Obama Proposal May Force JPMorgan, Goldman to Sell Buyout Units

"JPMorgan Chase & Co. and Goldman Sachs Group Inc. may have to sell some private-equity businesses and stop investing in buyouts under a proposal by President Barack Obama to limit bets made by banks with their own capital.

'In a world where there is less capital available for private equity and hedge funds, this will take out another source of funding,' said Bruce Ettelson, head of the fund- formation group at law firm Kirkland & Ellis LLP in Chicago."

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