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
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 experience or knowledge. After all, this is the man who stared down the stagflation of the late 1970s and ushered in the so-called Volcker recession. He doubled interest rates to put the squeeze on runaway inflation, thus laying the foundation for the last four decades of price stability - talk about civic duty and toughness!
I have had the good fortune of getting to know Mr Volcker personally over the years. Below is a transcript of one of our talks on the banking industry.
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