Sun, May 20, 2012
Michelle Obama shows South Side of Chicago to first ladies
By Michael Hirtzer
CHICAGO (Reuters) - Michelle Obama showed off her neighborhood on the South Side of Chicago to some NATO visitors on Sunday, taking ...
Sun, May 20, 2012
U.S. banking laws unable to stop JPMorgan loss: Republican Boehner
WASHINGTON (Reuters) - U.S. banking reforms could not have prevented JPMorgan Chase & Co's trading losses, and those involved in the activities that went awry should be held accountable, U.S. House of Representatives Speaker John Boehner said in an interview aired on Sunday.
"I don't believe there's anything in Dodd-Frank (financial reform law) that would've prevented this activity at JPMorgan," said Boehner, the top Republican U.S. officeholder. He made the comments Friday in an interview for ABC's "This Week."
Last week JPMorgan disclosed that it has suffered at least $2 billion in losses due to trades that went bad. The losses from derivatives trading could widen and have placed pressure on the bank to explain what happened as lawmakers and regulators tussle over rules for Dodd-Frank enacted two years ago.
"There's no law against stupidity. No law against stupid trades," said Boehner.
"And as long as depositors' money wasn't at risk and as long as there's no risk of a taxpayer bailout, they should be held accountable by the market and their shareholders," he said.
The 2010 Dodd-Frank financial oversight law was enacted in response to the financial crisis includes the Volcker rule, which bans banks from making speculative bets with company money. But it includes an exemption for trades done to hedge risk.
Since the Wall Street giant announced the $2 billion dollar snafu, Democrats have shown more unity and have said it underscores the need for tougher bank regulation. Congressional Republican lawmakers, many who voted against Dodd-Frank and have sought to repeal the law, have been more splintered in their response to JPMorgan's losses.
"There are big problems for this law, and it needs-- it needs some big changes," Boehner said, when asked if he maintains his position that Dodd-Frank should be repealed.
The Obama administration has avoided criticizing the bank, instead cautioning the losses highlight the need to protect taxpayers with tough financial regulation.
JPMorgan's losses have given regulators a renewed argument for tightening controls on big banks and has placed a focus on whether financial firms should be required to hold more capital to cushion possible losses.
Jamie Dimon, JPMorgan's chief executive officer, has been a critic of increased regulation. He has made a name for himself among Wall Street executives as JPMorgan has become the largest and most profitable U.S. bank.
(Reporting By Margaret Chadbourn; Editing by Jackie Frank)
Sun, May 20, 2012
NATO to hand combat role to Afghans as it seeks way out of war
By Matt Spetalnick and Phil Stewart
CHICAGO (Reuters) - NATO will hand over the lead role in combat operations to Afghan forces across the country ...
Sat, May 19, 2012
At least 45 arrests, some injuries in Chicago anti-NATO clashes
By Kyle Peterson and Nick Carey
CHICAGO (Reuters) - Four police officers were injured and 45 demonstrators arrested after baton-wielding police clashed with anti-war protesters ...
Sat, May 19, 2012
Obama pledges tough enforcement of Wall Street reforms
WASHINGTON (Reuters) - President Barack Obama on Saturday called on the U.S. Congress to back his efforts for tough new financial industry oversight, saying ...
Fri, May 18, 2012
House Republicans top Democrats in April fundraising
By Alina Selyukh
WASHINGTON (Reuters) - The Republican Party's fundraising arm working to elect its candidates to the U.S. House of Representatives raised ...
Fri, May 18, 2012
At ''bridge to nowhere,'' Romney slams Obama on economy
By Steve Holland
HILLSBOROUGH, New Hampshire (Reuters) - Republican presidential candidate Mitt Romney returned to his economic message on Friday, highlighting a "bridge to nowhere ...
Fri, May 18, 2012
Attacks over Bain Capital don't stop Romney's rise in polls
By Patricia Zengerle and Steve Holland
WASHINGTON/TAMPA, Florida (Reuters) - Is Mitt Romney an out-of-touch elitist and bully who led a rapacious business that ...
Fri, May 18, 2012
Top Republican woman in Congress becomes a force
By Thomas Ferraro
WASHINGTON (Reuters) - In the last three weeks, she has sparred on national television with Democrats over Republican policies toward women, been ...
Fri, May 18, 2012
Afghanistan fundraising goal eludes as US heads to NATO summit
By Missy Ryan
WASHINGTON (Reuters) - On the eve of this weekend's NATO summit, the United States remains short of its goal of raising ...
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