BusinessWeek – Hedge funds will benefit and the broader economy will suffer if new curbs on trading by U.S. banks are left unchanged, according to the head of SkyBridge Capital LLC.
The Volcker rule, enacted this year to curtail proprietary trading by U.S. banks, keeps rival traders out of his business, said Anthony Scaramucci, managing partner of SkyBridge Capital LLC, who spoke today at the Bloomberg Hedge Funds 2010 conference. Goldman Sachs Group Inc., JPMorgan Chase & Co and Bank of America Corp. have cut jobs in proprietary trading or shifted traders into other units to comply with the law.
