Tuesday, 15 May 2012

Steagal-Speak Obama If Best Managed US Bank can lose $2 Billion then .....'

http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act http://e.businessinsider.com/view/4f45ee0c90658cce4a9318744fb1a8b86763d9a73900045c/b268c409

'President Barack Obama is chiming in on JP Morgan's shocking $2 billion trading loss.

Here are some released quotes from Obama's pre-taped appearance on ABC's The View.

“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.”
“This is the best, or one of the best-managed banks. You could have a bank that isn’t as strong, isn’t as profitable making those same bets and we might have had to step in,” Obama said.  “That’s exactly why Wall Street reform’s so important.” ...'

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