Ah, the Volcker Rule… an allegedly sublime piece of legislation that keeps the Goldman rats from doing things like betting against clients and raking in an extra million a day. Love it or hate it, you have to admit it's a step in the right direction if you're at all familiar with its intent. Of course – as with just about any piece of legislation, most of all one that comes in response to a panic – it has its flaws.
When the Fed, FDIC, Comptroller of the Currency and SEC asked for comments on the skeleton of said Volcker Rule, it's quite possible that none of them expected to receive a 325-page letter to the editor from any of the Occupy camp, but that's exactly what they got. Didn't you know there was an Occupy the SEC? Yeah, neither did I.
According to the comment letter, Occupy the SEC is a group of concerned citizens, activists, and financial professionals with decades of collective experience working at many of the largest financial firms in the industry.
The letter is surprisingly lucid, informative and concise despite its excessive length. The short version for people with short attention spans: the Volcker rule is a good idea but leaves a few gaping holes in an otherwise bulletproof protection against financial asshattery.
If you have absolutely nothing better to do today (no, I am not going to summarize it for you as I already have to the best of my ability), here's the entire bad boy for your reading pleasure.
Occupy the SEC Comment Letter on the Volcker Rule