Sunday, 21 September 2014
Last updated 1 day ago
Mar 4 2010 | 1:39pm ET
Despite skepticism on Capitol Hill and antagonism from Wall Street, President Barack Obama made clear yesterday that he still backs the controversial “Volcker rule,” which would bar banks from the alternative investments industry.
In a five-page legislative draft sent to Congress, the Treasury Dept. also suggested a two-year phase in for the rule, which would also ban proprietary trading and mergers that would give a bank more than a 10% market share.
That period is shorter than the one proposed by Rep. Barney Frank (D-Mass.), the head of the House Financial Services committee, who suggested five years.
The Volcker rule—named for former Federal Reserve Chairman Paul Volcker, a close adviser to President Obama—would forbid banks from owning, controlling or investing in hedge funds and private equity funds. Banks would also not be allowed to serve as a prime broker to alternative investments firms they advise.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.