Supporters of the Volcker Rule on Why Current Bankers Are Bad at Their Jobs
Louis Uchitelle of The New York Times got many of the financial industry’s former (and current) titans to speak on the record about their support of the Volcker
Jul 31, 202071.2K Shares2.1M Views
Louis Uchitelle of The New York Times got many of the financial industry’s former (and current) titans to speak on the recordabout their support of the Volcker rule, and why it would be good for the banking industry and America. What he didn’t mention is that their support of the Volcker rule comes with a rather large criticism of their successors.
Uchitelle talked to George Soros, former Vanguard executive John Bogle, former Reagan Treasury Secretary Nicholas Brady, former Citigroup co-chairman John Reed and George W. Bush SEC chair William Donaldson about the Volcker rule and increased regulatory oversight that would, at a minimum, turn back the regulatory clocks to their heydays. To a man, they all support increased regulation over the banks and the Volcker rule, which would prohibit banks from making speculatory investments with depositor funds.
What’s really interesting, though, is all those men made a great deal of their money in the regulatory environment to which they are suggesting America return, and in which the financial titans of today swear they couldn’t possibly make any money. One could speculate that the guys who made their money while subject to regulation think that the current bankers, who argue they couldn’t make any money if regulated, are simply bad at their jobs. A massive, world-wide financial crisis caused by unregulated speculation might bear out that hypothesis.
Dexter Cooke
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Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
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