Today, Federal Reserve Chairman Ben Bernanke will be testifying before a House Financial Services Committee. Would it not be timely if he were asked about the role the Fed plays in facilitating the bank holding companies to hold sway in the oil market?
Questions swirl around the character and timing of Dimon's disclosures to shareholders. His public estimates of losses have been a fraction of reality, and it raises the issue of whether he has materially misled stockholders.
Casper's airy little fist packed no wallop when it came to impeding high-risk betting on Wall Street, the LIBOR lending rate manipulation or the disappearance of client money at MFGlobal. There's a much better way than Casper to catch a bankster: pay them to turn each other in.
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.
As reports that the JPMorgan Chase trading debacle may lead to losses of $9 billion, it's critical that our nation understand what is, and is not, acceptable behavior for a bank in our capitalist economy.
The American Robin Hoods are seeking economic justice. They want Congress to resurrect the financial transactions tax. Britain, home of Robin Hood, already charges a form of it. Ten European Union countries plan to institute it. America needs it.
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."
Many Americans re-adopted a mythology about wealth that had been discredited and abandoned by most of the world in the 20th century. We need to transform ourselves, remove the blinders, and see things as they really are.
Wall Street can't have it both ways -- too big to fail, and also able to make wild bets anywhere around the world. If Wall Street banks demand a free rein overseas, the least we should demand is they be broken up here.