As a draft of the Volcker rule has made the rounds in the last several weeks, it has alternatively caused fits of despair and cries of exultation. And that’s just among the proponents of the regulation.
Then came news that the Swiss bank UBS lost $2.3 billion thanks to a rogue trader. Of course, it’s terrible for the bank, and the last thing we need right now is another fragile financial institution. But for Volckerites, the timing couldn’t be better. It comes just when the rule’s champions are trying to preserve the draft’s strongest measures and buttress the weaker clauses.
