JP Morgan Chase: White House Says Bank Loss Shows Need For Rules

ABOARD AIR FORCE ONE -- The White House says a $2 billion trading blunder by JPMorgan Chase shows the continued need for rules that protect the taxpayer when Wall Street makes mistakes.

White House press secretary Jay Carney says the loss is a reminder of why controls installed after the 2008 financial crisis are necessary, and why they should not be undermined. He says "Wall Street lobbyists" are trying to gut those protections.

Carney told reporters traveling to New York City with President Barack Obama on Monday that Washington can't prevent "bad decisions being made on Wall Street." But he says government can protect taxpayers from taking the hit in the form of huge government bailouts. He notes that in this case, it's the bank and its shareholders taking the hit.

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Comments

[greenfarmsden]

09:38 AM on 05/15/2012

This is only the beginning of the end for banks period. They all lied about their involvement in the taking of funds there is no way they could've all tanked at one time. If that were true then we wouldhave had worse conditions than the first economic collapse of the 1920's Stock Market. I was working at Great West Life Assurance now under investigation all of them are now under close scrutiny and they monies went overseas in an account that they secretly filed and destroyed all this paperwork. They were bringing in 52 ft. trucks now to archive the records but to destroy them. Ever since then I have been blackballed from getting work in Denver, CO all this time. We have to worry about being broke while the coronal mass ejections causes heart attacks, strokes, for people over 50 and there are more people dying by the thousands now world wide because God's intention was for his Angels to design a shield of protection to keep us from experiencing any of the harmful gamma and x-rays that hit our bodies everyday women with breast and ovarian cancers rates are astronomical.

[wizeanne]

08:01 AM on 05/15/2012

Oh really? What hypocrisy and BS! How much in JPM Chase and the other Banksters, Citicorp, Bank of America, donations to BHO 2008 election and 2012 re-election campaign? These same banks are the shareholders in the PRIVATE FEDERAL RESERVE Banks, we, the American tax payer bailed out. When Obama put Timmy Geitner former NY Federal Reserve Bankster as head of the US Treasury and kept Ben Bernanke as Chairman of the Federal Reserve, hired lobbyists from these Banksters/Wall Street in his administration...what do Americans expect? Truth & Transparency? Sad thing is Romney is backed by the same banking and corporations. These banksters and their corporations are running our government! Look at our corrupt Congress whose elections and re-elections are bought and paid for by these same Banksters/Corporations/MIC! When they leave office they go to work for them...and lobby their legislation and lucrative contracts and it's been going on for decades....it's only gotten worse! These shysters have no loyalty to either Repubs or Demos....it's who continues to allow them to not have no deregulations or rules. It's a big club...and we, the hard working middle class Americans aren't in it!

[Stan Chaz]

12:04 AM on 05/15/2012

The hardworking 99% of Americans will survive....and prosper. But hopefully the Wall Street vultures that have caused, .....and are still causing so much human suffering....will get their just desserts.

[sonny parker]

10:13 PM on 05/14/2012

Nobama...quiut lying long enough to get a grip on reality....it is not about your political gains,,,it is about something that you have NO CLUE about...the American way of liife,,, GO BAck to chicago WHERE THEY KNOW WHAT YOU ARE,,,,,,,

[jeviga]

09:51 PM on 05/14/2012

I have to laugh at the White House (obama) calling for more rules for wall street and JPM...
Since our esteemed incompetent amateur (Bill Clinton's words) has been in office JPM has earned north of $45 billion dollars and the incompetent amateur has added (lost) over $5 trillion dollars to our national debt.
For someone who never ran a lemonade stand nor had any management experience nor any financial acumen he should be the last one to speak about anything relating to finance or business.
I agree wall street organizations have wreaked havoc on our economy in the recent past but wall street has been partially responsible for making the US the richest nation on earth.
Jaime Dimon is one of the top rated CEO's in the country and be assured this fiasco will never be repeated by JPM.

[wmechaneer]

10:24 PM on 05/14/2012

Actually it isn't so much what Wall Street's done, but our idiotic overreactions to it, including this incident.

[JOSECARIOCA]

04:30 PM on 05/16/2012

WE do not need any new laws just enforce the ones we have

[bluebluejays]

09:45 PM on 05/14/2012

The pretender in chief demonizes wall street from one side of his corrupt mouth and asks for campaign money from them from the other side of his corrupt mouth. This guy is the biggest fake, phony and fraud ever to hold a political office. Remember November when we can be finally rid of this garbage.

[dirkdag7]

09:42 PM on 05/14/2012

barry as he plays both sides of the fence is upset that chase didn't just give him the 2B

[wmechaneer]

10:23 PM on 05/14/2012

Maybe Warren Buffet will include some $$$BILLIONS$$$ for him in his Last Will & Testament?

NOPE!!!!

[RTIII]

09:06 PM on 05/14/2012

THIS president STILL doesn't get it. Of him it is said:

"White House press secretary Jay Carney says the loss is a reminder of why controls installed after the 2008 financial crisis are necessary, and why they should not be undermined. He says "Wall Street lobbyists" are trying to gut those protections."

WELL THEN, he's just fine with banking regulation as it is now?!?!?! He's ONLY worried it won't get gutted?!?!?!

He's in on the fix; no REAL reform until he's out and a more progressive president is in (whatever millennium that may be in!) OR in the case of the banks breaking the economy AGAIN (which is all too likely).

A REAL progressive would have said that this was proof why MORE regulation was required - like, for example, the not-very-controversial reinstatement of the Glass-Stegal Act (sp?).

[wmechaneer]

08:00 PM on 05/14/2012

Creepy photo of a creepy man.

[asturgeonz]

07:18 PM on 05/14/2012

i take comfort in the idea that washington is looking over us -- when they
can't look after their own budget.

[dirkdag7]

09:44 PM on 05/14/2012

no budget, close to four years.....if an outsider did what barry has done to the economy it would be an act of war

[asturgeonz]

09:57 PM on 05/14/2012

it is outrageous!

[wmechaneer]

10:20 PM on 05/14/2012

Actually Obama HAS presented "budgets," but not even one Democrat is willing to put any up for vote. It would seem that even those who continually shovel manure about cannot stomach the prospect of touching Obama's.

[wallymundo]

06:16 PM on 05/14/2012

Obama pisses $2 billion every hour. Let's to to lunch Jaime!!!

[cgrmn]

06:08 PM on 05/14/2012

The feds borrow $2 Billion twice every day! This isnt even something they would even notice if it was the government losing $2 Billion.

[davidmrfish]

06:05 PM on 05/14/2012

poor greedy fat little men

[49105]

06:03 PM on 05/14/2012

A group that I hear little about, but who in my mind deserve a great deal of the responcibility is the Corporations Bd. of Directors. This is where the buck truly supposed to stop. The have way to cozy relationship with their CEOs and upper management.

[redwolf813]

06:52 PM on 05/14/2012

In general it seems their heads are inserted so far into their collective behinds stopping the buck would not be possible. It's dark in there

[drum950]

06:02 PM on 05/14/2012

Ya mean he wasn't in Holly-dip-wood with his 'friends'?!?