Our favorite ex-bank regulator William Black talks to the lovely Lauren Lyster tonight about JPM’s CIO losses, and how the Fed and the OCC failed to regulate JPM’s risky trading.

Regulators from the CFTC and the SEC (Gary Gensler and Mary Schapiro) were on Capitol Hill today to talk about how the overhaul of that multi-trillion dollar, opaque, unregulated over the counter derivatives market is going. As you know, derivatives were at the center of the JP Morgan trading blow-up, so the loss has seemingly reignited scrutiny from Washington. But here’s a caveat before you get too hopeful: guess who has reportedly been the single biggest donor to the chair of this senate committee? Ding. Ding. It’s JP Morgan.

  1. So everything contradicts everything else and the regulators are just
    Where is my hero, Prez O on all JPM’s speculating??
    So JPM gets to gamble on derivatives because they call it a hedge or is it
    just that JPM is TBTF??
    Is there any truth at all? These regulators are protecting the
    Hmmm seems to me Gary Gensler might do well to remember it’s the 2nd mouse
    that gets the cheese.
  2. And here I was thinking all this time BAC would be the one going down not JPM interesting times we live in for sure. Don’t let the Farcebook IPO scandal distraction make you lose focus on whats coming down the pipe. Many many little pieces of distractions are being tossed at us hand over fist. Why  you ask?  The coming Euro implosion of course. But then again I say the Euro, who knows it could be all fiat currencies imploding  at once as other world currencies are  not any better  than the next, they are all Debt ridden..Only time will tell, all I know is the noise level is moving up a few notches be prepared for anything and prepare for everything.


  3. Profile photo of
    Proverbs1616 says:

    As Pastor Lindsey Williams might quote…

    Proverbs 16:17-20 says: The highway of the upright avoids evil; those who guard their ways preserve their lives. Pride <sup class="crossreference" value='(D)’> goes before destruction,a haughty spirit <sup class="crossreference" value='(E)’> before a fall. Better to be lowly in spirit along with the oppressed than to share plunder with the proud. Whoever gives heed to instruction prospers,<sup class="footnote" value='[a]’>[a] <sup class="crossreference" value='(G)’> and blessed is the one who trusts in the Lord.

    These JPMC crooks and their accomplices should have listened to their Sunday School teachers… they’d maybe be poor mateirally but rich spiritually and emotionally. Maybe in prison they’ll get around to reading a Gideon Bible and repenting of their wickedness.

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