Obama says JPMorgan loss shows need for Wall Street reform

President Barack Obama said on Monday the huge trading loss at JPMorgan Chase & Co illustrated the need for Wall Street reform and warned that the same kind of error at a less stable bank may have required ...

By Jake Zamansky:JPMorgan Chase's (JPM) horrific $2 billion-and-counting loss shows that Wall Street has learned nothing from the 2008 financial crisis that brought down one-time stalwarts Lehman Brothers and Bear Stearns.What's more, the staggering loss, due to bets on complex derivatives, puts the lie to the suggestion that Wall Street need less, not more, regulation.

By QFinance: By Ian Fraser

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon sought to hide escalating trading losses that surpassed US$6.2 billion, misled investors and dodged regulators as a “monstrous” derivatives bet deteriorated last year, a Senate probe found.

A proposed rule that caps debit card interchange fees has banks fighting mad and retailers hesitantly rejoicing.