Wall Street
J.P. Morgan’s loss is Dodd-Frank Act’s gain (The Business Journals)
May 13, 2012
By Kent Hoover Memo to Jamie Dimon: Thanks for your leadership in pointing out the flaws in the Dodd-Frank Act, but your services are no longer needed. That’s probably what opponents of the financial reform legislation are thinking after Dimon’s J.P. Morgan Chase reported a $2 billion loss from trades meant to hedge the megabank’s [...]
JPMorgan’s $2B mistake aids those seeking stronger rules (USA Today)
By Adam Shell, Matt Krantz and John Waggoner JPMorgan Chase’s $2 billion blunder not only fanned the fires of tighter bank regulation, it led Monday to the resignation of the bank’s chief investment officer, Ina Drew. Those fighting for stricter rules to curb excessive risk-taking by big U.S. banks now have 2 billion more reasons [...]
Are megabanks too big to manage? (CNN Money)
May 11, 2012
By Jennifer Liberto WASHINGTON (CNNMoney) — JPMorgan Chase’s $2 billion hedging blunder is adding fuel to those who think the megabanks are just too big. JPMorgan Chase (JPM, Fortune 500) is in no danger of failing, thanks to much larger capital cushions mandated by the Dodd-Frank Act. But its mistake could have outsized repercussions in [...]
Chase’s $2 Billion Trading Loss Bolsters Calls for Regulation (In These Times)
By Lindsey Kratochwill JPMorgan Chase’s disclosure yesterday that it has lost $2 billion in the last six weeks through a failed hedging strategy has sparked renewed calls for tougher financial regulation. Senator Bernie Sanders (I-Vt.) released a statement today calling the loss a debacle that needs to be prevented by breaking up the power of [...]
Here we go again (MSNBC)
Watch Bernie talk about fighting Wall Street greed on MSNBC’s Ed Show.
“I think the lesson to be learned here is that these guys have learned nothing since their greed & recklessness & illegal behavior drove this country into the worst recession since the 1930s, causing so many people to lose their jobs & their homes & their savings. These guys have learned nothing.”
Wall Street asks President Obama for ‘healing speech’ (MSNBC)
May 2, 2012
Bernie talks about Wall Street with MSNBC’s Ed Schultz.
“I think if there is an apology that is due – and it’s long overdue – it’s from these guys on Wall St & certainly not Obama. From Obama what we need is for him to begin to stand up & be even tougher on these guys.”
Power to the shareholders: Bernie Sanders cheers Citigroup CEO salary backlash (CurrentTV)
April 18, 2012
Bernie talks with CurrentTV’s Eliot Spitzer about Citigroup’s shareholders’ rebuke of outrageous CEO pay.
Lawmakers Urge U.S. Court to Uphold CFTC Speculation Limits (Bloomberg News)
April 13, 2012
By Silla Brush Wall Street’s challenge to U.S. regulations limiting speculation in commodities including oil and natural gas should be dismissed because Congress required the rules under the Dodd-Frank Act, 35 Democratic Senators and Representatives said in briefs submitted to a federal judge. The 2010 Dodd-Frank law “was designed and intended to make those position [...]
Senator presses Obama on futures trading curbs (Reuters)
April 3, 2012
By Alexandra Alper A Democratic senator urged President Barack Obama not to renominate the top U.S. commodities regulator unless he quickly implements trading curbs intended to dampen speculation and reduce fuel costs for Americans. Florida Senator Bill Nelson in a letter dated Tuesday sought swift action by Commodity Futures Trading Commission chief Gary Gensler to [...]
Sen. Sanders Editorial: Statement By Senator Bernard Sanders On Oil Speculation (OPEd News)
By Sen. Bernie Sanders I come from a rural state where people often travel long distances to their jobs. Many of these workers earn $10, $12, $14 an hour and are being hit very hard as gas prices edge up to $4 a gallon. Further, as our nation struggles to move ourselves out of this [...]
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