Paul Volcker Lobbying SEC Boss personally

The former US Federal Reserve Chairman, Paul Volcker, met in person with US Securities and Exchange Commission Chairman Mary Schapiro during the week to discuss the proposed ban on proprietary trading aka The Volker Rule, named for him.

Mr. Volcker, 84 anni, is an advocate for the ban, which he asserts would curb the kind of “risky” trading that contributed in part to the Y 2008 financial crisis.

“Proprietary trading of financial instruments, essentially speculative in nature, engaged in primarily for the benefit of limited groups of highly paid employees and of stockholders does not justify the taxpayer subsidy implicit in routine access to US Federal Reserve credit, deposit insurance or emergency support,” Mr. Volcker wrote in a commentary submitted to regulators on 13 February.

Mr. Volcker met with Ms. Schapiro in her office to discuss the proposed Rule on 15 February. Note:the meeting has not been made public.

The 2 also discussed Mr. Volcker’s views on Money-Market funds and International accounting standards.

Mr. Volcker did not respond to a request for comment.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.
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Posted by Shayne Heffernan on Feb 18th, 2012and filed underLatest News, Oil.You can follow any responses to this entry through theRSS 2.0Responses are currently closed, but you can trackback from your own site.