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

[Bill USA]

http://www.democraticunderground.com/101628088

[AnneD]

1. Couldn't happen ....

to a nicer bank or CEO.

[dixiegrrrrl]

2. Wow..I just heard, am reading news now.

Wanna laugh???
Get this:

"How does this happen? Two billion dollars!" marvels Rich Ilczyszyn, co-founder of iiTrader.com,
and former employee of MF Global.
"This industry is supposed to be highly regulated.
How does the CEO of the company not know what the hedge is doing in the company?
We saw this with MF Global," he says in the attached video."

http://tinyurl.com/cgn7xft
(opens to Yahoo news page)

Supposed to be highly regulated???????
He has to be the only person on the planet who still thinks so.

[girl gone mad]

4. Right, and Dodd-Frank was the most significant financial legislation since Glass-Steagall!

It was the best we could have possibly hoped for. It's not a husk of a law completely rewritten by an army of lobbyists and now so full of loopholes, exemptions and indefinite postponements that it's essentially useless. No, sir! Best financial reform ever.

[mother earth]

3. There's the short con and the long con, and money to be made on both. These guys have more to

retire on thanks to the oligarch, then you or I will ever know.