Remember when Jamie Dimon (JP Morgan CEO) was crying to Bernanke about Wall St regulations? Well....

[Cali_Democrat]

...his company just took a $2 billion trading loss precisely because of shenanigans that should have been more tightly regulated. Now JP Morgan stock is falling and Jamie Dimon is running for cover.

Jamie Dimon and his bankster buddies are fierce opponents of the Volcker Rule:

Before Loss, JPMorgan Was One of Volcker Rule’s Fiercest Foes
By MICHAEL J. DE LA MERCED
May 11, 2012, 3:53 pm

The $2 billion trading loss that JPMorgan Chase disclosed late on Thursday provided ample ammunition for supporters of the Volcker Rule, which would restrict government-backed banks’ ability to conduct proprietary trading.

But it also prompted a fair amount of finger-wagging toward the company, given JPMorgan’s stance as one of the rule’s fiercest opponents.

JPMorgan has been among the most outspoken detractors of the proposed financial regulation that is making its way through Washington.

The firm has laid bare its feelings about the Volcker Rule several times, including in a Feb. 13 comment letter to the Federal Reserve. In that document, JPMorgan argued that the proposal would restrict its efforts to rein in risk-taking and would harm the firm’s ability to compete against foreign rivals that did not face the same restrictions.

http://dealbook.nytimes.com/2012/05/11/before-big-loss-jpmorgan-was-one-of-volcker-rules-fiercest-foes/

Wall Street has been fighting these regulations tooth and nail and now look what happens.

It gets even better. Jamie Dimon complained to Ben Bernanke about Wall Street regulations back in 2011. He said excessive financial regulations were slowing the recovery. He complained that banks were already facing too many regulations and that the Obama Administration was beating up on banks:

See here --->>>http://www.businessinsider.com/jamie-dimon-bernanke-about-how-financial-regulations-are-slowing-the-recovery-2011-6

He was hailed as a hero by Wall Street when he confronted Bernanke in 2011 and now he's eating crow. I wouldn't be surprised if he's no longer CEO soon. This is why you never listen to Wall Street banksters. Ever.

[gratuitous]

1. It would be nice to get the robber barons out of their financial power positions

But excuse me for thinking that Dimon will wangle a nice low-interest "loan" to cover Chase's little liquidity problem (to be promptly forgiven), he'll score another fat bonus check, and go on to whine about how he's not getting any love in the popular press. Oh, and the heavy hand of government regulation, blah, blah, blah.

[Cali_Democrat]

2. Many of these banks take these enormous risks knowing they'll be bailed out by taxpayers...

if disaster strikes. Too big to fail.

Meanwhile, they still get their multimillion dollar bonuses while the economy collapses and sheds millions of jobs.

The poor and the middle class suffer the most.