Bloomberg writes: JPMorgan Chase CEO Jamie Dimon conceded a key point when
pressed by lawmakers about a proposed ban on proprietary trading at banks: Had
the rule been in place, it may have prevented the firm’s recent $2 billion
loss. The ban “may very well have
stopped parts of what this portfolio morphed into,” Dimon said yesterday in
testimony to the Senate Banking Committee.
Dimon’s comments provided new ammunition to lawmakers and
regulators emboldened by JPMorgan’s mistakes who argue that a stricter ban on
banks using their own money to make trades is needed to prevent a repeat of the
2008 financial crisis. The ban, part of the 2010 Dodd-Frank Act, was named for
Paul Volcker, the former Fed chairman who championed the measure….
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