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