All five regulatory agencies put to a vote and approved the Volcker rule on Tuesday, supposedly, as The WSJ reports, ushering in a new era of tough oversight that drills to the core of Wall Street's profitable markets and trading businesses. As President Obama just ordered via Bloomberg:
- OBAMA SAYS VOLCKER RULE WILL MAKE FINANCIAL SYSTEM SAFER
Of course, now the various regulators line up at the trough demanding more funding to cover all the details of all the pages of all the new laws that all of the banks will now have to address on all of their trades...