3/10/2009

Repeal of the Glass-Steagall Act, which until about a decade ago kept everyday commercial banks separated from investment banks and other securities firms, is widely blamed for the financial meltdown. U.S. regulators seem prepared to bring back some of the old rules in some form. Sanford C. Bernstein & Co. analyst Brad Hintz, a former chief financial officer at Lehman Bros., predicted that hedge funds would eventually take over distressed-asset and emerging-market investment from banks.

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Bloomberg

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