at 1600 Pennsylvania Avenue and on Capitol Hill waving flags and banging drums when the reform measures are inevitably passed, let’s listen to some political and financial insiders who have a different take.
Paul Volcker, former Fed chairman and current White House economic adviser, is clearly looking to clear his name prior to the passage of this reform. He spoke at length in an article released by The New York Times, Volcker Pushes for Reform, Regretting Past Silence. Paul dropped the following bomb: (more…)
Tags: financial regulatory reform, Michael Lewitt of Harch Capital, Paul Volcker, tackling Anti-Social Financial Behavior, Volcker Pushes for reform Regretting Past Silence
Posted in General | 2 Comments »
Posted by Larry Doyle on May 19th, 2010 11:30 AM |
Paul Volcker
We’re different, right? The economic problems in Greece and other nations within the EU are their problems and not ours. Really? In my opinion, Americans are far too complacent regarding our economic problems. We shouldn’t be.
Will the economic, political, and civil waves of unrest rolling across Europe come ashore here in America? It is only a matter of time unless those in Washington charged with addressing the underlying issues take swift action. I have seen zero inclination and political will to do just that. Our Washington elite are so used to feeding at the trough that they would not know how to pull themselves away. How is America responding to these fat pigs?
(more…)
Tags: Americans lack of urgency, Barack Obama, budget deficits, civil unrest in EU, deficits, ECB President Jean-Claude Trichet, Economic Recovery Advisory Board, economic unrest in EU, entitlement programs, lack of urgency, Paul Volcker, political unrest in EU, Stanford Institute for Economic Policy Research, Tom Keene of Bloomberg, urgency in America, Volcker Says Time is Running OUt for US to Tackle Fiscal Woes
Posted in General, Paul Volcker | 5 Comments »
Posted by Larry Doyle on February 13th, 2010 2:52 PM |
Paul Volcker
What will the future of Wall Street hold? No man is attracting more attention regarding that very question than former Fed Chair Paul Volcker. What might the Volcker Rule mean for Wall Street? For those with an interest in the global economy and markets, Volcker provided an extensive interview recently to the Financial Times.
In this interview, the former Fed chair talks more ‘sense on cents’ than anybody I have come across since launching this blog a year ago. I STRONGLY recommend reading it and saving it. Volcker’s interview will serve as a fabulous reference map as we collectively navigate our economic landscape.
Paul Volcker is seen as one of the wise men of American public life. As chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan he subdued inflation, for which he is lauded today, although it was controversial at the time. After President Obama’s election, Mr Volcker was made chairman of the President’s Economic Recovery Advisory Board, a position which initially seemed largely ceremonial. But Mr Volcker returned to the centre of financial and economic debate last month when Mr Obama endorsed his proposed separation of commercial banking and proprietary trading, a plan dubbed the “Volcker Rule”. (more…)
Tags: Goldman Sachs, Obama, Paul Volcker, Paul Volcker addresses financial system, Paul Volcker interview Financial Times February 12 2010, Paul Volcker talks about economy and future of Wall Street, Paul Volcker talks about Federal Reserve and Obama administration, Paul Volcker talks about Goldman Sachs, Paul Volcker talks about proprietary trading activity, Paul Volcker talks about Washington, Transcript: Interview with Paul Volcker FT February 12 2010 otb, volcker rule, Volcker talks about too big to fail, Volcker talks about Wall Street, Wall Street, Washington
Posted in General, Paul Volcker | No Comments »
Posted by Larry Doyle on February 3rd, 2010 12:37 PM |
The Wall Street lobby in all its glory is fighting tooth and nail to defend its turf from the volley launched by former Fed Chair Paul Volcker. Recall that the newly designated Volcker Rule, if implemented, would disallow proprietary activities from those institutions taking consumer deposits. This implementation would effectively reinstitute the Glass-Steagall Act which was rescinded in 1999.
The proprietary activities most often highlighted by those in the banking community are investment and trading activity within private equity, hedge fund and prop trading desks. The banks are screaming that these activities should not and need not be separated from their overall operations because these activities did not cause our economic crisis. They would be correct on one hand, but how convenient that their definition of proprietary is not truly comprehensive. How so? (more…)
Tags: commercial paper market, Glass-Steagall, Paul Volcker, private equity, prop trading, proprietary, SIVs, super-senior bonds, volcker rule, Wall Street, what brought down Wall Street, what is the Volcker Rule
Posted in General, proprietary trading | 7 Comments »
Posted by Larry Doyle on January 4th, 2010 9:47 AM |
For those who missed last evening’s No Quarter Radio’s Sense on Cents with Larry Doyle Hall of Fame and Shame Induction, I am compelled to provide a recap and listing of all those honored or dishonored — depending on one’s perspective. What was the measuring stick to make these assessments? Very simply, the pursuit and promotion of truth, transparency and integrity as we navigate the economic landscape.
Some names you will immediately recognize, others you may not. Additional information about these individuals can be found via the search window (located above the right sidebar) at Sense on Cents. The names appear in no specific order of priority or importance. With no further adieu . . .
Sense on Cents 2009 Hall of Shame Inductees
1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician (more…)
Tags: Acorn, Allen Stanford, Andrew Madoff, Angelo Haligiannis Ponzi scheme, Arianna Huffington, auction rate securites dealers, Bank Stress Tests, Barack Obama, Barney Frank, Ben Nelson, Bernie Madoff, Board of FINRA, Bob Rodriguez of FPA, Bruce Malkenhorst, Canadian Prime Minister Stephen Harper, Carmen Reinhart, cash for clunkers, Charles Bowsher, Charlie Doyle, Chris Cox, Chris Dodd, Chuck Schumer, Clifford S. Asness, Cohmad Securities, Colonel Elton Johnson Jr., Congress, Daniel Hannan, Dennis Kucinich, Dick Fuld, Edward Liddy, Elizabeth Warren, Erin Arvedlund, financial media, financial regulatory reform, Frank DiPascali, Franklin Raines and Leland Brendsel, George Soros, Goldman Sachs, Harvey Pitt, Helen Davis Chaitman, Helmut Kiener, Howard Kastel, incest between Wall Street and Washington, Jeff Gundlach, Jeffrey Picower, Jimmy Cayne, Joe Saluzzi, Joe the Plumber, John Edwards Mark Sanford Rod Blagoevich, John Mauldin, john wooden, Jonathan Cuneo, Jonathan Weil of Bloomberg, Judge Jed Rakoff, Judge Lawrence McKenna, Kenneth Rogoff, Larry Johnson, Larry Summers, Laurie Goodman of Amherst Securities, Lew Rockwell, Lloyd Blankfein CEO of Goldman Sachs, Madoff family, Mark Madoff, Marta Mossburg, Martin Feldstein, Mary Landrieu, Mary Schapiro, media in America, Mike Duggan of Domus, Nicholas Cosmo of Agape World, Oppenheimer Holdings E-Trade Schwab Pimco Van-Kampen Blackrock, Paul Keating, Paul Volcker, Pete Peterson Genevievette Walker-Lightfoot, Peter King, Peter Madoff, Peter Weinberg, Phil Trupp, PPIP, Raj Rajaratnam of Galleon Group, Rham Emanuel, Richard Greenfield, Richard Ketchum, Robert Benmosche, Robert Jaffe, Robert reich, Robert Rubin, Ronnie Sue Ambrosino, Ruth Madoff, Sean D'Arcy, SEC, Sense on Cents 2009 Hall of Fame Hall of, Sense on Cents 2009 Hall of Shame, Shana Madoff, Shelia Bair, Sin-Ming Shaw, SIPC, Sonny and Marcia Cohn, Steven Rattner, Susan Antilla of Bloomberg, Taylor Bean Whitaker, Tea parties, Thaddeus McCotter, The Wall Street Journal, Themis Trading, Thomas Hoenig, Tiger Woods, Tim Geithner tax cheat, Tom Lauria, truth transparency and integrity, Wall street management, Walter Noel, William K. Black
Posted in General, Sense on Cents | 31 Comments »
Posted by Larry Doyle on December 18th, 2009 11:18 AM |
Might we turn the clock back in an attempt to make our way forward? How so?
Pressure is certainly building in America to curtail, if not derail, the excessive risks embedded in our largest banks. How may these risks be unwound? Reinstating the Glass-Steagall Act, which separated commercial and investment banking activities. If this Act were to be reinstated, that would be the end of the mega-banks (Citi, JP Morgan, Bank of America, Wells Fargo) as we know them.
Who has been harping on this? Former Fed Chair Paul Volcker. Although Wall Street and Washington turn a deaf ear to Volcker, America listens to him intently.
In September, I wrote “Volcker Launches Bombshell on Wall Street and Washington” which highlighted Volcker’s call to reinstate Glass-Steagall. That story resonated far and wide. Now we learn from the American Banker that Senators Maria Cantwell (D-WA) and John McCain (R-AZ) have introduced legislation which would once again separate commercial and investment banking activities. (more…)
Tags: American Banker, Bank of America, banking crisis, Banking Integrity Act of 2009, Bill Offered to Reinstate Glass-Steagall, Citigroup, failure of Bear Stearns and Lehman, Gramm-Leach-Bliley, JP Morgan, Maria Cantwell John McCain, Paul Volcker, Risk, risks on Wall Street, Wells Fargo
Posted in General, Glass-Steagall | No Comments »
Posted by Larry Doyle on December 14th, 2009 9:44 AM |
While those on Wall Street and Washington pretend to listen to the needs and concerns of middle America, they have been shown to be ineffective time and time again in developing and implementing sound financial practices and regulations. America is increasingly aware of just how deeply embedded and incestuous the Wall Street-Washington relationship has become. Who within this Wall Street-Washington circle “gets it?” Paul Volcker.
Volcker called out our financial and political operatives a few months back in calling for an effective reinstitution of Glass-Steagall to separate commercial and investment banking activities. I highlighted that call by writing, “Volcker Launches Bombshell on Wall Street and Washington.”
Although Wall Street and Washington may pretend not to hear Volcker’s shots across the bow, they do so at their own peril. Why? America listens and hears Volcker loud and clear. (more…)
Tags: ATM, financial innovation, Glass-Steagall, Paul Volcker, Paul Volcker tells Wall Street "wake up gentlemen", Paul Volcker: Think More Boldly, Volcker, wake up, Wall Street boards of directors, Wall Street compensation, Wall Street-Washington incest
Posted in General, Paul Volcker | 8 Comments »
Posted by Larry Doyle on October 27th, 2009 3:05 PM |
Market analysts and government officials would attempt to define overall confidence in the economy utilizing a variety of data. In my opinion, consumer confidence is ultimately a function of two factors: employment and housing.
While Uncle Sam has spent trillions of dollars backstopping various sectors of the financial markets and billions in economic stimulus, the size and scope of our employment and housing markets vastly overwhelm Uncle Sam’s ability to ‘prop them up.’ As a result, I am not surprised to see the monthly data on consumer confidence reflecting real weakness.
Bloomberg provides further insight on this topic in writing, U.S. Economy: Consumer Confidence Drops On Unemployment Concern:
Confidence among U.S. consumers unexpectedly fell for a second month in October, reinforcing the views of Federal Reserve policy makers who say household spending will be restrained by rising unemployment.
The Conference Board’s confidence index dropped to 47.7, trailing the lowest economist forecast, from a revised 53.4 in September, a report from the New York-based private research group showed today. A measure of employment availability slid to a 26-year low. (LD’s highlight) (more…)
Tags: Conference Board's confidence index, consumer confidence October 2009, deflation, Employment, employment availability, housing, Inflation, jobs, Paul Volcker, recession of early 1980s, stagflation, u.S. Economy: Consumer Confidence Drops On Unemployment Concern, Unemployment
Posted in Employment, General, Housing Crisis, Unemployment | No Comments »
Posted by Larry Doyle on March 16th, 2009 8:44 AM |
Cross Posted from No Quarter!! Thanks!
Major h/t Andy!!
Since this pretty much speaks for itself, I’m just going to step out of the way.
From Robert Reich’s Blog:
(Robert Reich was the nation’s 22nd Secretary of Labor and is a professor at the University of California at Berkeley. His latest book is “Supercapitalism.” This is his personal journal.)
FRIDAY, MARCH 13, 2009
Paul Volcker to Barack Obama
Former Fed Chair Paul Volcker is briefing President Obama today on how well the stimulus package is doing. I have no inside knowledge of what he’s saying, but if I were Volcker (and I’m not — he’s almost two feet taller than I am), I’d say the following:
Mr. President, it’s way too early to know exactly what the stimulus is doing because the money is barely out the door, but I’ve got to tell you I’m worried as hell. Unemployment is at 8 percent, and underemployment is over 14 percent of the workforce. The economy is shrinking much faster than it was when you put the stimulus together. It will be more than a trillion dollars short of its full capacity this year, and I have every reason to believe the same next. State governments alone are hundreds of billions in the hole, creating a huge drag. So your $787 billion over two years, only two-thirds of which is direct spending, isn’t going to get us nearly far enough. I’d strongly recommend you make ready a second stimulus, about the same size, and get it enacted as soon as possible, with the proviso that it will be implemented if and when unemplyment hits 8.5 percent or underemployment reaches 15 percent.
Oh, and by the way, Mr. President. You may not want to hear this, but your Treasury Secretary is making things worse. His dithering on what to do about Wall Street, and his incapacity to speak clearly to the Street and to the public about what needs to be done, is spooking everyone. Why doesn’t he just put the irrevocably insolvent banks into receivership under the FDIC, sell off their assets, protect depositors, and reimburse taxpayers with whatever remains? Let the rest of the banks fend for themselves — working out their bad loans with their creditors. As to AIG, well, that’s a complete basketcase. Put it out of its suffering. Take it over, sell its assets, protect policy holders (you’ll need to create a big co-insurance plan with every other major insurer in the world), then get out.
Want a cigar?
I don’t smoke, but a cigar and a health shot of tequila is sounding good about now. And it couldn’t make the sick feeling in the pit of my stomach any worse.
Tags: AIG, Barack Obama, FDIC, Paul Volcker, Robert reich, stimulus, Tim Geithner, underemployment, Unemployment
Posted in Barack Obama, Economic Stimulus, Economy, Employment, General | 8 Comments »
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