Obama's reforms find few friends

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The banking reform proposal that Barack Obama, the president of the US, outlined on Thursday drew criticism from commentators and pushed down large banks' share prices.

The plan, which would ban banks' involvement in proprietary trading drew murmurings of support from politicians on both sides of the Atlantic, but fared poorly among those in finance and banking.

Kern Alexander, a specialist in financial law and regulation at Cambridge University, told CentralBanking.com that the Obama proposal w

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