. . BANKS AND BANKING : UNITED STATES: GOVERNMENT : POLITICS: Crowley: JP Morgan Shakes Up Wall Street and Capitol Hill . . 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 . .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.
. snip ."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."
.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.
.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.
.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.
.Dimon, a kind of a shining light in the industry, is a leading opponent of the Volcker Rule. Or has been until maybe now.
.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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