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Volcker Fails to Sell a Bank Strategy

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EH, WHAT DOES HE KNOW?
Former Federal Reserve chairman Paul Volcker wants the nation’s banks to be prohibited from owning and trading risky securities, the very practice that got the biggest ones into deep trouble in 2008, the New York Times reports. But the administration is saying no, it will not separate commercial banking from investment operations."“The banks are there to serve the public,” Mr. Volcker said, “and that is what they should concentrate on. These other activities create conflicts of interest. They create risks, and if you try to control the risks with supervision, that just creates friction and difficulties” and ultimately fails."
SOURCE:   New York Times

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