Volcker allows banks to invest up to 3% of their Tier-1 capital in prop trading, hedge funds and private equity.

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Problem for the New York Fed, which was coordinating the counterparty negotiations, the government had already stepped in to prop up AIG in September.

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They have also brought in Harlequins prop Louie McCarthy-Scarsbrook to add further firepower up front.

BBC: St Helens season preview 2011