Money Center Banks and Stricter Financial Oversight

By James Hall
theintelhub.com
May 16, 2012
Once again, the practices of the “Too Big to Fail” banksters bring the financial money machine to the brink. The J.P. Morgan derivative losses and trading gambles by their “London Whale” demonstrates business as usual in the murky world of risk distortion. Even the vexing progressive Robert Reich makes an accurate assessment for breaking up the big banks and the resurrecting of Glass-Steagall.
“Word on the Street is that J.P. Morgan’s exposure is so large that it can’t dump these bad bets without affecting the market and losing even more money. And given its mammoth size and interlinked connections with every other financial institution, anything that shakes J.P. Morgan is likely to rock the rest of the Street.”
Since then, J.P. Morgan’s lobbyists and lawyers have done everything in their power to eviscerate the Volcker rule — creating exceptions, exemptions, and loopholes that effectively allow any big bank to go on doing most of the derivative trading it was doing before the near-meltdown.”
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