Proposal could alter Wall Street's private equity role:

01/22/2010 | Bloomberg

An Obama administration proposal that would prevent banks from owning or making investments in certain private equity and hedge funds could force JPMorgan Chase & Co. and Goldman Sachs Group Inc. to sell certain units and curtail certain investment practices. "In a world where there is less capital available for private equity and hedge funds, this will take out another source of funding," said Bruce Ettelson, head of the fund-formation group at law firm Kirkland & Ellis LLP in Chicago.

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