Goldman Sachs Moving Traders Around To Get Around Volcker Rule (GS)

Charlie Gasparino is reporting that Goldman Sachs GS is moving half of its proprietary traders to asset management in order to get around the Volcker Rule. This was done to exploit a loophole in the Volker Rule. This rule was enacted to scale back on risk taking on Wall Street by ending proprietary trading, where firms use their own ideas and money to make market bets. By moving the traders to asset management, Goldman thinks it can meet the obligations of the Volcker rule with out laying off traders and maintain the risk taking that has earned it tremendous profits. Shares of Goldman Sachs are trading at $148.07, down 13 cents so far in trading.