Outside looking in:

Geithner and Summers, through their careers, have had closer ties with Wall Street firms than Volcker, and one senior bank executive recently dismissed Volcker’s views on financial regulation as representing an outlier.

Volcker is among the biggest critics of repeal of the Glass-Steagall Act, which allowed commercial banks to get into the investment business. Congress changed the law in 1999 with support from Summers, who was then Treasury secretary.

Comments

[Jeffrey Sykes]

Didn't Volcker set the stage for most of what Greenspan got credit for in the 1980s and 1990s?

[Dave Ribar]

This would be the same Larry Summers that has spent all but 2 years of his career in academia or government service? And the same Paul Volcker that worked for an investment firm for 10 years after leaving the Fed?