Saturday, January 30, 2010
Volcker says size does matter
In an Op-Ed in the NY Times, Paul Volcker reviews what has happened to banking and what needs to be done. Along the way he discusses various regulatory need, determines that none are "too big to fail" and discovers a cure for insomnia. His conclusion is, however, quite clear.
The implication is clear. We need to face up to needed structural changes, and place them into law. To do less will simply mean ultimate failure — failure to accept responsibility for learning from the lessons of the past and anticipating the needs of the future.
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