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Volcker lambasts Wall Street lobbying
Tom Braithwaite and Richard Blackden
Financial Times, London
Friday, December 19, 2014
Paul Volcker, the former Federal Reserve chairman, has lambasted the "eternal lobbying" of Wall Street after regulators granted the industry more time to comply with a rule designed to prevent them from owning hedge funds.
In a withering statement -- as much an attack on his successors at the Fed as a critique of banks -- Mr Volcker said: "It is striking that the world's leading investment bankers, noted for their cleverness and agility in advising clients on how to restructure companies and even industries, however complicated, apparently can't manage the orderly reorganisation of their own activities in more than five years."
"Or do I understand that lobbying is eternal, and by 2017 or beyond, the expectation can be fostered that the law itself can be changed?" ...
... For the remainder of the report:
http://www.ft.com/intl/cms/s/0/88874d0a-87a8-11e4-9cd9-00144feabdc0.html
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