Nothing’s been decided yet but they’re thinking things over at 200 West, lots and lots a things. Maybe they’ll spin the unit into its own hedge fund. Maybe they’ll move the prop team into the basement and keep them locked in there, like the third Olsen sister no one knows about. Eventually people will forget, until they’re discovered, years later, in a raid by the NYPD. Maybe they’ll do nothing (best place to hide is in plain sight). CNBC’s Kate Kelly reports: Continue reading »
prop trading
As previously mentioned, JPMorgan began “swinging the ax on prop traders, starting with energy group,” which cut about 40 heads, two weeks ago. In case there was any doubt– sometimes employers like to play elaborate practical jokes on people–, today the Journal confirms those firings.
The House of Dimon has allegedly begun “swinging the ax on prop traders, starting with energy group” with “around 40 people gone so far.”
Paul Volcker, President Obama’s special advisor on financial regulatory reform, appears to have endorsed the main bill sponsored by Sen. Chris Dodd of Connecticut. Although details are still being worked out, Congress is moving to pass the bill by the end of the month. Continue reading »
The Volck-Man, who will testify later today before the Senate Banking Committee on his prop trading rule, would first and foremost like everyone to understand that the rule is part of a broader structural reform, which he summarizes elegantly this way: The idea is that a designated agency be provided authority to intervene and take control of a major financial institution on the brink of failure. The mandate is to arrange an orderly liquidation or merger. In other words, euthanasia not a rescue.
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