Volcker Rule

  • News, Regulation

    The Volcker Rule As Price-Setting

    Today in Volcker Rule coverage: now you can read the whole thing. Get on that. Many people find it confusing. Much of the meat of the rule is a bunch of qualitative and quantitative information that banks must collect and hand over to regulators, each piece of which tends to indicate whether a trading desk […]

    / Oct 11, 2011 at 6:30 PM
  • News, Regulation

    Volcker Rule Too Long, Say Banks, Guy Who Stayed Up All Night Summarizing It

    Apparently lawyers at Davis Polk pulled an all-nighter reading and summarizing the Volcker Rule draft that was published yesterday. And they’re not the only people annoyed by the regulators’ refusal to get to the point: As people drilled down into the details of the draft, many were concerned that it appeared to require very granular […]

    / Oct 7, 2011 at 5:21 PM
  • News, Regulation

    Volcker Rule To End With “P.S. Please Don’t Blow Yourself Up”

    The draft Volcker Rule proposal memo that American Banker got its hands on and published today is a pretty impressive piece of work. As a reminder, people thought that a reason 2008 was so unpleasant was that banks engaged in too much risky proprietary trading. So the testudinal gentleman to the right suggested, and Congress […]

    / Oct 6, 2011 at 3:03 PM
  • Regulation

    Volcker Rule To Go After Your Moneys

    The rulemaking process for implementing the Volcker rule, which will ban proprietary trading by banks, seems to be proceeding by periodic leaks to the media about the draft rules – which are always described as having 174 pages but also always discussed one small bit at a time. Today’s leak is from Bloomberg and is […]

    / Sep 26, 2011 at 12:24 PM
  • Regulation

    The Fed Will Take 174 Pages To Tell You What “Prop” Trading Is

    Paul Volcker has made himself surprisingly relevant recently as an enemy of both (1) inflation/whatever Paul Krugman might be up to and (2) proprietary trading/whatever Kweku Adoboli might be up to. As for the second category, on Friday I guessed that I was not alone in being confused by the Volcker rule, which would ban […]

    / Sep 19, 2011 at 3:40 PM
  • Banks, News

    Let’s Just Go Ahead And Assume That Greek Letters = Evil

    The fact that one lovable rogue in London misplaced UBS’s bonus pool for the year has people talking again about the Volcker rule, which would ban proprietary trading at banks. I still don’t really understand that, and I’m not alone. Here is a thing about the Volcker rule and “Delta desks” (what?): Yet the definition […]

    / Sep 16, 2011 at 2:59 PM
  • News

    Goldman Reps So ‘Freaked’ Over Volcker Rule They’re Forgetting Invisibility Cloaks At Home

    “They’re totally freaked out about Volcker,” said a Goldman lobbyist who declined to speak on the record for fear of losing the contract. “People are working on that a lot, with agency staff, with lawmakers, you name it.”…”Before the crisis, Goldman was basically non-existent in Washington,” said a former Congressional staffer who now works as […]

    / May 4, 2011 at 2:02 PM
  • News

    Goldman Sachs Doesn’t See Anything In The Volcker Rule That Prevents The Bank From Making Principal Investments With Its Own Money

    The rest of the market thought otherwise but Goldman has another interpretation.

    / Mar 21, 2011 at 3:18 PM
  • News

    Vikram Pandit Was Complying With The Volcker Rule Before It Was A Rule

    With the passing of the Dodd-Frank Bill, one pesky thing that banks have had to spent a couple hours getting in line with is the Volcker Rule, and what it means for their proprietary trading desks. Whether to spin them off, send the employees to a farm in the country where they can run around, […]

    / Nov 22, 2010 at 11:38 AM
  • News

    Goldman Prop Team Moves In With Henry Kravis

    The Principal Strategies group has a new home starting in January.

    / Oct 21, 2010 at 10:32 AM
  • News

    Goldman Sachs Winding Down Principal Strategies Unit

    The bank plans to hold off on announcing the wind-down while the 65 to 70 members of the global unit seek new jobs, the people said. Some traders and support staff may get roles within the firm. Earlier plans for most members of the Principal Strategies group, led by Hong Kong-based Morgan Sze, to leave […]

    / Sep 3, 2010 at 1:30 PM
  • News

    Goldman Sachs Mulling Over How To Deal With Prop Trading Situation

    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, […]

    / Aug 4, 2010 at 12:55 PM
  • News

    Some People Actually Like The Volcker Rule

    The Volcker Rule -aka the euthanasia principle- got some fresh backers over the weekend, with five former Treasury secretaries sending a letter to the WSJ to voice their support. While this must be good news (late wedding gift?) for Paul, the former secretaries don’t add much to the initial argument. They’re just reiterating what Paul’s […]

    / Feb 22, 2010 at 4:06 PM
  • News

    Volcker Loves Volcker Rule

    Got to give it up for Volcker, who, despite growing uproar against his proposed eponymous rule, is soldiering on, saying it’s the best thing that ever happened since well, ever. Volcker is however getting increasingly frustrated and said he is “very disturbed” by the level of dysfunction in Capitol Hill and the Senate, and basically, […]

    / Feb 16, 2010 at 1:28 PM
  • News

    Barclays’ Varley Not Impressed By Volcker Rule

    The Brits are jumping on the Volcker Rule-hating bandwagon, because a) the rule is stupid, b) it’ll make them lose a boatload of money, and c) screw you US, (Obama, Timmy, Paul) if you think you can just go at it alone. Barclays’ CEO John “profits are not satanic” Varley said that the proposal was […]

    / Feb 9, 2010 at 10:30 AM
  • News

    Volcker On The Volcker Rule

    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 […]

    / Feb 2, 2010 at 1:38 PM
  • News

    Bonding Over Booze In Davos

    The Volcker Rule was at the core of many fights last week at Davos. As we wrote, bankers couldn’t agree with each other, lawmakers couldn’t agree either, but still decided to band up against bankers, blah, blah. Anyway, seems like there wasn’t a lack of booze, as we initially thought, and on the last day […]

    / Feb 2, 2010 at 11:04 AM
  • News

    Volcker Rule: WTF?

    Now, you can think what you want about the Obama proposals, but there is something I find more than strange. What is happening about what caused the crisis in the first place and why is there no mention of it anywhere anymore in none on of the proposals? Maybe I missed something here, and maybe […]

    / Jan 22, 2010 at 10:58 AM

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