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Volcker Rule

Food and the Fed

Robert Kuttner | Posted 10.13.2012 | Politics
Robert Kuttner

Readers of my stuff will note that, like columnist Gail Collins on the subject of Mitt Romney's dog-on-the-roof, I never pass up an opportunity to point out that World War II cured the Great Depression; and that today we need massive social investment to cure slumping demand. Today, that needed investment, rather than going to war, should go to renewable energy, mitigation of the climate damage already done, and other strategies to allow decent living standards at a much lower toll on the planet. The current low interest rates allow government to borrow serious sums to finance these social investments. What's depressing is that the mainstream debates are over here, and the solutions are over there. While we drag the policies that we need regarding climate change onto center stage, let's at least not make matters worse by raising interest rates.

Sandy Weill's Bank Breakup Hindsight isn't 20-20

Carol Roth | Posted 10.07.2012 | Business
Carol Roth

While the repeal of Glass-Steagall was certainly a part of making our system fragile to the point where it is at today, thinking that a simple solution like breaking up the banks will be the panacea that we seek is incredibly naïve.

Mega-Bank's Fed Financed Back Door Evasion of Prop Trading Restrictions

Raymond J. Learsy | Posted 09.23.2012 | Business
Raymond J. Learsy

The Fed must desist in funding the trading operations of Mega-Bank Holding companies so that they can no longer use the Fed window to play casino with commodities that are basic to our economic well-being.

Jamie Dimon's Malign Influence On The Culture Of American Banking

Raymond J. Learsy | Posted 09.12.2012 | Business
Raymond J. Learsy

Prop trading and gambling with depositors money, together with the housing debacle, has focused the anger of the American people on Wall Street. Dimon has made himself the standout of both excesses and has used his position and the resources of his bank to exacerbate both.

Big U.S. Banks Submit Their 'Living Wills'

AP | ALEX VEIGA | Posted 09.02.2012 | Business

Nine of the largest U.S. banks have submitted plans offering roadmaps for how the government could break up and sell off their assets if they are in d...

Alan Greenspan Tells It Like It Isn't

Raymond J. Learsy | Posted 08.24.2012 | Business
Raymond J. Learsy

Greenspan sprung to the aid of the Wall Street Mafia by proclaiming loud and clear there is no need to return to the Glass-Steagall Act and all it would imply in restricting the proprietary trading of banks: "Glass-Steagall was never a useful vehicle."

Is Jamie Dimon's Business First Class?

John Fullerton | Posted 08.19.2012 | Business
John Fullerton

Who among the Board of Directors and senior management does not understand that this is in conflict with at least the "spirit and intent of the law" recently passed by Congress?

The Jamie Dimon 'Puppet Show'

Raymond J. Learsy | Posted 08.14.2012 | Business
Raymond J. Learsy

Words like "too cozy" and "ridiculous" were among the adjectives applied to the testimony of Jamie Dimon before yesterday's Senate Banking Committee Hearing. It is one example of the frustration felt by those who wanted answers to hard questions.

'Occupy The SEC' Has Exactly 11 Questions For Jamie Dimon

Posted 06.12.2012 | Business

Occupy the SEC has some questions for Jamie Dimon. Dimon, the CEO of JPMorgan Chase, the bank that lost $2 billion and counting last month due to ...

The Unfinished Business of the Obama Administration: Bank Reform

David Coates | Posted 08.12.2012 | Business
David Coates

In a very real sense, the important dimensions of effective bank reform have not so much stalled as simply not happened at all.

Five Ways JPMorgan's Troubles May Affect You

Richard Barrington | Posted 08.11.2012 | Money
Richard Barrington

The average customer has more to lose than to gain from the high-stakes world of bank investing. That's why rules to separate such speculative activity from traditional banking operations would benefit customers who depend on bread-and-butter products like checking and savings accounts.

How JPMorgan Got Around The Volcker Rule

Reuters | Posted 08.11.2012 | Business

By David Cay Johnston June 11 (Reuters) - JPMorgan Chase & Co blames its $2 billion, and maybe much larger, tradin...

Mark Gongloff

Wall Street Couldn't Care Less About JPMorgan's Loss

HuffingtonPost.com | Mark Gongloff | Posted 06.11.2012 | Business

It's official: Absolutely nobody on Wall Street cares about JPMorgan Chase losing $30 billion. That is the clear message of an exhaustively reporte...

Dream Team of Bank Regulators Is Forgetting an Important Player

Sanjay Sanghoee | Posted 08.11.2012 | Business
Sanjay Sanghoee

Just recently, Washington announced the creation of a "dream team" of financial regulators, called the Systemic Risk Council. Great idea, but here's a question: Why was the current chairwoman of the SEC, Mary Schapiro, not included?

Fed Official: Volcker Rule Could Have Staved Off JPMorgan Loss

Reuters | Posted 08.06.2012 | Business

* Fed's Tarullo: Volcker will shed light on hedging trades * JPMorgan trading losses tied to failed hedging strategy * O...

JPMorgan Strategy Shift May Have Led To Huge Loss

AP | MARCY GORDON | Posted 08.05.2012 | Business

WASHINGTON (AP) — JPMorgan Chase had weak controls in place to contain risk in its investment division that suffered a $2 billion-plus trading loss,...

Double Standards at Work

Preeti Vissa | Posted 08.04.2012 | Business
Preeti Vissa

So sure, let's have a strong Volcker Rule. But how about a second rule -- call it a Common Sense Rule: Banks big enough to tank the world's economy should be held to standards at least as strict as the standards struggling homeowners have to meet.

Too Complex To Regulate: JPMorgan's Losses Highlight Need For Simplicity

Peter S. Goodman | Posted 07.27.2012 | Business
Peter S. Goodman

You can parse the stories about how the bank's risk-management people loaded up on risk, or digest the accounts of how JPMorgan's financial wizards engineered mind-bendingly complex means of limiting their vulnerability to troubles in Europe. But the simplest answer is the most pertinent: It's extraordinarily complicated.

Barney Frank Takes Strong Position On JP Morgan Fiasco

Posted 05.28.2012 | Politics

Rep. Barney Frank (D-Mass.) says that JPMorgan Chase's $2 billion loss earlier this month reaffirms the argument for regulating Wall Street. In an ...

Regulator Seeks Advice On Watering Down Volcker Rule

Reuters | Posted 07.25.2012 | Business

* US CFTC to examine hedging, market-making exemptions * Rule received new scrutiny since JPMorgan trading loss * Sheila...

Wall Street Reform: Taking a Knife to a Gunfight

Sanjay Sanghoee | Posted 07.24.2012 | Business
Sanjay Sanghoee

If Congress is truly serious about banking reform, it needs more than just well-intentioned laws: it also needs the right people to enforce those laws, it needs to give those people the resources they require to do their job properly, and it needs to pay them decently.

JPMorgan, the Volcker Rule, and the Extreme Brevity of Financial Memory

Arianna Huffington | Posted 07.24.2012 | Business
Arianna Huffington

Financial crises are a lot like childbirth -- they both involve a lot of pain and end up costing you a lot of money. But, after a while, you forget about all the negatives and are ready to do it again.

Jamie Dimon Complains More, As JPMorgan Chase Losses Eclipse $30 Billion

Mark Gongloff | Posted 07.21.2012 | Business
Mark Gongloff

Champion American complainer Jamie Dimon complained on Monday about Wall Street regulation, while also insisting he not be described as a complainer. ...

Pay No Attention to That Man Behind the Curtain

Phil Angelides | Posted 07.21.2012 | Business
Phil Angelides

Jamie Dimon was hailed as the wizard of Wall Street. Until the revelation of JPMorgan Chase's disastrous derivatives bet, he was the man who supposedly could do no wrong. But, alas, even wizards are not all powerful, not in Oz and not when trading in financial derivatives.

Big Bank Time Bomb Ticking

Ted Kaufman | Posted 05.20.2012 | Politics
Ted Kaufman

What is so abundantly clear is that the lack of transparency in derivatives trading, and the sheer complexity that is a by-product of that lack of transparency, really can make them "financial weapons of mass destruction."