Dodd - Frank wasn't enough and the GOP wants to roll everything back. I don't think so!JPMorgan Chase & Co. CEO James Dimon, center, flanked by Goldman Sachs & Co. CEO Lloyd Blankfein, and Bank of New York Mellon CEO Robert Kelly, at 2009 congressional hearing Lawrence Jackson/The Associated Press
Your Wall Street reform reading list for today
By Shirley Gao
2:37 pm, July 26, 2011 Updated: 1:17 pm, August 1, 2011
Big U.S. banks
are among the harshest critics of the Consumer Financial Protection Bureau, but
they stand to benefit from a CFPB crackdown on risky products, which would
limit the banks' future credit and litigation costs, according to a major
credit rating agency….
Who was it that delayed the nomination to the Credit Protection Bureau? I can't imagine why, can you? Cronies and elections.
May 11, 2012
JPMorgan
Chase, the largest bank in the U.S., (click here) said Thursday that it lost $2 billion
in a trading portfolio designed to hedge against risks the
company takes with its own money.
The company's stock plunged more than 5% in late electronic
trading after the loss was announced.
Other bank stocks, including Citigroup and Bank of America,
suffered heavy losses as well.
"The portfolio has proved to be riskier, more volatile and
less effective as an economic hedge than we thought," CEO Jamie Dimon told
reporters. "There were many errors, sloppiness and bad judgment."
The chief investment office has been transformed in recent years
under Dimon into a unit that makes bigger and riskier speculative bets with the
bank's money, according to five former employees, Bloomberg News reported April
13.
Some bets were so big that JPMorgan probably couldn't unwind
them without losing money or roiling financial markets,
the former executives said.
The trading loss is an embarrassment for a bank that came
through the 2008 financial crisis in much better health than its peers. It kept
clear of risky investments that hurt most of its peers….
The Dow closed up though, 12,855.04 +19.98 (0.16%).
The global markets haven't held up
as well.
Secretary Geithner has all the reason
he needs to ask the other markets
to regulate, especially, where it
meets with impacts on the USA
economy. This is ridiculous.
May 11, 2012 - 4:55PM
Australian shares lose 2.5 per cent for the
week, the worst weekly return since the end of November last year, as investors
fret over the outlook for the global economy.
4.55pm: And here it is: the end of the week stocks wrap. Good weekends all.
4.55pm: And here it is: the end of the week stocks wrap. Good weekends all.
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4.40pm: All right, one last comment - this
time about the dollar:
ANZ global head of FX strategy Richard Yetsenga said the Chinese economic data
pummelled the Aussie dollar this afternoon. “Everything
was weak,” he said.
Mr Yetsenga said that in the current
climate scheduled economic data is not the biggest risk for the dollar but
rather unscheduled events.
“In Spain, there is the
possible bank recapitalisation package,” he said. “The issue there is - will
the market assess that Spain has actually realised big enough losses (with its
banks)?” That is due to be released later today, Spain time.
"The second issue is what’s going
on with Greece? Will the coalition government be formed or
not."
Should the dollar fall under parity
with the greenback - where there is a lot of support - it would likely have a
“big move down,” Mr Yetsenga said. He declined, though, to have a punt on how
far it might sink….
