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.)