The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today.Rep. Barney Frank • Discussing a $2 billion trading loss that JPMorgan Chase had suffered recently as the result of a misguided hedge fund strategy. Frank, whose Dodd-Frank financial reform law has come under scrutiny by the banking industry for being too restrictive, is using this as an opportunity to argue against loosening the standards — pointing out that the company argued it was going to lose $400 to $600 million from the regulations. ”In other words, JPMorgan Chase, entirely without any help from the government has lost, in this one set of transactions, five times the amount they claim financial regulation is costing them,” Frank said.
Here was this guy, who was responsible for all these people, getting drunk in front of senior people and saying this to a waitress who many of us knew. I have never seen anything like it.An anonymity-hidden former Tribune executive • Describing a scene where a top Tribune Corp. exec offered a waitress $100 to show him her breasts. If that doesn’t underline the frat-boy atmosphere of the company, we don’t know else would. The company, currently comprised of a bunch of former radio execs, was run into the ground thanks to Sam Zell, who leveraged relatively little of his own money to pay for the sale, but many of his employees’ pensions. Zell no longer has a day-to-day role in the company, which has somehow managed to wear its lack of respect for journalism as a badge of honor, one that shows itself with every layoff, with every questionable advertising decision (looking at you, L.A. Times) and with every disgusting detail of this New York Times story that we’re linking to right here. source (via)