Friday, May 11, 2012

USA - JP Morgan Chase - stupid continues, SEC no comment


Another reason for improved, smart regulations not subject to lobbied loop holes.  

Oops!
San Francisco Chronicle Business Report (Bloomberg)/Daniel Wagner, 5/11/12.  "Bank stocks hurt after surprise $2B JP Morgan loss."

"JPMorgan Chase stock lost more than 8 percent of its value Friday after the bank, the largest in the United States, revealed a monster $2 billion loss in a trading group that manages the risks the bank takes with its own money. More than three years after the financial crisis, the surprise disclosure quickly revived debate about whether banks can be trusted to handle risk on their own.

Sen. Carl Levin, D-Mich., chair of a subcommittee that investigated the crisis, said the loss was "just the latest evidence that what banks call `hedges' are often risky bets that so-called `too big to fail' banks have no business making." The head of the Securities and Exchange Commission, Mary Schapiro, told reporters that the agency was focused on the JPMorgan loss but declined to comment further."  Read Article.

Submitted by Jim Alex

Posted by Kathy Meeh

No comments: