Obama: JP Morgan is One of the Best Managed Banks.....

[MMC]

http://l3.yimg.com/bt/api/res/1.2/.Z6N2SKtggOafoN8_9fhmQ--/YXBwaWQ9eW5ld3M7Zmk9aW5zZXQ7aD0zNTU7cT04NTt3PTYzMA--/http://media.zenfs.com/en_us/News/us.news.abcnews.otus/abc_barack_obama_the_view_wy_120514_wmain.jpg
Obama Faces Questions on Federal Fight for Same Sex Marriage.....

Just hours after a top JPMorgan Chase (http://abcnews.go.com/blogs/politics/2012/05/jp-morgans-2-billion-loss-the-political-ramifications/) executive retired in the wake of a stunning $2 billion trading loss, President Obama told the hosts of ABC's "The View" that the bank's risky bets exemplified the need for Wall Street reform.


"JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting," the president said. "We don't know all the details. It's going to be investigated, but this is why we passed Wall Street reform.".....snip~

http://news.yahoo.com/obama-jpmorgan-one-best-managed-banks-214359921--abc-news-politics.html

:rollseyes:

[wingrider]

well Obama aught to know he has enough bankers in his cabinet.. He demonizes wall street and fat cat bankers yet hires them in his administration,, can you say HIPPOCRIT

[roadmaster]

Bankers like CHASE have been bleeding the country dry for years. Yes they are friendly but watch out for fees not disclosed like a $15 charge on free business checking. They don't tell you everything like if you don't link your personal checking account which it is called not offered on their website. Do your homework on every bank.

[MMC]

well Obama aught to know he has enough bankers in his cabinet.. He demonizes wall street and fat cat bankers yet hires them in his administration,, can you say HIPPOCRIT

There is no doubt that he is catering to them. Perhaps he can ask JP Morgan/Chase bank why they feel the need to sell US Mortgages to other Foreign Countries where their banks are controlled by the Government. Then he can look into why Geither felt that it was alright for Deutsche Morse Bank to buy the NY Stock Exchange.

Course Obama does luv to play to the Sheep. Such as those on the View.

[MMC]

Thats a good question to ask.....should US banks be selling US mortgages which is in fact US Soil to other foreign Banks that are owned and Controlled by Foreign Governments?

Was it smart for the us to sell the NY Stock Exchange to the Germans? Who also bought the London Stock exchange. Then tried to buy the Chicago Merc.....who saw the play and sent Duetsche packing.

[Peter1469]

We need to bring back Glass-Steagall. http://www.forbes.com/sites/thesba/2012/05/14/bring-back-glass-steagall/

[Shoot the Goose]

Again, what a crock by Obama. $2 billion is about one week's worth of revenue at JP Morgan. They are still going to earn about $100 B this year. I am not defending the trade, and surely it was in-house reckless. But not the sort of thing that government needs to worry about.

We have always needed oversight. But Government is the problem.

[Conley]

What Wall Street Reform is Obama claiming? I doubt very much that the government has any right to investigate, nor would their advice be worth anything. It sounds like more empty rhetoric...and showing up on The View? :facepalm:

[Peter1469]

What Wall Street Reform is Obama claiming? I doubt very much that the government has any right to investigate, nor would their advice be worth anything. It sounds like more empty rhetoric...and showing up on The View? :facepalm:

Yes, that was a nonsense answer. If the recent banking regulations worked, JPM would likely not have lost $2B (and counting) in a week.

[Mainecoons]

Someone pointed out that we need to bring back Glass-Steagal. Makes sense to me, what do you all think?

[Peter1469]

Makes sense to me; then then it was me that brought it up.

If depository banks went back to safe investment strategies there is no law preventing a citizen from investing in a financial institution instead of a bank.

[Conley]

If the government won't enforce the laws and the SEC is toothless then any regulations passed won't matter.

[Peter1469]

Government and multinational corporations have gotten too close.

[Shoot the Goose]

Makes sense to me; then then it was me that brought it up.

If depository banks went back to safe investment strategies there is no law preventing a citizen from investing in a financial institution instead of a bank.

Y'all prolly know this, but many libs do not, in part because many do not want to know.

We hear folks blame such as Phil Gramm for the repeal of Glass Steagle. However, it was a repeal that not only had bipartisan support, but the biggest advocate for it was the Clinton Administration, and especially Clinton's Treasury Secretary, Robert Ruben.

It needed to be repealed to enable the merger of Traveler's and CitiBank, to form CitiGroup. A merger advocated and pushed by the Clinton Administration. Ruben did eventually serve on the Board of CitiGroup once he left politics.

But that was the impetus for the repeal of GS.

[Peter1469]

Y'all prolly know this, but many libs do not, in part because many do not want to know.

We hear folks blame such as Phil Gramm for the repeal of Glass Steagle. However, it was a repeal that not only had bipartisan support, but the biggest advocate for it was the Clinton Administration, and especially Clinton's Treasury Secretary, Robert Ruben.
It needed to be repealed to enable the merger of Traveler's and CitiBank, to form CitiGroup. A merger advocated and pushed by the Clinton Administration. Ruben did eventually serve on the Board of CitiGroup once he left politics.

But that was the impetus for the repeal of GS.

Yes I knew that, but thanks for reminding us. We should not forget these things.