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Simpler is Better: Dust Off Glass-Steagall

TruLib Wrote: Jun 19, 2012 7:16 AM
Your understanding of banking and risk is pathetic. Maybe you'd like to explain to us why FDR ran against deposit insurance. Maybe you'd like to explain how Glass Steagal didn't apply to the investment banks that were at the root of the financial meltdown. Maybe you'd like to explain how the modifications to Glass Steagal actually helped the banking industry respond to the financial crisis. You need to learn a lot more.

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...