Volcker speaks truth to banksters!

[Crewleader]

December 9, 2009

‘Wake up, gentlemen’, world’s top bankers warned by former Fed chairman Volcker

One of the most senior figures in the financial world surprised a conference of high-level bankers yesterday when he criticised them for failing to grasp the magnitude of the financial crisis and belittled their suggested reforms.

Paul Volcker, a former chairman of the US Federal Reserve, berated the bankers for their failure to acknowledge a problem with personal rewards and questioned their claims for financial innovation.

On the subject of pay, he said: “Has there been one financial leader to say this is really excessive? Wake up, gentlemen. Your response, I can only say, has been inadequate.”

As bankers demanded that new regulation should not stifle innovation, a clearly irritated Mr Volcker said that the biggest innovation in the industry over the past 20 years had been the cash machine. He went on to attack the rise of complex products such as credit default swaps (CDS).

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6949387.ece?patrick_net

[Crewleader]

1. It's Not such a wonderful life

http://www.banksterusa.org/

[westerebus]

2. Will the last adult in the room, please turn off the lights.

Thank you, Mr. Volker.

[Vinnie From Indy]

3. Thank you Mr. Volcker

Any sanity and reality injected into the hallowed halls of high crime should be noted and applauded.