Described by President Barack Obama as "a rule that makes sure big banks can't make risky bets with their customer's deposits", the Volcker Rule forms part of the Dodd-Frank Wall Street Reform and Consumer Protection Act and is named for the man who proposed it – former United States Federal Reserve Chairman Paul Volcker. A number of exceptions to the Volcker Rule are included in the Dodd-Frank law, but its main aim is to prevent the type of speculative activity which played a major role in the 2007-2010 financial crisis. The Volcker Rule was originally scheduled to come into effect with the Dodd-Frank law on July 21, 2012, but was delayed for various reasons, and is now scheduled to come into effect on April 1, 2014.
As with any significant change on Wall Street, there are both critics and supporters. In a written statement published in a number of news sources, President Obama made it clear that he is a supporter, noting that the country's financial system will be safer and the American people will be more secure because of the Volcker Rule which will make it illegal for firms to make use of "government-insured money to make speculative bets that threaten the entire financial system". The President went on to say that CEOs will be held accountable by be...
Retailers Aim to Cash-in on Black Friday - 28 Nov 2013 - Features
Celebrated on the last Thursday of November, Thanksgiving Day in the United States is followed by Black Friday, with retailers kicking off the holiday shopping season with a host of specials that have some shoppers camping out on their doorsteps overnight to be among the first through the doors when they open. The origin and meaning of the term "Black Friday" is a matter for debate, but today it is generally accepted to mean that retailers operating at a financial loss (in the 'red') for most of the year, are likely to turn a profit on that day (in the 'black') as shoppers descend in their droves to take advantage of specials. ..
Timothy Massad Nominated as CFTC Chairman - 14 Nov 2013 - Markets
President Barack Obama's nomination of Timothy Massad to replace Gary Gensler as the chairman of the Commodity Futures Trading Commission (CFTC) came as no surprise. Massad played a significant role in the bank bailout program brought about by the 2008 financial crisis and should the Senate confirm his nomination, Massad will head the agency charged with implementing the Dodd-Frank Act aimed at regulating trading of complex derivatives on Wall Street. This lucrative, and often volatile, market has been accused of being one of the root causes in the destabilization of the US economy and the CFTC has the task of ensuring this particular piece of history is not repeated...
Twitter Prepares for IPO Launch - 31 Oct 2013 - News
As Twitter prepares to launch its initial public offering, analysts are comparing every move the company makes to Facebook's problem-plagued May 2012 IPO through Nasdaq. Twitter aims to raise $1.6 billion with its IPO, and analysts have predicted that when the company starts trading it may be worth between $12 billion and $20 billion. As of June 30, 2013, Twitter had 218.3 million active monthly users, reflecting an increase of 44 percent over the same period of last year. The company, which has been operating for seven years, has noted that as the size of its user base increases, user growth rate will slow down...
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