Wednesday, 20 August 2014
Last updated 8 hours ago
Jun 11 2010 | 11:28am ET
Just three months into his new job at the head of the Man Group’s former futures brokerage, former New Jersey Gov. Jon Corzine told a group of hedge fund managers that he opposes part of the controversial Volcker rule, which would bar banks from the alternative investments industry.
“The idea of prohibiting prop. trading or to spin off derivative books is not attacking the problem, because it is virtually impossible to separate prop capital from client capital,” the MF Global CEO told a Chicago meeting of the Managed Funds Association, a hedge fund lobbying group. “The troubling part is, if we get too aggressive,” some financial firms might move offshore.
Still, Corzine, a Democrat, said he is “more in favor of financial reform than if we did nothing or a lot less," Investment News reports.
The Volcker rule, one the key battlegrounds in the ongoing House of Representatives-Senate conference over the financial regulation reform bill, would ban bank holding companies from proprietary trading. It could also bar them from owning, investing in or sponsoring a hedge fund or private equity fund.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note