Some bankers never learn!
ABC News:
J P Morgan Chase & Co. is rocking the financial markets with the
disclosure that its in-house trading operating lost $2 billion in the
past six weeks, raising new questions about whether the big banks that
caused the financial meltdown have sufficiently changed their ways.
Chief Executive Officer Jamie Dimon said the trading loss was an
"egregious" failure in a unit managing risks, but he added in a call
with analysts after the markets closed Thursday that just because the
bank did something "stupid" that doesn't mean other firms are having
such trouble.
"There were many errors, sloppiness and bad judgment," Dimon said. "These were grievous mistakes, they were self-inflicted."
With Republicans like Rep. Steve Stivers (OH-15) working hard to destroy the safeguards that President Obama and the Democratic Congress put in place, this kind of mess was inevitable. Steve Stivers has said that these bank rules were too strict and inhibited banks. Guess what? Our money is in these banks and our tax money could be used to save this sloppy bankers. Stivers and the rest of the Republicans should not support such poor business behavior.
BangorDailyNews:
....Stivers, a former banking lobbyist who was endorsed by tea
party-affiliated group FreedomWorks, has received $28,000 from the
political action committees of the five largest banks; Schweikert has
collected $11,500.....
....Stivers sponsored a bill to ease Dodd-Frank’s swaps rules, which passed
the House with bipartisan support, and New York Representatives Michael
Grimm and Nan Hayworth have sponsored their own measures to reduce the
reach of the derivatives regulations, each garnering bipartisan support,
as well......
Stivers is gambling with your money and your peace of mind.