My recent profile of Benefit Street Partners CEO Tommy Gahan is a reminder of the transformation taking hold of Wall Street and the role of journalists in documenting it.
The Volcker Rule is spawning a spate of new hedge funds led by former traders whom the new regulation has forced banks to let go — and banks provide the leg up necessary to get started.
Volcker rule’s ban on proprietary trading by banks is curbing banks’ interest in issuing corporate bonds, experts say. And banks’ aversion will only increase with more rules to come.
Foreign banks are much more concerned about the Dodd-Frank act’s Volcker rule than U.S. firms are, according to Daniel Ryan, chairman of PricewaterhouseCoopers’ financial services regulatory practice.
