Jump to content
House Price Crash Forum
Sign in to follow this  
Realistbear

D C To Bring In Paul "paulie" Volcker To Sort Out The Banksters

Recommended Posts

http://uk.finance.yahoo.com/news/Paul-Volcker-advises-UK-tele-3910293327.html?x=0

Paul Volcker advises UK on financial reform
Harry Wilson, 18:46, Tuesday 11 January 2011
Former chairman of the Federal Reserve Paul Volcker, the architect of much of the financial reform in the US, has met with the UK's banking commission to give advice on reforming the British financial industry.
On Monday he joined with the five members of Britain's Independent Commission on Banking (ICB), where he updated them on changes to US financial regulation. "I'll put their nuts in a vice and twist the handle until they beg for mercy" said Volcker when asked what he may do to persuade the bankers to gain a sense of perspective over the bonus issue.
During the one-hour meeting, Mr Volcker explained the workings of his eponymous Volcker Rule, which clamped down on the proprietary trading businesses of US-based investment banks, as well as forcing banks to separate out parts of their derivatives businesses.
The meeting was the second between Mr Volcker and Sir John Vickers, the chairman of the Commission, as the ICB looks at whether the UK should institute similar reforms to the US.
Mr Volcker's frequent meetings with the Commission are
likely to cause concern at London-based investment banks over fears
that the UK will move to impose the same type of restrictions.

Don't worry, Uncle Paulie will sort 'em out for Dave who can't do it himself.

;)

Edited by Realistbear

Share this post


Link to post
Share on other sites

Volcker was the last of the breed of bankers. Good chap IMO. But what DC must be thinking is puzzling as his capitulation to the banksters has sealed his fate and that of the Koalishon. I doubt they will last much beyond summer.

Share this post


Link to post
Share on other sites

Isnt he associated with monetarism Thatcherisms/reaganomics and getting inflation under control in the 80s?

Ive never understood why Thatcher specifically was called a monetarist. What govt hasnt used the money supply to achieve objectives?

Share this post


Link to post
Share on other sites

Isnt he associated with monetarism Thatcherisms/reaganomics and getting inflation under control in the 80s?

Ive never understood why Thatcher specifically was called a monetarist. What govt hasnt used the money supply to achieve objectives?

http://en.wikipedia.org/wiki/Paul_Volcker

Volcker is currently an economic advisor to President Barack Obama,[16][17] heading the President's Economic Recovery Advisory Board.[18] During the financial crisis, Volcker has been extremely critical of banks, saying that their response to the financial crisis has been inadequate, and that more regulation of banks is called for.[19][20][21] Specifically Volcker has called for a breakup of the nation's largest banks, prohibiting deposit-taking institutions from engaging in riskier activities such as proprietary trading, private equity, and hedge fund investments.[22][23] Volcker is said to be leaving the board as its charter expires, on February 6, 2010, without being included in discussions on how the board will be reconstituted.[24]

Something we could do with here. Bust em up Paulie!

Share this post


Link to post
Share on other sites

Didn't you find that smug Bob Diamond irritating in his committee appearance today over bank bonuses? "MP's gave him a roasting ... but he left looking as if he felt he had got off lightly." that's how the commentary went (more or less). Even though there were stern faces and withering comments the committee (IMO) commanded all the gravitas of a WI teaparty. Admittedly Barclays didn't need rescuing but you could see that he knew that in reality he had the whip hand.

It is refreshing to hear another voice, especially one in the PM's ear, calling for splitting up the banks. In this particular instance with such an enemy I approve of his expression too, none of that 'making clear our strong disapproval' claptrap they've all been spouting past few days.

DC "If you pay yourself a bonus I'll scweam and sweam until I make myself sick!"

BD (smiling with amusement) "scawy!"

Edited by Reluctant Heretic

Share this post


Link to post
Share on other sites

Didn't you find that smug Bob Diamond irritating in his committee appearance today over bank bonuses? "MP's gave him a roasting ... but he left looking as if he felt he had got off lightly." that's how the commentary went (more or less). Even though there were stern faces and withering comments the committee (IMO) commanded all the gravitas of a WI teaparty. Admittedly Barclays didn't need rescuing but you could see that he knew that in reality he had the whip hand.

It is refreshing to hear another voice, especially one in the PM's ear, calling for splitting up the banks. In this particular instance with such an enemy I approve of his expression too, none of that 'making clear our strong disapproval' claptrap they've all been spouting past few days.

DC "If you pay yourself a bonus I'll scweam and sweam until I make myself sick!"

BD (smiling with amusement) "scawy!"

Did the MP's ask any decent sensible, well considered, questions or was it jumped up, bread and circus grand standing as usual?

I heard one non entity ask about "getting lending going again.." Bob Diamond replied they hadn't decided yet or something.

Share this post


Link to post
Share on other sites

Volcker was the last of the breed of bankers. Good chap IMO. But what DC must be thinking is puzzling as his capitulation to the banksters has sealed his fate and that of the Koalishon. I doubt they will last much beyond summer.

I actually don't think the government knows what to do with them. Its a bit like the miners, and it took Maggie years to take them on. Same with the bankers I reckon.

Share this post


Link to post
Share on other sites

The most telling part of the bob diamond farce was the casual passing reference to the idea that a deal might be done to back off on bonus payments in return for more SME lending.

Nobody in the room even registered the fact that the banks were effectively blackmailing the government- this was simply accepted as normal behaviour.

I thought the policy was not to bargain with terrorists?

Share this post


Link to post
Share on other sites

Didn't you find that smug Bob Diamond irritating in his committee appearance today over bank bonuses? "MP's gave him a roasting ... but he left looking as if he felt he had got off lightly." that's how the commentary went (more or less). Even though there were stern faces and withering comments the committee (IMO) commanded all the gravitas of a WI teaparty. Admittedly Barclays didn't need rescuing but you could see that he knew that in reality he had the whip hand.

It is refreshing to hear another voice, especially one in the PM's ear, calling for splitting up the banks. In this particular instance with such an enemy I approve of his expression too, none of that 'making clear our strong disapproval' claptrap they've all been spouting past few days.

DC "If you pay yourself a bonus I'll scweam and sweam until I make myself sick!"

BD (smiling with amusement) "scawy!"

Barclays not needing to be rescued :rolleyes: If repeated often enough people will start believing it. Have Barclays PR Department been planting stories on the web because i often hear this claim.

They were bailed out by a mid-east Sovereign Wealth Fund - Abu Dhabi i think.(?) so not exactly HboS or RBS but rescued none the less

Plus they have been the beneficiary's of Bof E hidden largesse since 2008- dont ask me the mechanism, others here can it explain it better than I.

So it all depends how you define the word "rescue"..... :rolleyes: Ultimately they were underwritten by the UK (and other) taxpayers.

Good luck Mr Volcker ...

Share this post


Link to post
Share on other sites

Volcker also employed by Obama - a veneer of credibility, were any of his natural leanings reflected in policy - doesn't look like it.

PR stunt II.

Edited by OnlyMe

Share this post


Link to post
Share on other sites

I actually don't think the government knows what to do with them. Its a bit like the miners, and it took Maggie years to take them on. Same with the bankers I reckon.

No, not like the miners, they went in quite quickly with battons and beat the living sh*t out of them. They will have lunch with the bankers who will agree to be good sports, the government will be pleased and the bankers will go back to BAU. In any term you can think of, the bankers have done more damage to the Uk than all the miners strikes combined. Dito half of all other unions/strikes most of which were caused by painfully poor managment setting out to undermine the workers at any cost.

The bankers will never suffer, if they are scalled down, then they will leave with millions in redundancy, many of the miners never worked again.

Share this post


Link to post
Share on other sites

Barclays not needing to be rescued :rolleyes: If repeated often enough people will start believing it. Have Barclays PR Department been planting stories on the web because i often hear this claim.

They were bailed out by a mid-east Sovereign Wealth Fund - Abu Dhabi i think.(?) so not exactly HboS or RBS but rescued none the less

Plus they have been the beneficiary's of Bof E hidden largesse since 2008- dont ask me the mechanism, others here can it explain it better than I.

So it all depends how you define the word "rescue"..... :rolleyes: Ultimately they were underwritten by the UK (and other) taxpayers.

Good luck Mr Volcker ...

That's not the end of the story - they also turned to the Fed instead of the BoE, which was only revealed a couple of months ago. Every bit as bad as RBS.

Share this post


Link to post
Share on other sites

Did the MP's ask any decent sensible, well considered, questions or was it jumped up, bread and circus grand standing as usual?

I heard one non entity ask about "getting lending going again.." Bob Diamond replied they hadn't decided yet or something.

Very interesting discussion on Today program this morning - about 7.45am. Unfortunately I only caught the tailend. The interviewee was saying that the MPs on these committees are most effective when they just aim to make the 'witness' feel as uncomfortable as possible through a general roasting. Once they attempt to be technical or clever they are easily out-flanked. Good point I thought.

Share this post


Link to post
Share on other sites

Barclays not needing to be rescued :rolleyes: If repeated often enough people will start believing it. Have Barclays PR Department been planting stories on the web because i often hear this claim.

They were bailed out by a mid-east Sovereign Wealth Fund - Abu Dhabi i think.(?) so not exactly HboS or RBS but rescued none the less

Plus they have been the beneficiary's of Bof E hidden largesse since 2008- dont ask me the mechanism, others here can it explain it better than I.

So it all depends how you define the word "rescue"..... :rolleyes: Ultimately they were underwritten by the UK (and other) taxpayers.

Good luck Mr Volcker ...

Well .. love-a-duck... I never knew that Barclays were in the doodoo too!! Wasn't Bob Diamond the guy that was trying to buy Lehmans just before they collapsed? It would have been interesting to see what would have happened if they had succeeded.

Share this post


Link to post
Share on other sites

Well .. love-a-duck... I never knew that Barclays were in the doodoo too!! Wasn't Bob Diamond the guy that was trying to buy Lehmans just before they collapsed? It would have been interesting to see what would have happened if they had succeeded.

Its Systemic dontchaknow

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.