Barney Frank: JPMorgan Chase Fiasco ... - The Wall Street

Barney Frank: JPMorgan Chase Fiasco ... - The Wall Street

wallstreetexaminer.com

9 hours ago ... Barney Frank: JPMorgan Chase Fiasco Reaffirms Argument For Wall Street Reform Huffington Post says that JPMorgan Chase's $2
9 hours ago ... Barney Frank: JPMorgan Chase Fiasco Reaffirms Argument For Wall Street Reform Huffington Post says that JPMorgan Chase's $2

(visit the link for the full news article)

Iam no fan of this man.
What a d. b. Can this dude have a brain. Did he get it from Dr. Frankenstine??
Please ATS give me a clue as to what the living hell he is going on about. There is even a woman that speaks up, with nothing more than a DUH. Oh here it is--

Massachusetts Democratic Senate Candidate Elizabeth Warren, the brainchild of the Consumer Financial Protection Bureau, recently asserted that big banks "cannot regulate themselves" and argued, "What has happened here is not just about JPMorgan Chase."

What PROTECTION DID YOU OFFER HERE LADY??
Any way Barny is a pure D. B. IMO
Oh my GOODT ljb

wallstreetexaminer.com
(visit the link for the full news article)

JP Morgan scamsters.....

And yes Barney Frank can most certainly be blamed for the housing mess we are in along with many others!

The "appearance" of a financial loss is the set up.

Perfect for the political fires.

Normally we don't even hear of these things.


edit:
add link to story
Barney Frank: JPMorgan Chase Fiasco Reaffirms Argument For Wall Street Reform

btw: Frank has nothing to lose .... he's retiring.
Dodd is already gone.

Barney Frank is a fraud, it's why he fits in so well in D.C..

He ran gay hookers out his apartment at one point.

And this JPChase mess is much worse than reported. They have a 200 billion dollar position that is toxic debt and mortgages. As their losses grow other banks are betting against their position.

It could be up to 100 billion loss by the time it's over.

Chase lost 2 billion alright but they will still make of profit of over 5 billion. After the passage of the Frank Dodd Act of 2010 he said Wall Street need's to be reform,so what was the Frank Dodd Act passed for then?

That law was suppose to fix the so called problem,but wait for it, it did not so what is the answer?

More laws.

This stuff is so transparent is really is laughable,Frank himself was the cause of the "financial crisis" of 2008, and Fanny and Freddy continually needed to be bailed out.

Nothing has been fixed the only thing has been done is to put lip stick on that pig called government.

Nothing has changed in close to 4 years,Nothing.

I know but what totally exasperated me was in the article if you read it,
It is like he is running around in a barn yard trying to get a chicken to take him seriously. He uttered not one coherent sentence.
proly just me ljb

Don't blame the Dodd-Frank act, while it passed the Republicans have gutted the act and blocked almost every one of it's provisions from being implemented.

Rep ublicans gut Dodd Frank Act, killing efforts to protect American citizens from financial industry abuse

In the year and a half since passing, almost nothing stipulated in the Act has come to pass. And, given the way things are going, it’s doubtful that most of it ever will, with Republicans in Congress fighting it tooth and nail on behalf of their corporate benefactors. Here’s a clip from a recent article in Politico.

…(F)ederal agencies have blown about 77 percent of the rule-making deadlines for the massive overhaul, according to a recent progress report by the law firm Davis Polk — meaning key parts of the bill are far from implementation.

Some Democratic officials see a Republican plot afoot to run out the clock, in hopes that a GOP-controlled Senate and White House can overturn the reforms. But one top Treasury official said the missed deadlines are less of a concern to the administration than the possibility that a rushed process would result in poor regulations.

“We want quality and speed, but we’re not going to sacrifice quality for speed,” Deputy Treasury Secretary Neal Wolin told POLITICO. “We want to make sure that we do these rules in a thorough way.”

In some cases, Wolin said, politics are slowing down the process. Senate Republicans are blocking the nomination of Richard Cordray to head the new Consumer Financial Protection Bureau unless changes in governance are made to the agency. GOP lawmakers also have introduced bills to repeal all or part of the 848-page Dodd-Frank law…

Republicans have delayed implementing any of the law's provision until at least 2013.

Letter: Republicans playing politics with our recovery

Since President Obama’s election, Republicans have shown they would rather play politics than help our nation recover from the worst economic collapse in history. Even when Democrats had a majority in the House and Senate, Republicans used the filibuster a record number of times to block legislation and presidential appointments in the Senate. As a result, many bills that may have helped our nation’s recovery failed.

Republicans have even blocked regulations that would keep Wall Street’s too-big-to-fail banks from once again gambling with our economic future. Following passage of the Dodd-Frank Act, Republicans blocked implementation of its reforms. As a result, our economy is nearly as vulnerable today as it was in 2008.

Frank's statement on the JP Morgan loss:

Barney Frank’s statement regarding the announcement by JPMorgan of $2 billion loss on derivatives trading

WASHINGTON – Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement regarding the announcement yesterday by JPMorgan Chase that it will lose $2 billion due to trading on credit derivatives.

[...]

The 2010 Wall Street Reform and Consumer Protection Act includes language, commonly known as the Volcker Rule, which would force large financial institutions to restrict proprietary trading. Most large financial institutions and organizations which represent them have strongly opposed the Volcker Rule, and have worked to weaken the final rule and slow its implementation.

Republicans have blocked Dodd-Frank and any attempt at financial regulations. Republicans continue to block any attempt at financial regulations.

Byron Dorgan on Making Banks Play by the Rules

...Dorgan was a nearly-lone voice in Congress in 1999 when he predicted economic calamity following a repeal of the Glass-Steagall Act and its protective measures. But given the economic meltdown nearly 10 years later, it turned out to be one of the most prescient speeches in American political history.

“If you were to rank big mistakes in the history of this country,” Dorgan tells Moyers, “that was one of the bigger ones, because it has set back this country in a very significant way and caused so much heartbreak and heartache, and a near total collapse of the American economy"

Obama and almost every Democrat supported both of those Dorgan amendments to Dodd-Frank, which would have broken up the TBTF banks and made Dodd-Frank much stronger. Although many blame Obama, the real blame belongs to the Republican Party, who filibustered against them.

But federal agencies have blown about 77 percent of the rule-making deadlines for the massive overhaul, according to a recent progress report by the law firm Davis Polk — meaning key parts of the bill are far from implementation.

“A president that wants something as complex as this to take place has to devote an incredible amount of his resources and political capital to getting it done,” he said. “Left to the legislators and regulators, it will sink and rot in the miasma of dialogue and debate.”

In putting together the rules, regulators are sorting through thousands of comment letters and answering questions at congressional hearings and meetings with executives and lobbyists from the financial services industry. The sheer volume of activity makes it hard to act quickly or decisively, lending credence to worries that Republicans are obstructing progress.

www.politico.com...

So we are to take opinion as facts?

But federal agencies have blown about 77 percent of the rule-making deadlines

How can anyone sit there and blame Republicans for this with a straight face?

Federal agencies are not congress and they are not the Republicans.

Left to the legislators and regulators, it will sink and rot in the miasma of dialogue and debate.

Still not seeing how anyone can sit there and say it's "all" the Republicans fault,but then again the topic was about Jp Morgan Chase and Frank.

Originally posted by IntelRetard
JP Morgan scamsters.....

And yes Barney Frank can most certainly be blamed for the housing mess we are in along with many others!

I agree. Can't stand this guy, makes me sick. So glad I am out of MA.

reply to post by Blackmarketeer


Dodd-Frank must be another one of those laws that were passed first and the details set aside for later.

Surly there must be a complete list of filibuster and changes made.

Where would we find that complete list ?

But federal agencies have blown about 77 percent of the rule-making deadlines for the massive overhaul, according to a recent progress report by the law firm Davis Polk — meaning key parts of the bill are far from implementation.

Wall Street reform law bogged down

"About 77%" ????? --- maybe the "real" number is 76.9% or 77.2% ??
Where can we find those details ?????
Which "key parts" ?????

Barney Frank meet Wall Street also known as Pot meet Kettle....... Coming Soon to a Theater Near You.. Rated M for Moronic...

Originally posted by vkey08
Barney Frank meet Wall Street also known as Pot meet Kettle....... Coming Soon to a Theater Near You.. Rated M for Moronic...

I love an appropriate ending to a story.

All the best

reply to post by xuenchen

Surly there must be a complete list of filibuster and changes made.

Where would we find that complete list ?

All the actions taken to pass/delay the Dodd/Frank act are here;

Bill Summary & Status
111th Congress (2009 - 2010)
H.R.4173
All Information

That link should take you to the "major actions" section, and below that "all actions" . Compare this to any typical bill, you can see just how drawn out this bill was, plus the sheer number of times cloture was used on several of the provisions of the bill.

Republicans have basically stopped this law in it's tracks.

You can scroll down to the amendments section (or click the link here) to see the overwhelming number of Republican-sponsored amendments to the bill, most of which seek to weaken it.

Originally posted by Blackmarketeer
reply to post by xuenchen

 

Surly there must be a complete list of filibuster and changes made.

Where would we find that complete list ?

All the actions taken to pass/delay the Dodd/Frank act are here;

Bill Summary & Status
111th Congress (2009 - 2010)
H.R.4173
All Information

That link should take you to the "major actions" section, and below that "all actions" . Compare this to any typical bill, you can see just how drawn out this bill was, plus the sheer number of times cloture was used on several of the provisions of the bill.

Republicans have basically stopped this law in it's tracks.

You can scroll down to the amendments section (or click the link here) to see the overwhelming number of Republican-sponsored amendments to the bill, most of which seek to weaken it.

Do you have a clue as to why action like this was not applied to the bale out? Not to mention the Patriot act?
curious ljb

Do you have a clue as to why action like this was not applied to the bale out? Not to mention the Patriot act?
curious ljb

Because it didn't exist yet.

Emergency Economic Stabilization Act of 2008
TARP / Troubled Asset Relief Program 2008

Just in case I'm not understanding your question - you ask "[why] this was not applied to the bale out?" In fact the Dodd-Frank act is designed to prevent another bailout. It can't prevent the one that already occurred.

As far as the Patriot Act, I really don't understand your question - a financial reform act like Dodd-Frank would not be useful in affecting any changes to something like the Patriot Act. Two completely different animals.

reply to post by Blackmarketeer


Hi black.
What I was addressing was the fact that the Barney act garnished untold debate and challenge BUT alas the real important ones, Patriot and Tarp did not.
They were sh$@ through the tin horn.

Addressing the political nature of the issue he said, "But you have extremists today who really believe the free market should stand alone, and some of them say even if that causes a problem, that’s where you’re supposed to be." He added, "The Democrats’ position is the private sector should create the wealth, but you need rules to govern its behavior. The Republicans say no, leave them alone, they’ll do better without it."

This is being portrayed as a partisan issue. Let's just cut to the chase and End the Fed. Speculation and fraud will change quickly when Real Money is in play.

Just my .02.

Originally posted by Lukku

Addressing the political nature of the issue he said, "But you have extremists today who really believe the free market should stand alone, and some of them say even if that causes a problem, that’s where you’re supposed to be." He added, "The Democrats’ position is the private sector should create the wealth, but you need rules to govern its behavior. The Republicans say no, leave them alone, they’ll do better without it."

This is being portrayed as a partisan issue. Let's just cut to the chase and End the Fed. Speculation and fraud will change quickly when Real Money is in play.

Just my .02.

I am so glad to see you post the real fluff of the FRANK-instine.
Check out the quote of his you posted above.
Horse mongus bull mongus fart weed garbly gook.
From the DUDE sorta in charge of our $$$$
Can any one actually derive a CENT worth capability there??


Holy jerkwad batman look what I just found.
Shoosh this is a thread of it's own.

Barney Franks Speaks to Hubie Jones With Trayvon Martin ...
www.theblaze.com/stories/barney-frank-to-black-degree-recipient-you-now-have-a-h...

18 hours ago ... On Sunday, Rep. Barney Frank (D-Mass.) spoke at the University of Massachusetts Dartmouth undergraduate commencement ceremony, ...

This wacko Bankster put on a HOODIE. WT potatoes??

reply to post by longjohnbritches


Well at least our ole bud is trying to get his feet out of his mouth on this one.
If you are interested search "Barney Frank apologises for hoodie joke"
Not funny ljb