Sen. Carl Levin (D-Mich), who is the chairman of the Senate Permanent Subcommittee on Investigations and he helped write the Volcker Rule, has just issued the following statement following today’s news of a $2 billion trading loss at JPMorgan Chase. From Levin:
“The enormous loss JP Morgan announced today is just the latest evidence that what banks call ‘hedges’ are often risky bets that so-called ‘too big to fail’ banks have no business making. Today’s announcement is a stark reminder of the need for regulators to establish tough, effective standards to implement the Merkley-Levin language to protect taxpayers from having to cover such high-risk bets.”
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