Posted on 09-12-2009
Filed Under (Economics) by Rashtrakut

Former Fed chairman Paul Volcker chides the banking industry on their belief that financial innovation contributed to economic growth and their failure to come to grips with excessive pay packages.  Sage words that will probably fall on deaf years in the United States.  Meanwhile the British have gone ahead and passed a windfall bonus tax on its financial sector, probably under the theory that taxpayer largesse in the past year enabled these bonuses to begin with.

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