Paul Volcker, head of the Economic Recovery Advisory Board, said banks such as Goldman Sachs should forgo their banking status if they want to continue proprietary trading. "The implication for Goldman Sachs or any other institution is, do you want to be a bank?" Volcker said. "If you don't want to follow those [banking] rules, you want to go out and do a lot of proprietary stuff, fine, but don't do it with a banking license."
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