Money, Power, and Wall Street (Part 3?)

It’s interesting to learn that JPMorgan’s opening an office across the Atlantic would seem to be aimed at circumventing the Volcker Rule – a set of rules designed by former U.S. Fed chairman Paul Volcker to restrict U.S. banks from making certain kinds of speculative bets investments that do not benefit their customers.   For most of us earning less than the rate of inflation in ‘high interest’ savings accounts, stories of a bank losing billions is difficult to comprehend.  “The shift to riskier bets underscores how blurry the line can be between so-called proprietary trading and what banks say is hedging.”  The comment here re. “embracing risk” seems to fly in the face of what most of us assume to be the primary function of a bank.

2 thoughts on “Money, Power, and Wall Street (Part 3?)

  1. In a world where everything can be argued or questioned, your last sentence is quite simply an undeniable truth.


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