Financial regulations in the wake of JP Morgan, Facebook fiascos
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Jamie Dimon, CEO of JP Morgan, is scheduled to appear before Congress next Wednesday to answer questions from senators about the company's disastrous trading loss of at least $2 billion that was disclosed last month. It was a very quick and large loss that has renewed calls for tougher bank regulation with the caveat that Dimon himself has been one of the strongest supporters to date of keeping regulations where they are.
In another part of the financial world, Facebook is reeling from a sub-par IPO that now includes lawsuits over reports that big banks told certain investors that Facebook wasn't such a hot stock to buy after all. Facebook's stock has been down since it debuted.
So as the debate returns to banking regulations amidst what is arguably the largest fundamental debate in the nation over banks and the economy since the Depression, how will the calls for more regulation play out?
Gretchen Morgenson, assistant business and financial editor and a columnist at The New York Times, will join The Daily Circuit Thursday to talk about financial regulation.
"The big powered, moneyed institutions are in control in Washington, there's no doubt about it," Morgenson told Bill Moyers. "You and I don't have a lobbyist and so we are not represented in this melee, call it what you will, that happens, you know, when laws are created... There is no balance here. There's a drastic imbalance between the people who created the problem and the people who had to pay the problem and it has not been addressed."
VIDEO: Morgenson chat with Bill Moyers
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