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It doesn t look like jpmorgan will need bailout. what they just did is the kind of thing that did trigger the system collapse and the need for bailout. the particular bank has been arguing since the financial collapse that there don t need to be any rules. there don t need to be anymore burdensome rules to stop us banks from doing this. there s no need for rules. we re fine. we can take care of it ourselves. it is fine until you can t take care of it and the taxpayers do. from the taxpayers perspective, if we re going to be the ones that will have to come to the rescue, then you sort of have to be constrained in way that will require rescuing. wall street, of course, would still prefer there be no rules at all. they get rescued all the time by us no matter what they do. they are supporting mitt romney ....
Head of jpmorgan chase should step down on the board of new york fed where his job is to regulate his own bank. the senate race in massachusetts this year, it s wall street s favorite senator versus wall street s toughest critic. elizabeth warren joins us next. i went to a small high school. the teacher that comes to mind for me is my high school math teacher, dr. gilmore. i mean he could teach. he was there for us, even if we needed him in college. ....
Record high. here is what the dow jones industrial average was when president obama took office in january of 2009. where is it now? oh, right. in terms of that whole too big to fail thing. before the crash you used to have a bunch of banks like jpmorgan chase and bear stern. after the crash you have jpmorgan buying those two banks just eating them up to form one super bank. the top five banks are bigger than they were before the crash. 13% bigger. financial power is more concentrated in the hand offense a few large firms before the disastrous collapse. they are bigger institutions when they were when we were all horrified to learn when they were too big to fail and their failure would destroy the american economy. since the rescue, since the collapse and the rescue, it s been happy days on wall street. the obama years have been good to wall street. they are doing better than they ....
Lobbyists, to weaken the rules and go light and describe to the regulators that they intended less and less regulation and to say, you ve got to do less. let s create this little technical part over here and another loophole. let s delay implementation. in a sense the banks have continue e continued, these largest financial institutions have continued a business as usual. they will decide how much risk ty take on. they will continue to take the profit off the top and they will continue to leave the risks out there for the american taxpayer while they fight off any regulation off to the side. so far, it s worked pretty well for them. the problem now is that jpmorgan has had to admit that, wow, it ....
You remember his specific contribution. they thought there was going to be $19 billion in implementation costs in rules. who should pay for it after it nearly destroyed the american economy? who should pay for that? it s going to be paid for by the banking sector. scott brown amended the bill so the banks would not have to pay the costs. you would. taxpayers would have to pay them. 19 billion. that alone probably worth wall streets investment in u.s. senator scott brown. more importantly, scott brown is the only thing standing between elizabeth warren and the united states senate. elizabeth warren is the founder of the consumer protection bureau. he s the democratic party against scott brown and she s making news today by saying the head of jpmorgan chase should step down on the board of new york fed where his job is to ....