By Jesse Hamilton and Cheyenne Hopkins
Bloomberg News
Thursday, December 18, 2014
WASHINGTON -- Banks, adding to their wins in Washington this month, got a reprieve from the Volcker Rule that will let them hold onto billions of dollars in private-equity and hedge-fund investments for at least two more years.
The Federal Reserve granted the delay today after banks said selling the stakes quickly might force them to accept discount prices. Goldman Sachs Group Inc. has $11.4 billion in private-equity funds, hedge funds and similar investments, while Morgan Stanley has $5 billion, securities filings show.
"This is a great holiday present by the Fed," said Ernest Patrikis, a former Federal Reserve Bank of New York general counsel who is now a partner at White & Case LLP. ...
... For the remainder of the report:
http://www.bloomberg.com/news/2014-12-18/fed-grants-banks-two-year-delay... [1]
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