he Volcker Rule, does not solve the problem,

http://us1.institutionalriskanalytics.com/pub/IRAMain.asp There are certain basic things that the investor must realize today. In the first place, he must recognize the weakness of his individual position… [T]he growth of investors from the comparative few of a generation ago to the millions of the present day has made it a practical impossibility for the individual investor to know what is... [more]

http://us1.institutionalriskanalytics.com/pub/IRAMain.asp There are certain basic things that the investor must realize today. In the first place, he must recognize the weakness of his individual position… [T]he growth of investors from the comparative few of a generation ago to the millions of the present day has made it a practical impossibility for the individual investor to know what is occurring in the affairs of the corporation in which he has an interest. He has been forced to relegate his rights to a controlling class whose interests are often not identical to his own. Even the bondholder who has superior rights finds in many cases that these rights have been taken away from him by some clause buried in a complicated indenture… The second fact that the investor must face is that the banker whom tradition has considered the guardian of the investors' interests is first and foremost a dealer in securities; and no matter how prominent the name, the investor must not forget that the banker, like every other merchant, is primarily interested in his own greatest profit. False Security: The Betrayal of the American Investor Bernard J. Reis and John T. Flynn Equinox Cooperative Press, NY (1937 A decade since the Enron-WorldCom scandals, we still have the same basic problems, namely the use of OBS vehicles and OTC structured securities and derivatives to commit securities fraud via deceptive instruments and poor or no disclosure. Author Martin Mayer teaches us that another name for OTC markets is "bucket shop," thus the focus on prop trading today in the Volcker Rule seems entirely off target -- and deliberately so. The Volcker Rule, at least as articulated so far, does not solve the problem nor is it intended to. And what is the problem? [less]