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Bill Ackman & Carl Icahn can't be happy with the Fed right now

Hedge funds just got some bad news. Regulators are ring fencing the big banks so that when the next panic comes, they won't have to be bailed out with taxpayer money. Instead, the hedge funds that do business with them are going to have to waive their right to hold on to their trading collateral. What does this mean for Bill Ackman and Carl Icahn?