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Old 01-22-2010, 01:27 AM   #3
Panta rhei
Avalon Senior Member
Join Date: Dec 2009
Posts: 53
Default Re: Goldman Sachs bankers 'set for 81% rise in bonuses'

Obama hits Wall Street, pushes for bank limits

So if these folks want a fight, itís a fight Iím ready to have.

We simply cannot accept a system in which hedge funds or private- equity firms inside banks can place huge, risky bets that are subsidized by taxpayers and that could pose a conflict of interest. And we cannot accept a system in which shareholders make money on these operations if a bank wins, but taxpayers foot the bill if a bank loses.

Itís for these reasons that Iím proposing a simple and common- sense reform, which weíre calling the Volcker rule, after this tall guy behind me. Banks will no longer be allowed to own, invest or sponsor hedge funds, private-equity funds or proprietary trading operations for their own profit, unrelated to serving their customers. If financial firms want to trade for profit, thatís something theyíre free to do. Indeed, doing so responsibly is a good thing for the markets and the economy. But these firms should not be allowed to run these hedge funds and private equities

No hedge funds and credit-default swaps for GS and BoA?
Is he serious or suicidal? that's like telling the gamblers to stay out of casinos
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