In response to:

The $2 Billion Lesson

cwa Wrote: May 18, 2012 3:08 PM
What is the difference between co-mingling personal and investors funds (which is illegal) and co-mingling corporate and investors funds. Corporate and investors seems even worse than personal and investors. At least with the personal and investors situation the investor has his own skin in the game and not a corporate shield.

Anybody need still another argument for reviving the old Glass-Steagall Act (1933-99), with its salutary separation between commercial and investment banking? If so, JPMorgan Chase has just provided one. A big one.

The country's largest bank now has admitted losing $2 billion going on $3 billion through its investment games, aka credit default swaps.

When the problem was first spotted by wire services like Bloomberg and the Wall Street Journal last month, the bank's hot-shot CEO, James ("King of Wall Street") Dimon dismissed the story as "a complete tempest in a teapot."

Now it turns out to be a $2 billion...