Skip to comments.U.S. Sen. Bob Corker calls for hearing on JPMorgan's $2B trading loss(Let the show trials begin!)
Posted on 05/15/2012 6:51:35 PM PDT by Halfmanhalfamazing
WASHINGTON -- Sen. Bob Corker, a Republican who serves on the Senate Banking Committee, has called for a hearing on the $2-billion trading loss by JPMorgan Chase & Co., saying that "policies are going to be derived out of whats happened."
Corker, who was a key participant in the debate over the 2010 financial reform law, said it was important for policymakers to get the facts about the situation and whether pending regulations would have prevented it.
(Excerpt) Read more at timesfreepress.com ...
Are they gonna drag the CEO up there and grill the heck out of him? Why don't we have the republicans drag big eeeeeeeeeeeeeeeevil oil company CEOs up there too. Let's all call our republican senators and encourage them to drag the CEOs from the other banks into the senate as well. Why not? What the heck?
I mean, really. Republican show trials? I can't take it.
When is Corker's re-election? Can we primary him out of existence with a conservative? I hope it happens.
Or am I just reading this all wrong. Can someone come around here and tell me that I'm wrong? I'd rather be wrong than live through republican show trials.
I'm sorry for ranting, but this pisses me off. Let Harry Reid call for show trials. Let the bearded marxist call for show trials. We're supposed to be opposed to this kind of crap! I don't want to live in a banana republic.
It really pisses me off. So if PRIVATE companies make too much money, we need more government. If they lose money, we need more government. And it's being called for by a republican. URG!
I have yet to see a media outlet put this in the perspective that even with the $2Billion loss on a trade, they still made an overall profit.
The media has this country by the throat.
believe it or not, NPR radio had some academic on doing just that this morning.
If the taxpayer isn’t on the hook for their $2 billion loss why should I care? That’s between them and their customers.
beam me up, scottie.
Corker is a RINO. He is selling us down the river on Fannie Mae and Freddie Mac working with Reed from Rhode Island on a crony deal.
I would frequently get "asked" to show up to "testify" about this or that, and I would always just respectfully (sham respect) decline.
If you show up in the same place with these people, you lend them credibility.
It’s called CAPITALISM....it’s a PRIVATE COMPANY! It’s NOT the PEOPLE’s money (government). Overall, they MADE A PROFIT! If there was NO risk taking in America, there would be NO CAPITALISM, and the world would be a really bad place...kinda like the direction it is heading in right now with the Democrats and RINO’s (socialists) running the government.
For crying out loud WHY THE NEED FOR THIS HEARING?
Did JP Morgan ask us for a bailout? If not, then it’s THEIR LOSS, LET THEM TAKE CARE OF THIS ON THEIR OWN AS LONG AS WE DON’T USE ANY TAX PAYER MONEY..
Let’s get some perspective on this folks. JPM has $2.2 TRILLIONS (right with a T ) in Asset and made $90 Billion last year. What’s a “mere” $2 Billion to them?
Congress wastes more than that in a day.
FNC has done it regularly!
They lost $2 Billion on some risky trades but still earned a $4 Billion profit for the quarter. Meanwhile our government lost an average of $400 Billion each quarter last year. Maybe JP Morgan should investigate Congress.
"We have to protect our phoney baloney jobs here, gentlemen! We must do something about this immediately! Immediately! Immediately! Harrumph! Harrumph! Harrumph!"
We are entering an era now where people are looking for no loss/risk guarantees in the stock market. Good luck with that.
Then we have pandering idiot politicians like Corker looking to get their fingers into it and screw it up even more.
obama has $500001 to $1 million of JPMorgan. Therefore, I hope JPM drowns in red ink and the $2B trading loss completely trumps obama’s investment.
I don't see these idiots yelling for that!
They should all be hanging from trees after they've been tarred and feathered!
The only politician qualified to get to the bottom of it is Barney Fwank.
I have to disagree with you on this one. I think there’s evidence coming soon that the money went straight to Hussein’s re-election campaign.
When is the hearing or trial for California’s corrupt money-drunk $16 billion in debt (oops; including the “unexpected” $9 billion increase from what we were told prior to last week) lying thieves going to be held?! Why aren’t people in JAIL over this grift job that is causing the producers to FLEE the state and taking jobs with’em?! Moonbeam v2 (same as v1 but way less hair) is literally SHAMELESS asking (no, threatening) the remaining 17 legal, self-sufficient Californians with jobs to pay more taxes. OMG, freakin’ vampires. We can’t even get a show-trial because WAIT LOOK OBAMA SuPPORTS Gay Marriage! WOW!
What was I thinking about?
Exactly. This is just shuffling deck chairs, looking “busy” and “concerned.”
Why waste perfectly good tar and feathers?
“If the taxpayer isnt on the hook for their $2 billion loss why should I care? Thats between them and their customers.”
Agreed, except for the fact that taxpayers remain on the hook for the losses of investment banks. Break them up into either commercial or investment banks. There were clear simple laws on the books that worked for many decades that kept the rules simple and protected taxpayers.
We taxpayers shouldn’t have bailed out the banks. Bush, Paulsen, Obama, Geithner and Congress were hoodwinked into saving shareholders. Instead these banks should have been permitted to go bankrupt and all shareholder equity lost along with investments marked to market. The US Treasury could have guaranteed deposits and money markets. The banks then reorganized and the subsequent IPO used to reimburse taxpayers. In the end it would have been less costly and the bankers and investors who took risk would have learned.