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CFA SINGAPORE INSIGHTS

Paul Volcker on conflicts, ethics, and the US banking industry

The whole industry has become more complex, big banks are bound to have conflicts of interests, and bankers should be legally and morally responsible. says former Fed chairman

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Mr Volcker: "There was concern by the 'old timers' about introducing incentive pay criteria, how that would be the end of 'honest banking'. The amount of pay involved is worrisome, but it also mirrors what is going on outside the banks."

IN his recent memoir, Keeping At It, Paul Volcker gave me a greater perspective on the trials and tribulations of leading the US Federal Reserve and pursuing public policy. That's hardly a surprise.

Few public servants over the last several generations can rival Mr Volcker's breadth of

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