File 030510
Email from Jeffrey Epstein to Jes Staley Regarding Economic Policy and the Volcker Rule (File 030510)
November 2010 email from Jeffrey Epstein to Jes Staley discussing economic policy debates within the Obama administration, specifically regarding Lawrence Summers' position on the Volcker Rule regulatory reform.
Summary
Epstein forwards to Staley an excerpt from a book discussing internal disagreements among Obama's economic advisers regarding the Volcker Rule, which aimed to curtail proprietary trading at U.S. banks. The text highlights Lawrence Summers' resistance to the rule despite pressure from Vice President Biden and Treasury Secretary Geithner, with Obama expressing frustration at the lack of progress on the regulatory measure.
Date: Monday, November 15 2010 07:13 PMSubject: from revival, a new book..From: Jeffrey Epstein <jeevacation©gmail.com>To: Jes StaleyI thought you might find this amusing. "But more often then not, the team of economic advisers wasoperating from different playbooks, with Summers calling his plays the loudest. Take, for instance, the debatethat surrounded the Volcker rule -- the regulatory reform component that curtailed proprietary trading at U.S.banks and limited their investments in private equity firms and hedge funds. As Wolffe reports:[Summers'] doubts sat there in the West Wing, blocking the Volcker rule for months. Obama hadsignaled that he wanted the rule to move forward back in October. The banks were on safe ground again,but could still benefit from subsidized lending by the federal government. That seemed wrong when theycould use the money to trade for themselves rather than lend it to customers in the real economy... Bidenwas an old friend of Volcker 's and started to press for the rule to take force. But as the weeks dragged on,Summers rehashed his same old questions and concerns. At one fall meeting with his economics team inthe Oval Office, Obama wanted to know why nothing had moved yet. Summers dug in once again, whileGeithner - whose media coverage cast him as a supposed ally of Wall Street - wanted to push ahead.Obama noted dryly, "I think I can argue everyone's position now. "***********************************************************The information contained in this communication isconfidential, may be attorney-client privileged, mayconstitute inside information, and is intended only forthe use of the addressee. It is the property ofJeffrey EpsteinUnauthorized use, disclosure or copying of thiscommunication or any part thereof is strictly prohibitedand may be unlawful. If you have received thiscommunication in error, please notify us immediately byreturn e-mail or by e-mail to jeevacation@gmail.com , anddestroy this communication and all copies thereof,including all attachments.HOUSE OVERSIGHT 030510