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Paul Volcker: The financial world is 'bigger than its britches'
The former chairman of the Federal Reserve says the financial world has gotten "bigger than its britches." Attempts to regulate the industry have failed, he says, and the pay of financial executives has gone way up.
"I wasn't born yesterday," Volcker told CNNMoney's Christine Romans. Since World War II, he said he has seen "20 different substantial efforts to reform the regulatory system. None of them have moved the needle."
Paul Volcker: The financial world is 'bigger than its britches'
The former chairman of the Federal Reserve says the financial world has gotten "bigger than its britches." Attempts to regulate the industry have failed, he says, and the pay of financial executives has gone way up.
"I wasn't born yesterday," Volcker told CNNMoney's Christine Romans. Since World War II, he said he has seen "20 different substantial efforts to reform the regulatory system. None of them have moved the needle."
Paul Volcker: The financial world is 'bigger than its britches'