As you know, Massachusetts Representative Barney Frank (D) is one half of Dodd-Frank, the name of the regulatory legislation that came out of the financial crisis.
You may also know that the man has a very, very sharp tongue.
Here’s what he had to say about JP Morgan’s scandalous $2 billion trading loss announced yesterday:
“This regrettable news from JPMorgan Chase obviously goes counter to the bank’s narrative blaming excessive regulation for the woes of financial institutions,” said Rep. Barney Frank…
“The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today,” he continued.
Frank noted a recent estimate by JPMorgan Chase that complying with new regulations would cost the bank $400 million to $600 million.
“In other words, JPMorgan Chase, entirely without any help from the government has lost, in this one set of transactions, five times the amount they claim financial regulation is costing them,” Frank said.
Oof! Well we know where he stands.