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How much gambling will Volcker Rule actually stop?

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President Obama said his Volcker Rule — part of the 2010 Dodd-Frank financial regulation bill — would stop commercial banks and investment banks from being gamblers, by banning “proprietary trading,” that is, trading with their own money. An investment bank is supposed to invest money for its clients, not be a hedge fund itself. But there are — and have to be — some exceptions to...

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