Economic Tidbits: Volker, SIGTARP, Wells Fargo and Goldman Sachs Bonuses
January 31st, 2010 Paul Volcker wrote a lengthy Op-Ed in the NY Times this weekend without really saying anything. He didn’t lay out rules for how he wants to reform the banks, rather, he reiterated obvious statements that we in the blogosphere have been railing about for 18 months, like:
To help facilitate that process, the concept of a “living will” has been set forth by a number of governments. Stockholders and management would not be protected. Creditors would be at risk, and would suffer to the extent that the ultimate liquidation value of the firm would fall short of its debts.
I mean, I agree with that concept, but it’s a “no shit sherlock” kind of reform. Vol Read more…