Speaking on the same panel, Blackrock Financial (BLK)'s top in-house lobbyist, Barbara Novick, heaped criticism on the rule.
"The proposed rule that came out is hundreds of pages with dozens of questions. So just kind of combing through it and figuring out the real impact-- again from an investor perspective: what's the real impact on liquidity for fixed income markets? So there's so many things in the technical aspects in the weeds that actually have huge ramifications, and that's where it gets very difficult," Novick said.
Also showing some sympathy for the Volcker rule, though not nearly as much as Rattner, was Evercore Partners (EVR) Chairman and former deputy Treasury Secretary Roger Altman, who noted that "the ultimate version which came into law was a relatively moderate one compared to some of the alternatives that were being discussed at the time."
-- Written by Dan Freed in New York. Follow this writer on Twitter.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV