Too big to fail, also too big to govern?

NEW YORK | “Errors”, “sloppiness” and “bad judgements”. Whatever. The fact is that JP Morgan’s CEO Jamie Dimon, no matter what he pleads, is the ultimate responsible for the bank’s 2 billion dollars loss through risky trade with its own money. A big embarrassment that made their stock price plummet around one tenth of their value on Friday session dragging the rest of the banking sector. Washington, Wall Street and financial…

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US banks join foreign governments against Volcker rule

NEW YORK | It has been one of the main topics at Davos, according to The New York Times: A number of foreign officials complaining to Treasury Secretary Timothy Geithner about the Volcker rule. It hasn’t come from the usual suspects, American banks, but from other governments. European, Japanese and Canadian officials have objected to one aspect of this already polemic new regulation: the fact that it restricts US banks…