Paul Volcker Supports President Obama, (JPM, BAC, C)

Former Federal Reserve chairman Paul Volcker said that banks which blend high-risk trading with traditional consumer lending face "unmanageable conflicts of interest" and should be broken up.

Such steps would result in the dismantling of the likes of JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C). Douglas Elliott, an economic studies fellow at the Brookings Institution, said that the ideas Paul Volcker is pushing now are not shared by the administration. Jennifer Psaki, a White House spokeswoman, said the truth is that President Barak Obama sees eye-to-eye with Paul Volcker on financial reform more than 90% of the time.