Wall Street's elder statesmen urge tougher regulation

02/17/2010 | NYTimes.com

George Soros, William H. Donaldson, John C. Bogle and other elder statesmen of the financial industry made their fortunes in the 1970s and '80s, a time when financial institutions faced significantly stricter regulation. In the wake of the financial crisis, these insiders are pushing for a return to tougher rules, going against their younger counterparts. "I am a believer that the system has gone badly awry and needs massive reform," said Bogle, founder and former CEO of The Vanguard Group.

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