[net-gold] BANKS AND BANKING : UNITED STATES: GOVERNMENT : POLITICS: Crowley: JP Morgan Shakes Up Wall Street and Capitol Hill

  • From: "David P. Dillard" <jwne@xxxxxxxxxx>
  • To: Net-Gold -- Educator Gold <Educator-Gold@xxxxxxxxxxxxxxx>, Educator Gold <Educator-Gold@xxxxxxxxxxxxxxxx>, net-gold@xxxxxxxxxxxxx, Net-Gold <Net-Gold@xxxxxxxxxxxxxxx>, NetGold <netgold@xxxxxxxxxxxxxxx>, Net-Gold <net-gold@xxxxxxxxxxxxxxxx>, K-12ADMINLIFE <K12ADMIN@xxxxxxxxxxxxxxxxxxx>, K12AdminLIFE <K12AdminLIFE@xxxxxxxxxxxxxxx>, MediaMentor <mediamentor@xxxxxxxxxxxxxxx>, NetGold <netgold@xxxxxxxxxxxxxxxx>, Net-Platinum <net-platinum@xxxxxxxxxxxxxxx>, Sean Grigsby <myarchives1@xxxxxxxxxxxxxxx>, Net-Gold <NetGold_general@xxxxxxxxxxxxxxxxx>, Temple Gold Discussion Group <TEMPLE-GOLD@xxxxxxxxxxxxxxxxxxx>, Temple University Net-Gold Archive <net-gold@xxxxxxxxxxxxxxxxxxx>, Health Lists -- Health Diet Fitness Recreation Sports Tourism <healthrecsport@xxxxxxxxxxxxxxxx>, Health Diet Fitness Recreation Sports <healthrecsport@xxxxxxxxxxxxxxx>, HEALTH-RECREATION-SPORTS-TOURISM@xxxxxxxxxxxxxxxxxxx
  • Date: Mon, 14 May 2012 08:38:12 -0400 (EDT)



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BANKS AND BANKING :

UNITED STATES: GOVERNMENT :

POLITICS:

Crowley: JP Morgan Shakes Up Wall Street and Capitol Hill

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Crowley: JP Morgan Shakes Up Wall Street and Capitol Hill

By Candy Crowley,

CNN

updated 7:21 AM EDT, Mon May 14, 2012

State of the Union

http://www.cnn.com/2012/05/14/politics/crowley-wall-street/index.html

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Washington (CNN) -- JPMorgan Chase announced last week that it lost $2 billion as the result of some complicated hedge fund trading, which according to its top executive is apparently not as bad as it sounds.

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snip

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"Well, this is a big surprise because this particular bank is well-respected. It is well-led. And so, to have this kind of a loss from hedging activities is a big surprise," Sen. Dianne Feinstein, D-California, said on "Fox News Sunday." "I think what it points out that there are no rules of the road for hedging and for derivatives. And this needs to happen."

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After the meltdown three years ago that nearly took the country over a cliff, Congress passed Dodd-Frank, a regulatory law to rein in risky investments and prevent the need for future government bailouts.

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Writing the regulations has been a ferocious battle, particularly over something called the Volcker Rule, after former Fed Chairman Paul Volcker. It would ban banks from trading with their own funds.

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Worried about damaging the industry's ability to protect itself and hurting the recovery, the Treasury Department, Republicans and Wall Street have been trying to water it down.

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Dimon, a kind of a shining light in the industry, is a leading opponent of the Volcker Rule. Or has been until maybe now.

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Sen. Carl Levin, D-Michigan, told "Meet the Press" that the price to be paid "will be that they will lose their battle in Washington to weaken the rule. That is the real price."


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The complete article may be read at the URL above.

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Sincerely,
David Dillard
Temple University
(215) 204 - 4584
jwne@xxxxxxxxxx
http://workface.com/e/daviddillard

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