The first eight minutes of the Volcker rule’s life were the easiest.
That is how long it took President Barack Obama to announce the surprise new ban on Wall Street banks’ trading with their own capital and owning hedge funds. That was back in January 2010. The ensuing three-plus years of industry lobbying, intra-governmental infighting and regulatory uncertainty took the “devil-is-in-the-details” cliché’ to a new level.
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