User: newstrust Topic: Business
Category: Finance :: Financial Regulation
Last updated: Sep 22 2016 11:54 IST RSS 2.0
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Judge strikes down union election rules 15.5.2012 Boston Globe: Latest
Judge strikes down union election rules
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Obama: JPMorgan loss proves need for bank rules 15.5.2012 Boston Globe: Latest
Obama: JPMorgan loss proves need for bank rules
DealBook: In Washington, Mixed Messages Over Tighter Rules for Wall St. 15.5.2012 International Herald Tribune: Business
Calls for a crackdown, which come as regulators are putting the finishing touches on the Volcker Rule and other such overhauls, may not find many sympathetic ears in Washington.
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Letters: The Lessons of JPMorgan’s Trading Loss 15.5.2012 NY Times: Editorials
Readers call for changes on Wall Street in the aftermath of a bank’s $2 billion loss.

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Elizabeth Warren: We need a modern Glass-Steagall 15.5.2012 Daily Kos
Elizabeth Warren (Kevin Lamarque/Reuters) She made news first by calling for Jamie Dimon , chief executive of JPMorgan Chase, to resign his position on the board of the New York Federal Reserve in response to the news that his bank lost more than $2 billion in one set of trades. That's not all she's talking about today, though. In an email to supporters , she makes the case for Congress to implement a modern Glass-Steagall law, to keep banks from being able to speculate with depositors' money. A new Glass-Steagall would separate high-risk investment banks from more traditional banking. It would allow Wall Street to take risks, but not by dipping into the life savings and retirement accounts of regular people. And by making banks smaller, a new Glass-Steagall could also help put an end to banks that are "too big to fail"—further avoiding costly taxpayer bailouts. Klein: [W]hen I talk to people in the industry about this, they say that simple rules sound great, but they’re not really ...
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Judge rejects testimony on FEC audit in Edwards' trial 15.5.2012 MSNBC
Judge rejects testimony on FEC audit in Edwards' trial
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JPMorgan's losses spark talk of new rules. Elizabeth Warren calls for Jamie Dimon to quit NY Fed 15.5.2012 Daily Kos
(SodaHead) While JPMorgan has long been regarded as one of the nation’s strongest banks, the circumstances surrounding its $2 billion trading loss look depressingly familiar. Once again, a bank with large trading operations allowed a mixture of incompetence, risk-taking, hubris and complexity lead to an embarrassing and costly blowup. “This underscores the fallacy of thinking the best-managed banks are somehow infallible,” said Sheila C. Bair, the former chairwoman of the Federal Deposit Insurance Corporation, a bank regulator. You see, the buck doesn't stop with some underlings in the JPMorgan second tier, one of whom has already lost her post, nor with Dimon himself, who is still running the $2.3 trillion bank as of today. From the mind-set of right-wing politicians, this mess is all the government's fault. On Meet the Press Sunday, David Gregory asked Republican National Committee chief Reince Preibus, "In light of the losses on Wall Street this week, you think we need less financial ...
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JP Morgan boss to face shareholders over $2bn 'tempest in a teapot' 15.5.2012 The Guardian -- World Latest
Jamie Dimon is battling shareholders who want to see his position split and lawmakers who want to regulate his company The embattled boss of JP Morgan, Jamie Dimon, faces shareholders at the bank's annual general meeting on Tuesday amid a backlash against its campaign to dilute plans for the tighter regulation of Wall Street. Pension funds have called for the positions of chairman and chief executive, which are both held by Dimon, to be split, in the aftermath of a $2bn trading loss announced by the bank last week. The White House called on Monday for the efforts of "Wall Street lobbyists" to be resisted. Congressman Barney Frank, co-author of the act that contains the proposed new rules against which Dimon has campaigned, told the Guardian that the JP Morgan fiasco "shows how wrong he is in arguing that the legislation is not needed". JP Morgan confirmed on Monday that its chief investment officer , Ina Drew, a thirty-year veteran the bank and one of Wall Street's most senior women ...
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Judge strikes down union election rules 15.5.2012 AP National
WASHINGTON (AP) -- A federal judge on Monday struck down new regulations governing union elections, saying the National Labor Relations Board did not follow proper voting procedures when it approved the rules last year....
Obama: JPMorgan's $2 billion loss demonstrates need for tough Wall Street rules 15.5.2012 Star Tribune: Politics
Gov's nominee for Maine PUC endorsed 15.5.2012 Boston Globe: Maine
Gov's nominee for Maine PUC endorsed
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Judge strikes down union election rules, citing flaw in voting procedures 15.5.2012 Star Tribune: Nation
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JP Morgan fiasco prompts White House push for tighter Wall Street regulations 15.5.2012 The Guardian -- World Latest
Obama administration puts pressure on Romney and Republican members of Congress to end resistance to strict regulation The White House has stepped up pressure on Republican members of Congress to end their opposition to the tighter regulation of Wall Street in the wake of the JP Morgan Chase trading fiasco. It was its first comment since JP Morgan announced a $2bn trading loss on Friday. The White House also took a swipe at Republican presidential candidate Mitt Romney, who opposes tighter regulation and favours repealing some of the existing regulations. Barack Obama's spokesman, Jay Carney, speaking to reporters aboard a plane from Washington to New York, expressed surprise that Republicans continued to voice opposition to tighter regulation. "I mean, it is amazing, given the events that we've seen in these last few days, that there are still those who want … who are out there arguing that we should repeal Wall Street reform, that we should let Wall Street write its own rules again," ...
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Plot Raises Questions About Airport Security 15.5.2012 NY Times: Business
In Congressional hearings last week, committee members criticized the T.S.A., saying it did not properly test the machines.

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John Edwards' defense opens in campaign finance trial 15.5.2012 MSNBC
John Edwards' defense opens in campaign finance trial
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Midday open thread 15.5.2012 Daily Kos
Today's comic by Tom Tomorrow is The Austerions : What you missed on Sunday Kos ... Sunday's comic was Too much for a barbarian to take ... , by Matt Wuerker Title IX turns 40 , by Joan McCarter How annoying are you on Twitter? Mississippi Gov. Phil Bryant has a sad : Mississippi Gov. Phil Bryant said Friday it was "petty" for North Carolina Gov. Beverly Perdue to insult Mississippi while bemoaning that voters in her state approved a ballot measure banning same-sex marriage. [...] Perdue was in Greenville, N.C., on Friday when she responded to questions from WITN-TV in Washington. She said she was disappointed voters in her state on Tuesday approved a constitutional amendment defining marriage as only between a man and a woman. "People around the country are watching us and they're really confused, to have been such a progressive, forward-thinking, economically driven state that invested in education and that stood up for the civil rights of people, including the ...
CBS Brings on Elizabeth Warren to Back More Bank Regulation; Spikes Ancestry Controversy 15.5.2012 NewsBusters
On Monday's CBS This Morning, Charlie Rose and Erica Hill touted Massachusetts Democrat Elizabeth Warren's past time as " the government's chief watchdog during the 2008 bank bailout " as she was brought on to discuss JP Morgan Chase's $2 billion loss . Rose and Hill asked questions from the left, and failed to mention the recent controversy over the Senate candidate's claim of Native American ancestry . The anchor let Warren push for more regulations on banks without rebuttal: "It's appropriate to have some government oversight, and notwithstanding the fact that we're just coming out of this huge crisis." Hill even wondered if " the banks themselves broken up into smaller entities ." Rose began by mentioning only in passing that his guest was "the Democratic Senate candidate in that state [Massachusetts]." The liberal premise behind his first question was apparent: " What do you hope is the fallout from this, in ...
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Washington may be too small a dog to watch Wall Street 14.5.2012 MSNBC
The multi-billion-dollar trading losses at JPMorgan have renewed concerns that the largest U.S. banks are too massive to regulate and that the government may not be up to the task. ...
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Barney Frank Takes Marsha Blackburn to Task for Deregulating Banks 14.5.2012 NewsTrust Yahoo Pipes Feed
Click here to view this media I have to say that Rep. Marsha Blackburn is generally one of the more infuriating Republican politicians to watch on television because her usual tactic is to talk over and filibuster whoever the other guest is on with her and run out the clock so they don't get a chance to talk. Rep. Barney Frank was having none of that during his appearance with her on This Week and I was glad to see him call her out for her voting record when it comes to deregulating the financial industries. Republicans constantly complain about the bailouts and these institutions being 'too big to fail" as Blackburn did here, but in the end, they just want to continue to leave them to their own ends and let the "free market" prevail. Blackburn was very upset with Frank and claimed he was trying to "speak for her" and here's how he handled it: FRANK: Well, I'm sorry, but she voted against this. This pattern of interruption and filibuster is really not a good way to discuss important ...
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Warren: Dimon should quit N.Y. Fed 14.5.2012 Politico
Warren: Dimon should quit N.Y. Fed
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