Where is Volcker’s letter? (#OWS)
At the Alternative Banking working group we are working on publicly commenting on the proposed Volcker Rule. Check out this blog post which addresses the exemption for repos. Keeping in mind that repos brought down MF Global a few weeks ago, this is a hot topic.
Here’s another hot topic, at least to me. Who has a copy of Volcker’s original 3-page letter? The published rumor has it that he wrote a 3-page letter to Obama outlining the goal of the regulation, but I can’t find it anywhere. I do have this quote from Volcker about the proposed 550 page behemoth (taken from a New York Times article):
“I’d write a much simpler bill. I’d love to see a four-page bill that bans proprietary trading and makes the board and chief executive responsible for compliance. And I’d have strong regulators. If the banks didn’t comply with the spirit of the bill, they’d go after them.” – Volcker
Also from the New York Times, a column of Simon Johnson’s on the Volcker rule and what it’s missing.
If anyone knows how to get their hands on the original letter, please tell me, I’d really love to see it. Maybe someone knows Volcker and can just ask him for a copy?