WHO OWNS DC - Deregulation Garners Bipartisan Support Despite Devastating JPMorgan Report

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WHO OWNS DC – Deregulation Garners Bipartisan Support Despite Devastating JPMorgan Report

WHO OWNS DC – Deregulation Garners Bipartisan Support Despite Devastating JPMorgan Report

“Last year, some members of Congress supported watering down Dodd-Frank derivative safeguards, but abandoned those efforts after the world learned that JPMorgan Chase had lost billions of dollars on derivative trades made out of its London office,” Levin said. “It is incredible that less than a week after new JPMorgan Whale hearings detailed how the bank’s London office piled up risk, hid losses, and dodged regulatory oversight, that some House members are again supporting the weakening of derivative safeguards.”


HUFFPO-

A bipartisan cadre of House lawmakers will move on legislation to deregulate Wall Street derivatives Wednesday, less than a week after Sen. Carl Levin (D-Mich.) released a devastating report on the multibillion-dollar derivatives debacle at JPMorgan Chase.

“The road to hell is paved with these bills,” said Rep. Alan Grayson (D-Fla.), an advocate of financial reform.

The House Agriculture Committee will mark up several derivatives bills on Wednesday despite opposition from a coalition of public interest and consumer advocacy groups known as Americans for Financial Reform. The effort to weaken regulation of these sophisticated financial instruments follows multiple in-depth autopsies of the London Whale debacle at JPMorgan, which has already cost the company $6.2 billion and tarnished its reputation as a prudent risk manager. It also comes less than three years after the Dodd-Frank Wall Street reform legislation, signed into law by President Barack Obama in 2010, set a host of new standards for the derivatives business, including heightened transparency and reduced taxpayer support.

[HUFFINGTONPOST]

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One Response to “WHO OWNS DC – Deregulation Garners Bipartisan Support Despite Devastating JPMorgan Report”

  1. Sarah says:

    Grayson speaks up, but one will note, leading Democrats like Chris Van Hollen won’t be so outspoken. Indeed, leading kleptocrats will continue with their austerity plans won’t bother to address crooked wish lists that are passed in from the Banksters.

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