Monday, June 4, 2012

2 billion reasons to regulate America's banks

Hatred of the big banks that control so much of the U.S. economy is like an opioid in this country — sickening and addictive, but deeply pleasurable.

Americans seemed to take a long, deep draught of it in the past few days, after JPMorgan's swaggering chief executive, Jamie Dimon, admitted the colossus had managed to lose $2 billion (and counting) on some complex derivative trades.

Dimon went instantly from Wall Street's great leader to its great wally, as the British would say, a One Percenter hoisted by his own arrogant petard.

The public reaction to JPMorgan's blunder was understandable.

The unrestrained, careless greed of the big banks in the years leading up to the 2008 implosion helped to wreck the American — and global — economy.

Their business model of privatizing profit and socializing loss has been especially galling. Read More