WASHINGTON - Federal Reserve Board Gov. Sarah Bloom-Raskin Monday night slammed the limited exemptions included in the proposed regulation banning proprietary trading by banks with a government backstop, arguing that proprietary trading has a "low or no real economic value."

And at a time when the financial sector is again under fire for unscrupulous practices, the former Maryland Commissioner of Financial Regulation did not mince her words, describing the Libor-rigging scandal, and the trading losses from JPMorgan's failed bets, as examples of "low-road business models."

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