Masters of the Universe #2 – Volcker : They Shouldn’t Be a Bank…

Paul Volcker on Bill Moyers

On the heels of the recent post of Richard Lee on financial traders’ Masters of the Universe complex, we pick up Paul Volcker’s commentary that banks can’t “have their cake and eat it too”.  In an interview with journalist Bill Moyers, Volcker offers some unsympathetic criticism of “banks” that commingle proprietary trading activities with regulated bank functions, which followed a Fox News segment in which Jamie Dimon took issue with limitations he and the industry objected to regarding the Volcker Rule.


JP Morgan can do all the proprietary trading it wants, Paul Volcker tells Bill Moyers — it just has to surrender its banking license.


David Kurtz is Managing Editor and Washington Bureau Chief of Talking Points Memo where he oversees the news operations of TPM and its sister sites.

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