The Phaserl


Volcker Rule Congressional Hearing Brings New Focus on JPMorgan’s London Whale

JPMorgan has owned up to losing $6.2 billion on these failed trades. We don’t know the full extent of the losses because it simply stopped reporting them to the public.

by Pam Martens, Wall Street Parade:

Some of the Republicans on the House Financial Services Committee sounded more like Wall Street lobbyists than legislators yesterday as they whined and moaned about the Volcker Rule, a provision of the Dodd–Frank Wall Street Reform and Consumer Protection Act; financial reform legislation that was enacted into law in 2010 by a duly held vote of their august body following the greatest financial collapse since the Great Depression. The Volcker Rule bans proprietary trading – trading for the house – unless it is a legitimate market making activity or a specifically aligned hedge.

While Wall Street On Parade is no fan of the revolving door executives at some of the key regulators, it has to be said that the patience exhibited by the regulators yesterday to suffer fools on this Congressional panel was, at least, a testament to their professionalism when appearing before the American public.

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