Wall Street caught between Barack and a hard place

The troubling short-term concern is what effect a battle over the 'fiscal cliff' will have on trading flows, lending and overall economic activity

Bank stocks are taking an electoral pummeling. President Barack Obama's re-election dashed investor hopes of an overhaul or repeal of the Dodd-Frank Act, or of a general loosening of bank regulation.

Meanwhile, the election of Elizabeth Warren to the US Senate has raised fears of renewed debate about breaking up big banks.

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