BANZAI7 NEWS--Paul Volcker, the former chairman of the Federal Reserve, told a room packed with banking executives on Tuesday to “wake up” to the need for more drastic regulatory changes.
“Has there been one financial leader standing up and saying, ‘This is really excessive’?,” Mr. Volcker asked about 80 bankers, executives and investors at a conference organized by The Wall Street Journal.
When he did not get an answer, he added: “Wake up, gentlemen. Your response is inadequate.”
Mr. Volcker criticized suggestions, made by executives at an earlier panel discussion, to strengthen financial markets primarily by giving more power to company boards to control risk. The chances that management boards would “understand the products you come up with” are slim, he said.
WB7: Well a least one admitted it:
“Regulators have to be much more involved. We cannot control ourselves.”
John Mack, Morgan Stanley
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