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The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today.Rep. Barney Frank • Discussing a $2 billion trading loss that JPMorgan Chase had suffered recently as the result of a misguided hedge fund strategy. Frank, whose Dodd-Frank financial reform law has come under scrutiny by the banking industry for being too restrictive, is using this as an opportunity to argue against loosening the standards — pointing out that the company argued it was going to lose $400 to $600 million from the regulations. ”In other words, JPMorgan Chase, entirely without any help from the government has lost, in this one set of transactions, five times the amount they claim financial regulation is costing them,” Frank said. (via shortformblog)
(vía shortformblog)
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One Step Back: Just hours after President Obama voiced his support of same-sex marriage, the House Armed Services committee approved a measure that would ban gay marriage ceremonies on U.S. military bases. The measure was approved late on Wednesday, The Hill reports. The measure was included in the committee’s defense authorization bill for 2013, which now goes to the Republican-led House of Representatives for approval. [Photo: AP]The Hill: Committee votes to ban gay marriage on military bases](http://25.media.tumblr.com/tumblr_m3tbifkufG1qz5ew6o1_500.jpg)
One Step Back: Just hours after President Obama voiced his support of same-sex marriage, the House Armed Services committee approved a measure that would ban gay marriage ceremonies on U.S. military bases. The measure was approved late on Wednesday, The Hill reports. The measure was included in the committee’s defense authorization bill for 2013, which now goes to the Republican-led House of Representatives for approval. [Photo: AP]
The Hill: Committee votes to ban gay marriage on military bases
