WSJ: Obama moves to restrict banks

No time to comment right now. Just head over to WSJ and brace yourself for battle and fallout.

Under the proposed rule, commercial banks would be prohibited from owning, investing in or advising hedge funds or private equity firms. Bank regulators would not be simply given the discretion to enforce such rules. They would be required to do so.
"You can choose to engage in proprietary trading, or you can own a bank, but you can't do both," the official said.