Relevant:
- Dodd-Frank prompts banks to shed prop units, hedge fund teams
- Secret Goldman Team Sidesteps Volcker After Blankfein Vow - Bloomberg
- JPMorgan Pressed by SEC on Prop Trading Before Whale Loss
- Banks Already Moving to Evade Volcker Rule
- Volcker Rule May Be Extended to Overseas Banks With Operations in the U.S.
2012-04-19 — propublica.org
The path to gaming the Volcker Rule has always been clear: Banks will shut down anything with the word "proprietary" on the door and simply move the activities down the hall.
To look like they were ready to comply with the Volcker Rule, the part of the Dodd-Frank Act that aims to prevent banks from gambling on their own account with money that taxpayers insure, financial firms quickly spun off or shut down their hedge funds, private equity firms and proprietary trading desks.
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