May 14 (Bloomberg) -- Bloomberg's Mike McKee looks at the total deposits of the largest banks at the end of 2011 and the concerns over how they may put that money to work. He speaks on Bloomberg Television's "Inside Track."
The Volcker Rule was opposed by Jamie Dimon and JPMorgan and it allows banks to do whatever is needed to protect its investments. In many respects, the banks have more leeway than risky hedge funds.
JPMorgan may end up losing $3 billion and it is possible that other banks may have huge losses as well.
You can blame this loss on the Wall Street banks and the GOP who is opposed to regulation on an ideological basis.
Congress should watch the Federal Reserve to make sure it doesn't secretly try to bail out these banks.
Let the "too big to fail" banks go bankrupt. It might be easier for the feds to break up the banks this way than by using anti-trust actions.
The government does not need to intervene with another TARP bailout. Let the billionaires and millionaires eat the losses and lick their financial wounds.
Banks are notoriously anti-union, so if people lose their jobs, they shouldn't be surprised!
It's free enterprise, baby!
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