Volcker Rule May Mostly ‘Go Up in Smoke,’ Goldman’s Levitt Says
October 13, 2011, 1:02 PM EDT
By Charles Mead and John Tucker
Oct. 13 (Bloomberg) — The Volcker rule, which would bar banks from trading for their own accounts, is likely to be postponed and weakened amid lobbyists’ resistance, said former Securities and Exchange Commission Chairman Arthur Levitt, who advises Goldman Sachs Group Inc.
Wall Street “will be doing all it can to delay this until they hope there’s a Republican president and a Republican Senate,” Levitt said in a radio interview