Volcker Rule Approved By FDIC, Federal Reserve, And SEC

By: Tuesday December 10, 2013 11:05 am

The Volcker Rule has been formally approved by the FDIC, Federal Reserve and SEC. The Volcker Rule, named after former Fed Chairman and advocate Paul Volcker, was passed as part of the Dodd-Frank reform act in 2010 and is meant to prevent or limit large Wall Street banks from proprietary trading – trading on their own account.

Goldman Sachs Already Finding a Work Around for Volcker Rule

By: Tuesday March 5, 2013 9:55 am

More evidence the Dodd-Frank reform law was an exercise in futility as Reuters reports Goldman Sachs may have already found a work around. Under the new law investment banks such as Goldman Sachs are supposed to be prohibited from making risky private equity investments under the Volcker Rule. But sources reveal that Goldman has simply altered some of the structure of the financing in order to bypass the rule.

Study: Time to Stop Banks From Risky Trading

By: Thursday October 11, 2012 6:00 am

The IMF has released a new study showing that, in essence, the world would be a much safer place if international banks stopped trading in the financial markets.

Banks Want Another Account to Disguise Their Risky Trades

By: Wednesday August 29, 2012 4:20 pm

Whither the Volcker rule? After a flurry of discussion about it in the wake of JPMorgan Chase’s Fail Whale trades, we’ve heard significantly less of late. In fact, regulators blew through a July deadline on finalizing the Volcker rule. The last word we had was that the deadline was pushed back to the end of the year.

More time means more opportunity for big banks to lobby over various exemptions. And that’s just what they’re doing, attempting to take a little loophole they found in the initial language and blow it wide open.

Volcker Rule Deadline Comes and Goes

By: Wednesday August 8, 2012 6:43 am

After JPMorgan Chase revealed their Fail Whale trades, there was a debate over whether those trades would have been stopped by the Volcker rule, which was supposed to prevent proprietary trading by the mega-banks. Jamie Dimon called the trade a hedge, the authors of the Volcker rule disagreed with him, they leaned on the regulators to prevent this kind of risky activity from happening, and there was much debating. And it was supposed to end in July, with the final Volcker rule published and released by the regulators.

July 21 was the deadline, to be precise.

That was over two weeks ago.

Jamie Dimon’s Cufflinks and Why a Tighter Volcker Rule Is All We Can Hope For

By: Thursday June 14, 2012 12:28 pm

So here’s me and William Cohan on yesterday’s The Alyona Show talking about that Jamie Dimon testimony yesterday. I have to admit a little shock at the focus of the coverage on the captured Congress and the relative soft pitches lobbed in Dimon’s direction.

I’m wondering what people expected. This wasn’t the Senate Permanent Subcommittee on Investigations, Carl Levin’s committee, which gave the most brutal hearing of the financial crisis to members of Goldman Sachs’ team. This is the Banking Committee. Most of its members are effectively employees of JPMorgan Chase and the other Wall Street banks. Many of its staffers are actual former employees. Many of the lobbyists of these banks are former staffers to these Senators. This is where bank-friendly Senators go to ensure the most campaign contributions. There was a moment of time after banks blew up the world’s economy where they could be expected to get a brushback from a committee like this, but that time has passed.

Reactions to Jamie Dimon’s Senate Banking Hearing: Admissions of Guilt Amid the Arrogance

By: Wednesday June 13, 2012 1:00 pm

I don’t think it was too much of a surprise that today’s hearing with Jamie Dimon was something less than stringent. Very few Senators bothered to show up with anything more than a list of questions and a pallid expression. The very structure of the hearing, with one round of five minutes of questioning, wasn’t conducive to being very meaningful. But there were still a few interesting moments.

Dimon to Be Contrite Yet Steadfast in Senate Banking Testimony

By: Wednesday June 13, 2012 6:45 am

JP Morgan Chase CEO Jamie Dimon faces the Senate Banking Committee in a two-hour hearing scheduled for 10am ET today. He’ll be the only witness. Keep in mind that Dimon’s JPMorgan Chase has given millions to top-ranking members of the Banking Committee, so anything more than headline-grabbing and grandstanding without a real challenge to Dimon in the wake of the Fail Whale trades would be a bit of a surprise. I discuss his released testimony here and will be covering the hearing.

Volcker Rule Tightening Just the Beginning of a Financial Reform Strategy

By: Tuesday May 22, 2012 11:00 am

The Fail Whale trades showed that massive, as-yet unregulated risk still exists in our financial system, with the potential to bring down the economy once again and trigger massive taxpayer bailouts. Since the Administration already passed a law that was supposed to deal with that, they’re scrambling to restore what little of value existed in those laws.

Levin and Merkley Hope Fail Whale Trade Will Force Loopholes Out of Volcker Rule

By: Friday May 18, 2012 7:30 am

Volcker rule co-authors Jeff Merkley and Carl Levin think that the JPMorgan Chase “Fail Whale” trade offers an opportunity to get the regulatory apparatus back on point with their vision of the rule, one that they say should be stronger in barring the types of risky trading from occurring at commercial banks.

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