Is the financial industry is winning the war over regulation?:
Volcker lambasts Wall Street lobbying, FT: Paul Volcker, the former Federal Reserve chairman, has lambasted the "eternal lobbying" of Wall Street after regulators granted the industry more time to comply with a rule designed to prevent them from owning hedge funds.
In a withering statement ... Mr Volcker said: “It is striking, that the world's leading investment bankers, noted for their cleverness and agility in advising clients on how to restructure companies and even industries however complicated, apparently can't manage the orderly reorganization of their own activities in more than five years.”
“Or, do I understand that lobbying is eternal, and by 2017 or beyond, the expectation can be fostered that the law itself can be changed?”
The Fed and its fellow regulators this week gave the banks until 2017 to comply... Banks had been supposed to comply by next year. The law containing the Volcker rule was passed in 2010. ...