By LOUIS UCHITELLE
Published: February 16, 2010
Put aside for a moment the populist pressure to regulate banking and trading. Ask the elder statesmen of these industries giants like George Soros, Nicholas F. Brady, John S. Reed, William H. Donaldson and John C. Bogle where they stand on regulation, and they will bowl you over with their populism.
They certainly dont think of themselves as angry Main Streeters. They grew quite wealthy in finance, typically making their fortunes in the 70s and 80s when banks and securities firms were considerably more regulated. And now, parting company with the current chieftains, they want more rules.
While the younger generation, very visibly led by Lloyd C. Blankfein, chief executive of Goldman Sachs, lobbies Congress against such regulation, their spiritual elders support the reform proposed by Paul A. Volcker and, surprisingly, even more restrictions. I am a believer that the system has gone badly awry and needs massive reform, said Mr. Bogle, the 80-year-old founder and for many years chief executive of the Vanguard Group, the huge mutual fund company.