Thursday, May 17, 2012
The conservative TBO view of JP Morgan is at the link. Jamie Dimon and his staff helped craft a loophole in the Volker rule that allows a bank to do whatever it takes to preserve an investment.
A hedge fund, on the other hand, counterbalances a risky investment with one that is not. This means that an investment bank like JPMorgan can actually make a riskier investments than a hedge fund.
America needs something like the Glass-Stegall act back that puts up a wall between commercial banks and investment banks. Jamie Dimon agrees that regulation is needed after his big loss.
This is not a progressive view. This is a rationale view.
It was also announced today that JPMorgan actually lost $3 billion.
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