Washington -- Former Federal Reserve Chairman Paul Volcker said he espouses a banking system that separates commercial and investment banking.
"The guy's a giant; he's a genius; he is a great human being," Austan Goolsbee, an adviser to President Obama said. "Whenever he has advice, the administration is very interested."
But the administration is not taking Volcker's advice to separate banks into those that handle federally insured deposits and those that make risky bets on securities that threatened the financial system last fall, The New York Times reported Wednesday.
