Behold the power of finance capital. Despite shitting the bed and making us all clean it up, Wall Street will remain essentially the same as the Commodities Futures Trading Commission (CFTC) caved to the banksters and will continue to allow a cartel to control the derivatives market.
|By: DSWright Friday May 17, 2013 8:45 am|
|By: DSWright Tuesday January 15, 2013 2:50 pm|
In her role as CFO at Morgan Stanley Porat has been one of the leaders in killing the Dodd-Frank regulations behind closed doors.
|By: DSWright Friday January 4, 2013 1:38 pm|
In what is becoming a trend, the Wall Street banks have been able to once again dodge Dodd-Frank, at least for now.
|By: David Dayen Tuesday November 20, 2012 12:15 pm|
Kweku Adoboli, the “rogue trader” who cost UBS billions of dollars with a bad trade in 2011, has been found guilty by a British court on two counts of fraud, while being acquitted on four other counts of false accounting.
|By: David Dayen Tuesday July 24, 2012 11:50 am|
At least a dozen traders from nine global banks conspired to rig the benchmark Libor interest rate, according to the latest report from the Wall Street Journal. The traders reportedly worked together to target the Libor when it would positively impact their profit margin. This occurred from at least 2005 to 2011. It’s revealing a third batch of LIbor bid rigging extending well beyond the initial financial collapse period.
|By: masaccio Sunday June 24, 2012 10:40 am|
Dimon is right to believe that derivatives are safe for JPMorgan Chase. He has the Fed and the FDIC to backstop him. And it’s really great that you get to backstop the Fed and the FDIC for him and his gambling habit.
|By: masaccio Sunday June 17, 2012 10:30 am|
House Democrats have a chance to show Jamie Dimon that he isn’t the King of America. Let’s hope they don’t follow the example of the lapdog millionaires in the Senate.
|By: David Dayen Monday May 28, 2012 2:55 pm|
I don’t have problems with hedge funds per se; I object to the use of the implicit too big to fail guarantee, the Fed’s discount window, political influence, inside information, rigged rules and virtually unlimited depositor funds that go along with any trader at a bank who tries to play this game. The idea that a victory will send profits to the bank balance sheet, but a loss will simply get socialized by the government, turns the idea of risk completely on its head.
|By: David Dayen Wednesday May 16, 2012 11:20 am|
The polling showing that voters hold negative opinions of the President’s performance in housing policy and Wall Street accountability suggests that Americans have a hungering for a much tougher policy on these issues and will reward candidates who reflect that, according to the pollster who did the survey.
|By: David Dayen Tuesday May 15, 2012 4:22 pm|
In addition to asking Jeff Merkley about filibuster reform, I sought his reaction to the Fail Whale trades that have racked up massive losses at JPMorgan Chase. Merkley, along with Carl Levin, authored the Volcker rule, the ban on most types of proprietary trading, that made its way into the Dodd-Frank financial reform bill. There has been a lot of slippage on the rules, however, once they left Congress and made their way through the regulatory gauntlet.