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Wednesday, May 16, 2012

Hearing On ‘Too Big To Fail’ Banks

A House Financial Services Committee hearing Wednesday turned briefly to JPMorgan’s $2 billion loss in risky trading.

Bloomberg News reports that JP Morgan has deployed teams of representatives to brief congressional staffers about the trading strategy that led to the losses, which were first disclosed last week.

Democrats argue that rules on such trading, still being written, need to be toughened. Republicans claim too much financial regulation will drive financial firms overseas and fail to prevent risky trades that led to the 2008 financial crisis.

Guest:

  • Phil Mattingly, Bloomberg News reporter on Capitol Hill

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  • John Ingram

    Robin, the JP Morgan $2B+ loss is just the tip of the iceberg in the way the huge transnational companies do business.The banking business hasn’t changed since the big meltdown. The big oil companies are another example. The US is now a net exporter of oil.  We’ve all seen the news stories, i e  ABC news last week and Guy Roz on NPR looking at the glut of oil at the Cushing OK. tank farms. If we have plenty of oil why isn’t the price of gasoline falling a lot more than it is?

Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

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