Oh the irony… JP Morgan Chase’s $2Billion Loss
JP Morgan Chase has announced a stunning $2 Billion loss. Doing exactly what the Volker Rule would have prevented. Chase- who have been spreading money all over Washington DC for months to stop the Volker rule from going into effect.
Yes, the Volker Rule, part of the Dodd-Frank (HR4173 of the 111th congress), the wall street reform bill proposed by Obama and the democrats, that passed largely along party lines (republicans voting against.)
The Volker Rule- which wikipedia describes thus:
The Volcker Rule is a specific section of the Dodd–Frank Wall Street Reform and Consumer Protection Act originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers. Volcker argued that such speculative activity played a key role in the financial crisis of 2007–2010. The rule is often referred…
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