Dodd-Frank Going for the Wall Street Knockout

By  |  February 7, 2012
 | 

If the 2008 crash didn’t knock Wall Street down, the implementation of Dodd-Frank may be going for the knockout, according to an article by Gabe Sherman of New York Magazine.

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    According to JPMorgan chief executive Jamie Dimon, these two factors have contributed to a massive Wall Street shake-up. Dimon stated that Dodd-Frank in particular has “taken a pick axe to the Wall Street business model.”

    “Certain products are gone forever,” Dimon said in Sherman’s article. “Fancy derivatives are mostly gone. Prop trading is gone. There’s less leverage everywhere.”

    And with this overwhelming sentiment of opportunistic decline, many would-be Wall Streeters are looking to strike gold out West.

    “If you’re a smart Ph.D. from MIT, you’d never go to Wall Street now. You’d go to Silicon Valley. There’s at least a prospect for a huge gain. You’d have the potential to be the next Mark Zuckerberg. It looks like he has a lot more fun.”

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