Due Diligence

With Sheriff Volcker Out, Chance of Real Reform On Wall Street Is Dead

In an article in Fortune magazine, Colin Barr writes that Volcker's departure makes it even less likely that there will be any real reform on Wall Street. Obama already blew his big chance to make a lasting fix, but Volcker was the only counterweight in an administration that seems to have taken the attitude that the government exists to serve the banks.

Barr quotes Barry Ritholtz, a New York money manager who writes the Big Picture economics blog: "Bankers are like 5-year-olds. If you leave them unsupervised with a bowl of candy, they will eat it all and throw up all over everyone. Volcker got that."

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