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Do You Want a Repeat of the Financial Crisis?

Wed, 06/27/2012 - 18:03 — Dave Culver
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  • JP Morgan Loss Shows Why We Need Tougher Rules On Wall Street
  • JPMorgan’s Connections to the House Finance Committee
  • Message From Robin Hood to Jamie Dimon
  •  

Progress Report, ThinkProgress

You’ve probably heard by now that JP Morgan Chase lost a whopping $2 BILLION on a single bad bet in just a matter of weeks.  What you may not have heard is that JP Morgan, and its CEO Jamie Dimon, have been among of the most vocal opponents of tougher regulations on Wall Street.  The bank has spent nearly $10 million since the beginning of 2011 on lobbying, focusing largely on the Volcker Rule, a regulation that would largely prohibit risky proprietary trading at federally-insured banks (like JP Morgan). The trade that caused JP Morgan’s losses would likely still have been legal under the Volcker Rule, but only because of a loophole that JP Morgan lobbied for.

As the Atlantic’s Derek Thompson points out, just this one losing gamble cost JP Morgan far more – at least four times more – than even what it claimed would be the onerous costs of complying with Wall Street reform.

Full story...

Related:

JPMorgan’s Connections to the House Finance Committee, Cora Currier, ProPublica

  • As CEO Jamie Dimon testifies today (June 19), we lay out JPMorgan’s ties to the committee — and just who is investigating the bank’s big losses.
  • Charting the Cozy Connections between JP Morgan and the Senate Banking Committee

Message From Robin Hood to Jamie Dimon, Roots Action Team

  • Now I say No More.  It's time for a Robin Hood Tax, a financial transactions tax, a little bit of modern justice.
  • Bill Moyers: RoseAnn DeMoro on the Robin Hood Tax
  • Robin Hood Tax FAQ
     

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