On Paul Volcker Saying 'The Market Has Flopped'

Former Fed Chairman Paul Volcker, former Fed Vice Chairman Roger Ferguson and former Bank of Israel Governor (and AIG vice chairman!) Jacob Frenkel had a little press conference this morning to discuss the structure of financial regulation or--more precisely, a report called The Structure of Financial Regulation (pdf; and it's just the press release, not the report proper, which doesn't appear to be available online yet--update: the report can be found here). It's a product of Group of Thirty, a now 30-year-old club of former (and a few current) central bankers that occasionally issues reports like this. The report itself is timely, but not particularly newsworthy: It describes the financial regulatory structures in 17 different countries, and concludes that "the Integrated Model and the Twin Peaks Model may more rationally... [read full story]