Liberals Are Cool

Banker Opposed Regulation, Loses $2 Billion

“The news of JPMorgan Chase’s estimated $2 billion loss stemming from a misguided hedging strategy in the bank’s chief investment office has set off a spring-loaded schadenfreude cannon among the industry’s critics….

Since the shocking disclosure, [CEO Jamie] Dimon was flayed by industry analysts as well as media onlookers for having been a vocal opponent of the Dodd-Frank regulatory overhaul while at the same time overseeing risky trades that could hurt his bank’s earnings.” - Kevin Roose of the New York Times

Some realness:

‘The enormous loss JPMorgan 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,” - Senator Carl Levin