Volcker conflict-of-interest rule too weak: Levin – Dave Clarke (Reuters)
November 11, 2011
“U.S. regulators are not going far enough with the Volcker rule to prevent large banks from betting against their clients’ interests, Senator Carl Levin said on Wednesday. Levin, who was instrumental in drafting the Volcker rule in last year’s Dodd-Frank financial oversight law, said clients should have to acknowledge that a bank has disclosed to them that a conflict of interest may exist. …In particular, Levin found fault with language that allows banks to take positions that may conflict with their clients, so long as they disclose a possible conflict may exist. ‘That’s not nearly tough enough for me,’ Levin said at an event examining the Volcker rule that was hosted by Americans for Financial Reform, a group critical of Wall Street banks.” Click here for more.