Wall Street Titans Fail To See The Truth In Numbers

Thu, 05/17/2012 - 04:55 EDT - Seeking Alpha

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.JPMorgan's CEO Jamie Dimon apparently is sticking to that lie.Mr. Dimon has been a leading critic of financial reform under the Dodd-Frank Act and the Volcker Rule, which would limit the amount of trading banks can do with their own capital. Dimon's touchiness on the subject of the Volcker Rule was on full display during a conference call with analysts and investors last Thursday evening to announce the loss.According to a Wall Street Journal article by Dan Fitzpatrick, Gregory Zuckerman and Liz Rappaport, Mr. Dimon said that the trading loss "plays right into theComplete Story »

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Wall Street Titans Fail to See Truth in Numbers
JPMorgan Chase's 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. JPMorgan's CEO ...
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Wall Street Titans Fail To See The Truth In Numbers

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