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The revelation that banking giant JP Morgan lost $2 billion making risky bets with depositor funds is only four days old, but early indications suggest that the financial industry’s capture of American government successfully weathered the 2008 crisis, with nearly all the political and regulatory players invested in the consequences of this latest debacle treading lightly around the questions it raises.
It has, however, re-energized outside advocates of strengthening financial reform — including a certain high-profile Senate candidate — and left those who favor repealing the 2010 Dodd-Frank Wall Street reform law in an untenable position.
Likely GOP presidential nominee Mitt Romney has been silent about the loss. His campaign issued a Friday statement giving JPM the benefit of the doubt that its trades were designed to insure against risk rather than speculate for profit... Continue to read.
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