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Simpler is Better: Dust Off Glass-Steagall

Cincinnatus Redux Wrote: Jun 18, 2012 9:05 PM
A clear solution to the problem we have created via the FDIC; private profits insured by public money. Obviously, the lesson of the bank panic of 2008 has not been learned. If we want to continue to protect depositors as part of a greater public policy, we must separate government insured banks from investment banks.
wsmith-84 Wrote: Jun 18, 2012 11:15 PM
You're half right. The 'D' in FDIC stands for Depositors, NOT investors. It's part of an economic framework that makes America to SAFEST nation on the planet to put your money. It needs to be retained.

The part you got right is that "we must separate government insured banks from investment banks." That IS what Glass-Steagall did.

A $2 billion loss can produce a moment of humility even in a fabled master of American banking and international finance.

Jamie Dimon, formerly known as the King of Wall Street, was a little less than his normally fighting self when he got to the Senate Banking Committee last Wednesday. He even admitted he'd been "dead wrong" when he tried to blow off news of JPMorgan Chase's colossal screw-up earlier this year. Or, at least, the people he'd relied on were dead wrong. (The surest sign of a chief executive who doesn't need to be one is a tendency to pass...