http://en.wikipedia.org/wiki/Jacob_A._Frenkel
Jacob Aharon Frenkel (Hebrew: יעקב אהרן פרנקל; born in 1943) is an Israeli economist and businessman. A former Governor of the Bank of Israel, Frenkel currently serves as Chairman of JPMorgan Chase International, which executes the international strategy of the American financial services firm.[1]
http://en.wikipedia.org/wiki/Paul_Volcker
Paul Adolph Volcker (born September 5, 1927) is an American economist. He was the Chairman of the Federal Reserve under United States Presidents
Jimmy Carter and Ronald Reagan (from August 1979 to August 1987). He is currently chairman of the newly formed Economic Recovery Advisory Board under President Barack Obama.[2]
An 80-page report produced by Volcker and Jacob Frenkel (former Bank of Israel governor) and released in January 2009 called for a clear separation between investment banking activities (like lending to hedge funds) and normal commercial banking.
The G30 wanted a more robust resolution regime which made it easier to close down big financial institutions. It also wanted a regulatory regime where the central banks have 'the authority and capacity' to deal with financial stability-Clearly, Volcker et al had little-time for the kind of split in regulation which Alistair Darling and the Treasury are seeking to renew with their banking reforms.
It is in the nature of the American system that the White House proposes and Congress legislates. On banking reform there is a clear common cause between a President, after the setback in Massachusetts, and members of the House and Senate who will be up for election in November.
Banks are deeply unpopular and measures to separate the Wall Street titans from their bonuses, and the commercial banks from their risk taking and speculation will have widespread support.
When Mervyn King suggested similar reforms last October Angela Knight, of the British Bankers' Association, said the 'key issue was not one of breaking up the banks'.
The momentum has significantly shifted and this was to be seen on the stock market in latest trading where Barclays - which would have most to lose from separation - fell 6pc, dragging the sector down.
The Rubicon has been crossed and the complacency of the banks has been punctured.
Read more: http://www.dailymail.co.uk/money/article-1245399/ALEX-BRUMMER-Volcker-artillery.html#ixzz0dOx642id
