JP Morgan takes a $2 Billion loss - IN THE LAST 6 WEEKS. Any arguments re need for regulation NOW?

[Bill USA]

... special note to Phil Gramm (Commodities Futures Modernization Act sponsor and deregulation crusader), Alan ("Mr. Magoo&quot Greenspan, every Republican (i.e. Corporate Lobbyist) in Congress... What don't you get about human driven institutions and the dominance of human greed over good sense?


http://www.washingtonpost.com/business/industries/jpmorgan-chase-acknowledges-2-billion-trading-loss-and-manyerrors/2012/05/10/gIQAJ0ynGU_story.html
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A surprise $2 billion trading loss by a division of JPMorgan Chase triggered calls Friday for tougher regulation of banks three years after their near-death experience in the financial crisis.

Stock in the bank, the largest in the United States, lost 8 percent of its value in minutes on Wall Street, and other American and British banks suffered heavy losses as well.

JPMorgan Chase, America's largest bank, has admitted to massive losses in risky trades in exotic investments costing it $2 billion - or more. Anthony Mason reports.

JPMorgan Chase said Thursday that it lost the money in a trading group designed to manage the risks that it takes with its own money. CEO Jamie Dimon said the bank’s strategy was “egregious” and poorly monitored.

The disclosure, a surprise to stock analysts, quickly revived debate about whether banks can be trusted to handle risk on their own in the age of “too big to fail.”
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[PDJane]

1. And, to boot, it's the same damn trader that got them into the problem the first time around.

Re-regulation has to be done, and the sooner the better. This is insanity, and it spreads tentacles everywhere.

[Jefferson23]

2. Once again, crooks and liars. n/t

[dixiegrrrrl]

3. Bank, meet petard.

[leftyohiolib]

4. lets not forget to add wendy graham to that note

[Bill USA]

5. Right. And the WS lobbyists who wrote the CFMA!