"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 - Get Report) 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.