Dick Bove Shames Regulators, Media Over JPM "Whale" Losses
Some people inside large banks might scratch their heads at times. They run or work in divisions that are vital to the U.S. economy, they obey the rules and follow risk management protocols. Some – gasp – might have a degree of respect for intelligent regulators who have as their mission protecting the economy and do so by writing clear rules that error on the side of featuring less complexity. Some may, some may not. But one thing is clear: when someone inside a big bank breaks risk protocols, engages in behavior on the edge of known legal and regulatory...
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