Volcker downplays role of proprietary trading in crisis

03/31/2010 | CNBC

Proprietary trading by banks was not a central cause of the financial crisis, according to Paul Volcker, a White House economics adviser. Volcker had crafted a proposed ban on proprietary trading, but it's unclear whether that ban will be a part of final regulatory-reform legislation. "There is no need economically or otherwise for them to become involved in proprietary activities, activities that in fact may often operate at cross purposes with their fiduciary responsibilities," he said.

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