This afternoon Obama called for new restrictions on the “size and scope” of financial institutions. In what some are calling “Glass-Steagall Light” Obama proposed a “Volcker rule” that places restrictions on banks' ability to “invest in or sponsor a hedge fund or a private equity fund, or proprietary trading operations unrelated to serving customers.”
“If it’s a fight they want, it’s a fight I am ready to have” he said. Watch the Bloomberg clip here.
Leadership in this area will require a mandate of top down rules; negotiated principles are not likely to secure the changes needed. No more Mr. Nice guy Obama, we need to get this job done.
Cory’s Chart Corner
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