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April 30, 2012

Banks seek to put pressure on small rivals

The biggest global investment banks are examining ways to block rivals from using powers given them under the Jobs Act, potentially obstructing the goals of what is a rare US bipartisan agreement aimed at promoting small businesses.

The new act allows banks to publish research while raising capital for smaller companies – a dual role that larger banks have been forbidden from taking on since the “global settlement” agreed with Eliot Spitzer, the former New York
attorney-general, in 2003.
 

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