Contact Us
Make My Homepage

More Calls For Tougher Bank Regulation After JPMorgan Chase Loss [VIDEO]

The trading loss of $2 billion by a division of JPMorgan Chase is triggering calls for tougher regulation of banks.

Representative Barney Frank (D-Massachusetts) (Mark Wilson/Getty Images)

The loss comes three years after the near-death experience that a number of banks suffered in the financial crisis.

JPMorgan Chase, the nation’s biggest bank, says it lost the money in a trading group that was designed to manage the risks that it takes with its own money. The bank’s CEO says the strategy was poorly monitored.

Democratic Congressman Barney Frank says it’s now harder to argue that financial institutions don’t need new rules to help them avoid what he calls the “irresponsible actions that led to the crisis of 2008.” He says the disclosure from JPMorgan Chase runs counter to the bank’s claim that too much regulation is responsible for the troubles of financial institutions.

JPMorgan Chase CEO Jamie Dimon has been among Wall Street’s most outspoken critics of efforts to more heavily regulate the financial industry.

The head of the Securities and Exchange Commission says the agency is focused on the JPMorgan loss.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

Best of NJ 101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.