movement came from, the bailout of wall street. taet party movement hates wall street as much as then why are they republican? because they feel like the government has been taken over by wall street. big government and big business, they are all in cahoots together. jp morgan s jamie dimon has been doing and wall street as a whole has been trying to erode the dodd/frank bill, trying to provide even more license for what they were doing before. the so-called volker rule under the dodd/frank law is sort of glass steigle act, the old glass steigle from the 1930s, separate commercial investment banking, it was thrown out in 1989, and a lot of people felt it had to come back. the dodd/frank act is a great act as far as it goes, but it
explain the volker rule in common language. if you were a bank and received deposits and because of that you get positive assurance from the fdic, you may service your clients but you cannot engage in trading on your own account. you can lend money banks are supposed to do that. we ve forgotten that. they re supposed to take money from people who have excess capital, bundle it up and give it to people who will produce goods and services. if you re a customer, a money manager, you can do things for your customer. that s the customer s money. but you can t take the money that the federal government insures and get into these bets. by the way, interesting point that the chief of staff on the committee of my side pointed out to me on this floor. you re going to cut their profits, but hedging isn t supposed to be a profit-making operation.
did not resurrect glass steigle. wall street has been trying to get rid of even the volker rule now i think there is a political possibility barney frank knows better than i do but i think there is a possibility to come on much tougher at least for democrats and the obama administration to say, now is the time to bring back glass steigle. let me go back to congressman frank. you are a villain to the bad guys, i think. you re like franklin roosevelt. he used to say, i relish their hatred. i want those guys to hate me. do you feel like that, that the big business tycoons that love as much cowboy license as possible, to make as much money with as much risk as possible, who are you to them? you re the guy that says, no, can i can t play that way. chris, i came to be the greatest fundraiser candidate of anybody in america. the last time i ran for office, i raised double money. i raised several million for myself but i raised several million for my opponent. the republican who ran
me announced he filed his sc forms. until the primary in september, for about a year, they only raised thousands of dollars. as soon as he was a nominee against me, he raised several million dollars in six weeks, couldn t keep track of it. yes, the volker rule is enforced. and i believe that we have the rules in there we have the one that would allow what jp morgan chase did to make it illegal but that s not enough. they weren t derivatives back then. there wasn t securitization where banks made loans and sold the loan and didn t care who borrowed. we have derivatives. even if jp morgan chase didn t do the derivatives, they re still dangerous. they need to be regulated. remember, aig was an entity that got into serious trouble with derivatives and they couldn t pay it off and they weren t a bank.
impacted. if dimon and those people dana: i m not sure. get greg in here. you got a point? kimberly: quick one. re s right that the capital ratio 8.4 to 8.2%. like greg said, a drop in the bucket. guess what? they are not asking for a stimulus or bail-out or handout. let the market work. dana: the higher capital standards put in place after tarp that probably helped them. bob: can i say carl levin that wrote the law. they call it volker rule. they prohibit these bets made here. for him it s specifically he has eric: can i explain this to you? jp morgan, all they have to do is split themselveses in half. jp morgan betting side using your term and chase deposit side. draw the line between the two companies. they could still put a trade on. they re not required to. dana: volcker rule is so