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Friday, May 11, 2012

CARL LEVIN THEN, & CARL LEVIN NOW, ON THE CASE OF THE TWO BILLION DOLLAR TRADING LOSS OF JP MORGAN CHASE

ON THE CASE OF
JP MORGAN CHASE'S
$2 BILLION TRADING LOSS

Senator CARL LEVIN (D-Michigan)
on the Armed Services Committee
currently also the Chair of the Permanent Subcommittee on Investigations

Senator Levin has been thrust into the news now by the sudden revelation of the post-financial-crisis losses by one of the banks which was thought to have weathered the crisis better than most, JP Morgan Chase. JP Morgan's chief executive, Jamie Dimon, has been a harsh critic of the Volcker rule, which calls for greater bank regulation; Levin was one of its sponsors. Today Levin said the two-billion-and-expected-to-rise loss on Dimon's watch "was a 'stark example' of what can happen without proper regulation," and that "US taxpayers had been forced 'not too long ago' to bail out banks that had made these types of bets" that had now gotten JP Morgan in trouble. "And we don't want to be put in that position again."

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