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 ...
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.