JP Morgan

http://www.latimes.com/business/money/la-fi-mo-sec-jpmorgan-chase-regulators-20120511,0,3897661.story

Regulators are looking into the $2-billion trading loss by JPMorgan Chase & Co., the head of the Securities and Exchange Commission said Friday as lawmakers and analysts said the bank's revelation would increase pressure for tighter financial rules.  Tighter regulations……..What a novel idea.   Why didn’t someone think of that idea before……If only someone was smart enough to think regulation are important.

The huge loss from a trading portfolio intended to help the bank manage credit risk comes as JPMorgan Chase Chief Executive Jamie Dimon has helped lead the charge against tougher financial rules being drafted by regulators.  Jamie Dimon is a BFF of Obama.  He has contributed to his campaigns and any time there is a state dinner his name is always on the guest list.  He has lots of ideas on how to f*ck up the country (and economy) and Obama is always more then ready to listen.

"This regrettable news from JPMorgan Chase obviously goes counter to the bank’s narrative blaming excessive regulation for the woes of financial institutions," said Rep. Barney Frank (D-Mass.), one of the lead authors of the law.

"The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today," he continued.

Frank noted a recent estimate by JPMorgan Chase that complying with new regulations would cost the bank $400 million to $600 million.

"In other words, JPMorgan Chase, entirely without any help from the government has lost, in this one set of transactions, five times the amount they claim financial regulation is costing them," Frank said.

An Obama administration official, who was not authorized to speak publicly about the issue, said JPMorgan's trading loss underscored the need to keep pushing to implement the new regulations in the financial reform law.