Trancendental
CAGiversary!
- Feedback
- 4 (100%)
JPMorgan Chase & Co Chief Executive Jamie Dimon has parlayed his bank's reputation as a white knight during the financial crisis into a position as the de facto representative fighting against excessive post-crisis regulation.
But the revelation of a shocking trading loss of at least $2 billion from a failed hedging strategy diminishes Dimon's credibility, and is already unleashing calls to get even tougher on big banks.
"The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today," said Democratic U.S. Representative Barney Frank, who co-authored the 2010 Dodd-Frank financial reform law
http://www.reuters.com/article/2012/05/11/us-jpmorgan-regulation-idUSBRE84A0WW20120511
2 billion here, 2 billion there - it adds up.