Paul Volcker on Jamie Dimon

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JPMorgan Chase CEO Jamie Dimon has been one of the most outspoken critics of the Volcker Rule, a section of the Dodd-Frank Act that aims to keep the banks in which you deposit your money from gambling it on their own sometimes-risky investments. Now Dimon has announced that risky trades have cost his company $2 billion in losses. In this April 22, 2012 Moyers Moment from Moyers & Company, Paul Volcker himself responds to Jamie Dimon’s complaints about the rule and its effects.

Watch the full conversation between Bill Moyers and Paul Volcker.

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  • Placidpoint

    Guess they made a bad CDS bet on polka dot dresses…Problem being their hedge was covering $100 billion of nonexistant polka dot dresses…I think?

  • Anthony

    Volker is exactly right. These cretins just want to make bets, keep the winners and shove the losers onto the taxpayers. Maybe Mr Dimon ought to take off his diaper and put on a pair of pants with the other men who are real traders.

  • Mass. Citizen

    Dimon is lying and/or clueless — and certainly obficating the truth. The polka dot dress may be relatable, as these slick people are wont to talk, but it is insulting to our intelligence and the questioner.  now $5 billion dollar JP Morgan Chase actual recent loss — and all the people (that would be us) who are and will be paying for these people’s greed – past, present and future. Yep, Obama is better than Romney by far, but I’m not sure who if anyone is really on our side. They are all bought and getting away with it because most of the media doesn’t spell it out if they cover it all, and most Americans, including the Congress People can hardly do more than repeat cliches about economics – just ignorant.  (Who’s on our side – maybe Moyers and Company! Thanks again, Bill.) 

  • Jed Grover

    Dimon should be barred forever and sitting next to Madoff! The fact that he and others involved in the mortgage scandal are still free confirms the double standard in the law.
    We should say no and just let the banks own and live with their own risks just like everyone else. Demand them to stop rigging the system so they are the only ones that can operate in a manipulated market. He sure is a Smooooooth talker of “crap”. As a small investor it takes me 24 hours to complete a transaction and by then, things could be very different while they skim profits in microseconds using investor money. No different when current day CEO merging companies driving stock prices up and in turn reaping huge rewards through bonuses and giving a far less proportion back to the real owners the stockholders. The big profits are going to cheating fat cats producing nothing in turn driving the price of goods and services up as they go. The merger of Time Warner and Comcast will only help them establish and guarantee their rigid price arrangements. I lost faith in American executives long, long ago while witnessing them manipulating their astronomical salary increases. Not to say that they all are bad but the one’s utilizing lobbying as the primary tool in DC are the cheaters of our system. They’ve created a “get rich quick” system that is available only for a few. ALEC has been one of the primary architects of the “Gerry rigged” system. We all should be MAD as hell with pitch forks at hand.

  • Ben Beggs

    When will the American people finely get it,Wall St is not there friend.