Former Federal Reserve Chairman Paul Volcker delivered a jarring message to high-level bankers and regulators at an exclusive meeting in Sussex, England. “Has there been one financial leader to say [executive pay] is really excessive? Wake up, gentlemen. Your response, I can only say, has been inadequate,” he said, according to the Times of London.Volcker, a veteran of the financial world and currently chairman of President Obamas Economic Recovery Advisory Board, spoke on Tuesday at the Future of Finance Initiative conference, organized by the Wall Street Journal.Amid throngs of bankers arguing that new regulations should not impede on financial “innovation,” Volcker pushed back, blasting Wall Streets increasingly complex financial products as useless to economic growth. In what seems to have been a shot at exotic securities, he named the ATM cash machine as the most successful financial innovation in the past 20 years, the Times reported.
<p>via <a href=”http://www.huffingtonpost.com/2009/12/09/paul-volcker-former-fed-c_n_385274.html?igoogle=1″ mce_href=”http://www.huffingtonpost.com/2009/12/09/paul-volcker-former-fed-c_n_385274.html?igoogle=1″>Paul Volcker, Former Fed Chairman To Wall Street: “Wake Up, Gentlemen”</a>.</p>