When Regulation is Not Enough, "Just Say, 'No More!'"

  "The banks are there to serve the public, and that is what they should concentrate on.  These other activities create conflicts of interest.  They create risks, and if you try to control the risks with supervision, that just creates friction and difficulties ...."

Paul Volcker, quoted by Louis Uchitelle in "Volcker Has President's Ear on Wall St., But Not on Banks" p.A1, col. 3 (New York Times Nat'l ed., Wednesday, October 21, 2009).  {Emphasis added.]

  Some risks cannot be regulated.  Liability for Fiduciary obligations cannot be delegated.  Some things are better left not done.

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