Obama: JPMorgan loss proves US needs Wall Street reform

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May 15, 2012

Barack Obama

The huge trading loss at the leading US bank JPMorgan Chase & Co clearly illustrates the need for Wall Street reform, says President Barack Obama.

He stresses that JPMorgan is one of the best managed banks and its president Jamie Dimon is one of the smartest bankers in the US, but they still lost $2 billion.

Similar errors made at a less stable bank could have required government intervention, he says.

“We don’t know all the details. It’s going to be investigated, but this is why we passed Wall Street reform.”

Wall Street reform is considered Obama’s domestic policy achievement, but he is facing opposition in trying to enforce it.

However, US President says he is still determined to fight for tough reform, reports Reuters.

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Money ,
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Social ,
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1 comment

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