AFR in the News: Financial-Reform Group: JPM Clearly Was Not Hedging
By Joe Adler
MAY 18, 2012
In a conference call with reporters Friday, Americans for Financial Reform argued — counter to claims by the Wall Street giant — that the trades by the firm’s London investment office resulting in at least $2 billion in losses is exactly the type of transaction that former Federal Reserve Chairman Paul Volcker’s proposal was meant to stop. His idea, which bans commercial banks from proprietary trading, was enacted in the Dodd-Frank Act.