What’s the Volcker Rule Good For? ‘Absolutely Nothing’, Chris Whalen Says

When your bank or broker uses your funds to gamble in the market they are using your money to gamble against you! The deposit holder needs to be seperate from the trading desk. That is the point!

The Volcker Rule was meant to replace the Glass-Steagall Act, which should have never been repealed. It prohibited commercial banks, with deposits guaranteed by the FDIC, to collaborate with brokerage firms and investment banks. If banks want to speculate, they should not have deposits guaranteed by the taxpayers.

Who could be surprised? During the S&L crisis of the 80's and 90's nearly 1000 perps were prosecuted. During this financial crisis, orders of magnitudes greater, no one was prosecuted because -NO LAWS WERE BROKEN- if that doesn't convince you that the criminal banks are in control of the US government nothing will. The criminal capitalist buy the politicians who make the laws...seems pretty clear to me that they would pass a weak bill for the banks.

Fascist Yahoo article. Break up the PIGGISH MONOPOLY BANKS.
2007-2008 was a direct consequence of the ending of the divide between commercial and investment banks. - Restore Glass Steagall There were economic collapses while it was on the books. .

Fine, banks can "invest" in any hedge fund they want as long as they don't expect the taxpayer to backstop their bets. It should be stipulated that any bank that speculates in hedge funds won't be covered by FDIC. Then see how well these guys like the "free market"

Banks are not set up to be casinos! They are set up to be boring, stable places to save and handle money.

Put a harness on GOLDMAN SACKS

if we actually let banks go bankrupt sure theres no need. but comrade whalen you seem to forgt we live in a country with a state run economy. bankers want best of both worlds. protected from losses and the ability to take unlimited risks with other peoples money. if we do bailouts next time (and we will), let the offenders go bankrupt, give the money to the next tier of banks and let them consume the losses. at least then we arent directly rewarding the losers

Funny how dodd and frank helped get us in this mess now they are coming to supposedly save us with their rules and regualtion. Funny thing is they get away with this stuff.

if the V-rule does nothing for banks, why are they offended by it? unless of course it stifles their ability to create more swindling. that's one for the federal government who protects the people's interest.

All this rule is intended to achieve is that no depositor money will be lost if the bets that banks take turn sour. What is wrong with that?

Let me see .. little regulation almost total collapse on wall street caused by over leveraged bad products. Perhaps we need to consider the regulation a wise decision for the time being.

If you were the bank, you were allowed to use other peoples money, diluting the risk of the investment. That corrupted the analysis of the investment, encouraging the bank to take excessive risk. If you were the depositor, you were exposed to that risk without any reward (even if the investment paid off, return went to the bank, not the depositor). Actually, not only were you exposed to the risk, you financed the investment after it failed twice: once as the depositor who lost capital returns from your original investment, then you lost money as the taxpayer who bailed out the bank.

A problem that doesn't exist? This putz will never get my business.

Since one of the guys who sponsored the bill (Dodd) gets elected in part because of bank money, it doesn't surprise me that the rule is mostly smoke! A positive side effect of the Volcker rule is that it does focus the public's attention on the criminal capitalist banks (C, GS, JPM, MS, BAC) who have bilked the middle class out of a good proportion of their wealth the last 20 years.

We still take suggestions from bankers after the last financial crash and no one was prosecuted? Its like asking a criminal on how to enforce the law..

I dont think the financial crisis and great recession was that bad and that we should not make any fixes to keep us from doing it all over again as soon as possible since it has been so much fun.

AUDIT THE FED NOW...

It's not that the banks can't make money from their core business, they just can't make 10 million dollars per employee.

ok people who writes the law or policy? as long as politicians (government) get bribes by lobbies and many others f... the rule of law and the constitution.....where are the so called conservatives of this country??? lol...

Mortgage backed securities should not even be allowed. The reasons are obvious.