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Former Chair of Citigroup: Restore Glass-Steagall

Posted By Barry Ritholtz On October 27, 2009 @ 5:30 pm In Bailouts,Regulation | Comments Disabled

This is pretty amazing:

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Volcker’s Advice

To the Editor:

Re “Volcker’s Voice, Often Heeded, Fails to Sell a Bank Strategy” (front page, Oct. 21):

As another older banker and one who has experienced both the pre- and post-Glass-Steagall world, I would agree with Paul A. Volcker (and also Mervyn King, governor of the Bank of England) that some kind of separation between institutions that deal primarily in the capital markets and those involved in more traditional deposit-taking and working-capital finance makes sense.

This, in conjunction with more demanding capital requirements, would go a long way toward building a more robust financial sector.

John S. Reed
New York, Oct. 21, 2009

The writer is retired chairman of Citigroup.
NYT Letters to the Editor, October 22, 2009 [1]

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Hat tip Real Time Economics [2]


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URLs in this post:

[1] NYT Letters to the Editor, October 22, 2009: http://www.nytimes.com/2009/10/23/opinion/l23volcker.html?_r=1

[2] Real Time Economics: http://blogs.wsj.com/economics/2009/10/27/john-reed-on-glass-steagall-then-now/

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