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cal04

(41,505 posts)
Fri May 11, 2012, 06:06 PM May 2012

JPMorgan mess could strengthen Democrat efforts with Dodd-Frank

http://thehill.com/blogs/on-the-money/banking-financial-institutions/226983-jp-morgan-mess-boosts-dems-efforts-with-dodd-frank

Democrats have been fighting a years-long uphill battle to protect the Dodd-Frank financial reform law. Now, thanks to JPMorgan Chase, they think they might have the edge back.

When the banking titan announced Thursday evening that one of its traders’ moves had, in six weeks, lost the firm at least $2 billion, backers of the Wall Street overhaul could not have asked for a better example to make their case, or a better time.

"It confirms our view that there needs to be regulation,” said Rep. Barney Frank (D-Mass.), the ranking member of the House Financial Services Committee. “It shows that if it can happen to them, it can happen to anybody.”

(snip)
“How many times do we have to be hit in the head with a financial sledgehammer to wake up and realize we’ve got to take action?” he said. “The big banks have been fighting Dodd-Frank tooth and nail. … Regrettably, the banks have largely been successful.” (Rep. Peter Welch (D-Vt.)
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