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Credit where credit's due;

Posted by Loyola Jan 21 '10, 13:13

"As the president announced two major initiatives that would radically change the world of America's big banks, he was flanked by neither the Treasury Secretary nor key economic adviser Larry Summers. He had with him two key Congressional leaders, Rep. Barney Frank (D., Mass.) and Sen. Christopher Dodd (D., Conn.). The president had Mr. Volcker and he had another regulatory veteran who's been a straight shooter unbound by ideological restraints or misplaced party fealty.

Agree with it or not, the "Volcker Rule," enunciated by the president Thursday -- which would keep a bank from having anything to do with investment vehicles such as hedge or private equity funds -- certainly signals Mr. Volcker's return.

Mr. Volcker himself hasn't changed his thinking. What has changed is the environment. The heavy, popular furor as big bank profits and big bonuses are rolled out likely played a role in the new Obama plan. That plan includes flat-out limits on bank size and restrictions on industry consolidation."

http://online.wsj.com/article/SB10001424052748703699204575017300364900036.html?mod=WSJ-business-LeadStoryCollection (online.wsj.com)

Responses:

Oh christ, he had Dodd with him? We're effed. -- nm - Will Hunting Jan 21, 13:14 4
- "That's right Dodd...you stand. Right. There. while I announce this." -- nm - Mel Profit Jan 21, 13:22
- He actually holidays in the Summer not far from me. -- nm - Loyola Jan 21, 13:14 2
  - Dodd? Can you keep him there next time? -- nm - Will Hunting Jan 21, 13:15 1
    - Sure why not. I heard he can skull a pint like nobody's business. -- nm - Loyola Jan 21, 13:16

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