American Banker 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
AFR released a press advisory regarding a press call regarding JP Morgan’s $2 billion loss.
AFR sent a letter to members of Congress urging them to oppose H.R. 1840, legislation that unnecessarily adds over a dozen additional requirements to the already existing statutory cost-benefit requirements for the Commodity Futures Trading Commission (CFTC). These requirements would effectively paralyze the agency’s rule writing capacity, and make it impossible for the CFTC to implement laws passed by Congress to safeguard our financial system.
By Zach Carter (HuffingtonPost) “Hedging is not about profits, it’s about reducing risk,” said Marcus Stanley, policy director at Americans for Financial Reform, a coalition of consumer, small business and labor groups that backs financial reform. “If you look at [JPMorgan’s] Chief Investment Office, they
Dr. Marcus Stanley, Policy Director of AFR, discusses JPMorgan Chase’s $2 billion trading mistake on Fox 5 News.
Read AFR’s letter opposing HR 1838 here
AFR submitted a comment letter calling on the CFTC to increase the block trading threshold.
JPMorgan prepares for D.C.’s worst By: Anna Palmer (POLITICO) May 14, 2012 The scandal is also expected to reinvigorate supporters of stricter regulations for the financial services industry, particularly among those who feel the industry has been overly dismissive of concerns. Marcus Stanley of Americans for
London’s “Whale” Loses $2 Billion for JPMorgan BY MARLENE Y. SATTER, ADVISORONE May 11, 2012 “These losses underline the need for a strong Volcker Rule to prevent risky proprietary trading,” Americans for Financial Reform said in a statement. “Regulators need to get the rule done, and
FDIC Seeks to End ‘Too Big to Fail’ Bailouts ABC News May 10 Marcus Stanley, policy director of Americans for Financial reform, a public interest coalition in favor of financial reform based in Washington D.C., said there were still unresolved questions about these complex institutions.