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Source: "When to Commence Income Annuities," Jeffrey K. Dellinger, Retirement Income Solutions Enterprise, Inc., 2011
February 24, 2010, Featured Articles, Regulations/Legal
A Regulatory Nudge Is Needed
Since current Wall Street risk management methods are in the interest of those who work on Wall Street, they will not be changed except by regulatory means.
Paul Volcker's proposal that proprietary trading should be spun off from deposit-taking banks is a worthwhile step in the direction of stabilizing the financial services business.
However, when you consider that business in detail, it becomes clear that further breakups are necessary in order to remove the excessive risks from the U.S. economic system.
There are three problems with the current setup on Wall Street: systemic risk, rent seeking and conflicts of interest. The Volcker proposal addresses the systemic risk problem to a great extent, but does not do much about the other two. For a complete solution, we thus need to go further.
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