Stocks Tumble as Obama Proposes New Curbs on Banks

CNBC: “This is going to have a tremendous impact on big-name brokerage firms like Goldman Sachs and JPMorgan,” Ralph Fogel, investment strategist, Fogel Neale Partners, New York. “If they stop prop trading, it will not only dry up liquidity in the market, but it will change the whole structure of Wall Street, of the whole trading community.”