Today on Meet the Press Jamie Dimon talked a good game, saying he supported much of Dodd-Frank, including the Volker rule. And that JP Morgan was lax in seeing sooner the risk inherent to the investments that led to the $2 billion dollar loss. But he reassured us that proper regulation is necessary and that he'll do what he can to further such legislation. Bull-fucking-shit!
Taibbi as usual was prescient. His 5/10/12 Rolling Stone article makes clear that the above is what I called it. Of course Wall Street is not alone, given their bought-and-paid for crony Republican legislators. Nine separate Republican bills are being rushed through Congress to de-fang what little controls were in Dodd-Frank, all of course written by Wall Street lobbyists. The Democrats in Congress and the White House are also, as usual, lacking the testicular fortitude to stand up to this and going along for the ride.
Read the article for the exacting and specific details. Quite illuminating. And revealing the facts behind the false image Dimon portrayed this morning.
Dimon personally lobbied for an exemption to the Volker rule, which would allow exactly the kind of hedge involved here.
ReplyDeletehttp://www.nytimes.com/2012/05/12/business/jpmorgan-chase-fought-rule-on-risky-trading.html?_r=1