Matt Levine, Columnist

Merchant Banks and Bond Lies

Also aluminum, AFFO, valuation, doom, tickers, etc.

September 9, 2016 at 9:19 AM EDT

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Volcker II: The Re-Volckering.

Over the past few years, U.S. regulators have put in place the Volcker Rule, which prohibits banks from engaging in proprietary trading and owning hedge funds or private equity funds. It's been sort of a mixed bag. The division between bad "proprietary trading" and good "market making" is not super clear. People are worried about bond market liquidity, you may have heard. But everyone has sort of muddled along.

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