JP Morgan and the Failure to Regulate Wall Street Fraud *vid*Submitted by Charleston Voice on Tue, 05/22/2012 - 20:12
Posted by Charleston Voice, 05.22.12
Regulators from the CFTC and the SEC (Gary Gensler and Mary Schapiro) were on Capitol Hill today to talk about how the overhaul of that multi-trillion dollar, opaque, unregulated over the counter derivatives market is going. As you know, derivatives were at the center of the JP Morgan trading blow-up, so the loss has seemingly reignited scrutiny from Washington. But here's a caveat before you get too hopeful: guess who has reportedly been the single biggest donor to the chair of this senate committee? Ding. Ding. It's JP Morgan.