The biggest blow-up between Wall Street and Washington since 2010, when Congress passed the Dodd-Frank Act to tighten oversight of the financial industry, comes just as regulators are drafting new rules governing banks. A signature feature of the law is the Volcker Rule, a prohibition on banks engaging in speculative bets. The authors of the act say the measure might have prevented JPMorgan’s bad trades had it been in effect. – JPMorgan losses reignite clash between Wall Street and Washington
Regulators are investigating potential civil violations surrounding the $2 billion loss that JPMorgan Chase disclosed on Thursday, raising further questions about trading activities at the nation’s biggest bank. – S.E.C. Opens Investigation Into JPMorgan’s $2 Billion Loss
JAMIE DIMON APOLOGIZED to David Gregory for his very first interview for “Meet the Press” this weekend, when he sat down to talk, but because of disclosure rules omitted the whopping $2 billion loss on derivatives that landed on Thursday, the day after his first taping session. Dimon sat down again with Gregory after the loss was announced.
“We know we were sloppy. We know we were stupid,” Mr. Dimon said. Of the S.E.C.’s investigation, he said, “Regulators should look at something like this – that’s their job.”
After news of the massive trading losses hit on Thursday, Mr. Dimon called Mr. Gregory to apologize for omitting the information during their earlier interview, Mr. Gregory said in an interview on CNBC’s Squawk Box Friday morning.
“He was very forthcoming,” Mr. Gregory said. “This was a big-time screw-up, in his words.”
This proves Wall Street hasn’t changed at all.
For the second Sunday in a row, Gregory has the interview of the week, Dimon’s first on “Meet the Press,” even if Biden’s didn’t start out that way, but ended up rocking politics.
Few get to see Eliot Spitzer, the former sheriff of Wall Street on Current TV, the replacement for Keith Olbermann, but he’s as good on substance as any television show on cable and well beyond the infotainment partisan class we all are forced to view or see no political TV at all. His enemies on Wall Street found his weakness and brought him down by it and now he’s on Current TV, after dismal ratings on CNN, because his PBS style of anchoring doesn’t have enough flash for the infotainment circuit.
Jamie Dimon was one of the leading voices against the Volker Rule. Dimon is the biggest example of why neither Democrats or Republicans are the answer for what ails this country, because it’s clear both parties are so in the Wall Street tank they’ll never hold them accountable for much of anything.
But don’t tell partisans this, because they’re too busy blowing their guy’s horn, instead of championing what needs to be done to get our economic house in order and pressuring politicians to do it or lose the vote. It has absolutely nothing to do with the debt, but revolves around cutting Pentagon bloat instead of the Paul Ryan insanity conservatives of both parties voted to do in the House this week, which was to replace the sequestration or the automatic cuts built in to give more to the Pentagon. The Bush tax cuts need to be rescinded, including for the middle class, with the smart move no one will make is taxing income for Social Security above the current $164,000 cap, while raising taxes on the top 2%.
Mission accomplished, no thanks required.
Except that Paul Ryan and the Republicans refuse to raise revenue, with Republican and Democratic conservatives both making sure the Volker Rule was weakened. Who’s your Wall Street daddy?