Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
BainGate and Romney's Repeated Vows To Repeal Dodd-Frank Financial Regulations
Romney says he wants to talk about the economy, rather than Bain. Well, why not both?
Romney has repeatedly vowed to repeal Dodd-Frank, which was adopted by Congress in the aftermath of the financial meltdown. Now, Romney, the former CEO of financial firm Bain, wants to repeal Dodd-Frank and has collected millions from the financial sector due to this promise. Shouldn't we ask about Romney cozy's ties with the financial sector, including his own company, Bain Capital? Shouldn't we look into Romney's tax returns to see how he would personally benefit as a result of his proposals to repeal Dodd-Frank and lower tax rates for the richest one percent?
http://tpmdc.talkingpointsmemo.com/2012/05/romney-volcker-dodd-frank-jp-morgan-wall-street.php
New Wall Street Scandal Threatens Romney
A surprising development on Wall Street Thursday could magnify a little-discussed but key difference between President Obama and Mitt Romney — one with enormous consequences for public policy.
On a conference call with analysts, JP Morgan CEO Jamie Dimon announced that his firm had lost $2 billion investing in the same species of derivative that exacerbated the 2008 financial crisis.
Dimon claims the company is prepared to absorb the loss, but it puts the reputation of one of the only big firms to weather the 2008 financial crisis directly on the line.
This is exactly the type of major loss of depositor money that the Obama administration sought to ban with one of the major planks of its 2010 Dodd-Frank Wall Street reform law — the Volcker Rule, named after former Fed chairman Paul Volcker. And that’s bad news for Romney, who wants to repeal the whole law, Volcker Rule and all.
A surprising development on Wall Street Thursday could magnify a little-discussed but key difference between President Obama and Mitt Romney — one with enormous consequences for public policy.
On a conference call with analysts, JP Morgan CEO Jamie Dimon announced that his firm had lost $2 billion investing in the same species of derivative that exacerbated the 2008 financial crisis.
Dimon claims the company is prepared to absorb the loss, but it puts the reputation of one of the only big firms to weather the 2008 financial crisis directly on the line.
This is exactly the type of major loss of depositor money that the Obama administration sought to ban with one of the major planks of its 2010 Dodd-Frank Wall Street reform law — the Volcker Rule, named after former Fed chairman Paul Volcker. And that’s bad news for Romney, who wants to repeal the whole law, Volcker Rule and all.
http://www.bloomberg.com/news/2012-05-14/romney-vowing-dodd-frank-repeal-hits-jpmorgan-inconvenient-truth.html
Mitt Romney says he wants to talk about the economy in this presidential campaign, including his call to repeal the Dodd-Frank financial regulation law. JPMorgan Chase & Co. (JPM)’s $2 billion trading loss in risky transactions isn’t the sort of conversation he had in mind.
So far, presumptive Republican nominee Romney has said little about the transaction that is roiling Wall Street and Washington, prompting an inquiry by the Federal Reserve, a call for a congressional investigation and a demand by Elizabeth Warren, a Democratic Senate candidate in Massachusetts, that JPMorgan Chief Executive Officer Jamie Dimon resign from the board of the New York Federal Reserve.
“Any time you have a development that suggests businesses take unnecessary and unwise risks, you give ammunition to Democrats and cause problems for the Republican narrative,” said Stu Rothenberg, editor of the nonpartisan Rothenberg Political Report. “Romney will have to deal with it.”
Romney, co-founder of private-equity firm Bain Capital LLC, has spotlighted his vow to repeal the Dodd-Frank law that aims to strengthen financial regulations, calling it one of several overly burdensome laws backed by President Barack Obama that costs jobs. Romney hasn’t directly commented on the JP Morgan losses since Dimon disclosed them on May 10; he ignored a reporter’s shouted question about the matter at a May 11 rally in Charlotte, North Carolina.
So far, presumptive Republican nominee Romney has said little about the transaction that is roiling Wall Street and Washington, prompting an inquiry by the Federal Reserve, a call for a congressional investigation and a demand by Elizabeth Warren, a Democratic Senate candidate in Massachusetts, that JPMorgan Chief Executive Officer Jamie Dimon resign from the board of the New York Federal Reserve.
“Any time you have a development that suggests businesses take unnecessary and unwise risks, you give ammunition to Democrats and cause problems for the Republican narrative,” said Stu Rothenberg, editor of the nonpartisan Rothenberg Political Report. “Romney will have to deal with it.”
Romney, co-founder of private-equity firm Bain Capital LLC, has spotlighted his vow to repeal the Dodd-Frank law that aims to strengthen financial regulations, calling it one of several overly burdensome laws backed by President Barack Obama that costs jobs. Romney hasn’t directly commented on the JP Morgan losses since Dimon disclosed them on May 10; he ignored a reporter’s shouted question about the matter at a May 11 rally in Charlotte, North Carolina.
http://www.boston.com/news/politics/articles/2012/05/02/mitt_romney_pledges_to_repeal_dodd_frank_financial_reform_law_but_doesnt_say_how_he_would_regulate_big_banks/
Romney is mum on how to regulate big banks
Republican Mitt Romney is pledging to repeal the Dodd-Frank financial regulations, a promise that is helping him reap millions from Wall Street contributors. But the presidential candidate is silent on how, without Dodd-Frank’s new rules, he would prevent the nation’s investment houses and bankers from once again engaging in the sorts of risky, poorly regulated practices that caused the 2008 financial crisis. It is a notable gap in the platform of a candidate who is running on his business acumen and who, at every turn, sharply criticizes President Obama’s handling of the post-meltdown economy.
