Sherrod Brown, David Vitter Team Up to Press Federal Reserve About Capital Requirements

By: Wednesday August 8, 2012 12:25 pm

On financial regulatory issues, Republicans have recently retreated back to the idea that all we need to do is to ensure adequate capital requirements at the largest banks. If they can handle anything that comes across with their own reserves, then taxpayer money is secure and the free market can sort out everything else. There’s [...]

Barofsky Set to Enter National Debate With Book on TARP’s Failures

By: Monday July 23, 2012 8:15 am

It’s fair to say that former Special Inspector General for TARP, Neil Barofsky, whose book I profiled on Friday, plans to become as much a part of the national conversation over the next couple weeks as humanly possible. He got bumped from Face the Nation yesterday in favor of coverage of the Aurora, Colorado shooting, [...]

Banks Release Living Wills for Contingency of Winding Down Their Firms

By: Thursday July 5, 2012 6:57 am

As part of Dodd-Frank, systemically important financial institutions (SIFIs) had to put out “living wills” that explained how they would wind themselves down with the least overall disruption in the event of their failure. This was a contested proposition in Dodd-Frank, because many made the compelling point that a megabank with important connections all over [...]

Wall Street Moving Jobs to Main Street for Political Advantage

By: Monday July 2, 2012 1:07 pm

A while ago, the military-industrial complex figured out a neat trick to keep political influence across Congress. They would site a small parts factory in virtually every community in America. This would give that community a stake in continuing to build the weapons of war. A member of Congress voting against military spending would have [...]

Jamie Dimon’s Cufflinks and Why a Tighter Volcker Rule Is All We Can Hope For

By: Thursday June 14, 2012 10:55 am

So here’s me and William Cohan on yesterday’s The Alyona Show talking about that Jamie Dimon testimony yesterday. I have to admit a little shock at the focus of the coverage on the captured Congress and the relative soft pitches lobbed in Dimon’s direction. I’m wondering what people expected. This wasn’t the Senate Permanent Subcommittee [...]

Dimon’s Testimony Has Implications for Volcker Rule Implementation

By: Wednesday June 13, 2012 1:25 pm

I certainly recognize that the so-called “grilling” of JPMorgan Chase CEO Jamie Dimon today was more like a pillow fight, with more Senators asking Dimon’s opinion on things than trying to get to the bottom of what happened at the Chief Investment Office. I don’t know what people expected. For all intents and purposes, members [...]

Reactions to Jamie Dimon’s Senate Banking Hearing: Admissions of Guilt Amid the Arrogance

By: Wednesday June 13, 2012 11:31 am

I don’t think it was too much of a surprise that today’s hearing with Jamie Dimon was something less than stringent. Very few Senators bothered to show up with anything more than a list of questions and a pallid expression. The very structure of the hearing, with one round of five minutes of questioning, wasn’t [...]

Banking Industry Risk Is Too Complex to Manage

By: Wednesday May 30, 2012 7:38 am

Joe Nocera admitted yesterday, building on previous opinion and research, that Dodd-Frank, the financial reform law, was essentially too complex to work. The crucial difference between the Glass-Steagall Act, the landmark banking reform law that was passed during the Great Depression, and Dodd-Frank, is that the former had an appealing simplicity that Dodd-Frank lacks. Glass-Steagall [...]

Volcker Rule Tightening Just the Beginning of a Financial Reform Strategy

By: Tuesday May 22, 2012 8:20 am

The Fail Whale trades showed that massive, as-yet unregulated risk still exists in our financial system, with the potential to bring down the economy once again and trigger massive taxpayer bailouts. Since the Administration already passed a law that was supposed to deal with that, they’re scrambling to restore what little of value existed in [...]

As Fail Whale Losses Expand, Obama Administration Looks to Tighten Volcker Rule

By: Thursday May 17, 2012 9:35 am

As I noted earlier, the $2 billion “Fail Whale” trade has morphed into a $3 billion loss – and counting. The trade is still being unwound, so we aren’t yet sure about the final losses. What we do know more today is about the massive size of the trade: “They were caught short,” said one [...]

The Problem at JPMorgan Chase: The Hedge Fund Inside the Bank

By: Wednesday May 16, 2012 11:01 am

Bruno Iskil, the infamous “London Whale,” will leave JPMorgan Chase in the wake of his soured “Fail Whale” trades which lost the bank $2 billion to date. “The timing of the departure is unclear,” according to sources, probably because the trade hasn’t yet been unwound. Whenever Iskil departs, it won’t end the fact that JPMorgan [...]

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