Banking industry faces calls for tougher regulation after massive loss at JPMorgan - Wi... - 0 views
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JPMorgan Chase faced intense criticism Friday for claiming that a surprise $2 billion loss
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the colossal misfire was cited as proof that big banks still do not understand the threats posed by their own speculation
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JPMorgan is the largest bank in the United States and was the only major bank to remain profitable during the 2008 financial crisis
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the $2 billion loss came from a hedging strategy that backfired, not an opportunistic bet with the bank's own money
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recharged a debate about how to ensure that banks are strong and competitive without allowing them to become so big and complex that they threaten the financial system
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The JPMorgan loss did not cause anything close to the panic that followed the September 2008 failure of the Lehman Brothers
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they involved "synthetic credit positions," a type of the complex financial instruments known as derivatives
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Corker, a leader of a failed effort last year to block a Federal Reserve rule that slashed bank profits from debit cards, called for a hearing "as expeditiously as possible"
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A mistake was made. Money is going to be lost. It's not customer money. It's not government money. It's JPMorgan's money, the shareholders of JPMorgan
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changes promoted by the Obama administration were in many cases similar to what the financial industry had sought before the crisis
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Dimon said that Paul Volcker, the former Federal Reserve chairman for whom the rule is named "doesn't understand capital markets."
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"Acting like everyone who's been successful is bad and that everyone who is rich is bad — I just don't get it," he said at a conference earlier this yea
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sent an email to JPMorgan's 270,000 worldwide employees assuring them that the company was "very strong."