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Pam and Russ Martens: Long after Volcker Rule purported to outlaw it, Morgan still owns a hedge fund
By Pam and Russ Martens
Wall Street on Parade
Tuesay, August 10, 2021
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) became the law of the United States. Its promise to Americans was that it would reform the corrupt practices on Wall Street that had led to the worst financial collapse in 2008 since the Great Depression and the largest taxpayer bailout of Wall Street in history.
But here we are, 11 years later, with every one of those corrupt practices in full display at the Wall Street mega-banks today.
... Dispatch continues below ...
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Losses from wild derivative bets -- check.
Trading for the house (proprietary trading) -- check.
Secret bailouts from the Fed -- check.
Credit Default swaps -- check.
The continuance of the private justice system on Wall Street -- check.
Banks paying rating agencies for ratings -- check.
Banks giving insanely leveraged loans to hedge funds -- check.
And if we wanted to find the poster child for every failed financial reform promise, we need look no further than JPMorgan Chase, the largest federally-insured bank in the United States as well as, officially, the riskiest. The bank has also racked up five felony counts from the U.S. Department of Justice since Dodd-Frank was signed into law. ...
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