A couple of days ago, a senior banker in New York showed me a memo that he had just received from his lawyers about the so-called Volcker rule for proprietary trading. This stretched to 82 pages on an iPad, replete with dense charts.
And that was merely his summary document; the â??fullâ? explanation ran to several hundred more pages. â??Itâ??s mad!â? he sighed, explaining that this was only one of several memos he had recently received on Dodd-Frank and Basel rules.
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