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The main regulator of derivatives (bets on bets), wants to extend Dodd-Frank regulations to the foreign branches and subsidiaries of Wall Street banks. But JPMorgan CEO Jamie Dimon would greatly prefer this not happen.
Jamie Dimon, CEO of JPMorgan Chase, testifies before the House Financial Services Committee on Capitol Hill in Washington, on Tuesday, June 19, 2012. Dimon chose London as the place to make highly-risky derivatives trades that have lost the firm upwards of $2 billion so far.
Jacquelyn Martin/AP
EnlargeThe Commodity Futures Trading Commission, the main regular of derivatives (bets on bets), wants to extend Dodd-Frank regulations to the foreign branches and subsidiaries of Wall Street banks.
Skip to next paragraph Robert ReichRobert is chancellor?s professor of public policy at the University of California at Berkeley. He has served in three national administrations, most recently as secretary of labor under President Clinton. Time Magazine?named him one of the 10 most effective cabinet secretaries of the last century. He has written 13 books, including ?The Work of Nations,? his latest best-seller ?Aftershock: The Next Economy and America?s Future," and a new?e-book, ?Beyond Outrage.??He is also a founding editor of the American Prospect magazine and chairman of Common Cause.
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Horror of horrors, say the banks.
?If JPMorgan overseas operates under different rules than our foreign competitors,? warned Jamie Dimon, chair and CEO of JP Morgan, Wall Street would?lose financial business to the banks of nations with fewer regulations, allowing ?Deutsche Bank to make the better deal.?
This is the same Jamie Dimon who chose London as the place to make highly-risky derivatives trades that have lost the firm upwards of $2 billion so far ? and could leave American taxpayers holding the bag if JPMorgan?s exposure to tottering European banks gets much worse.
Dimon?s foreign affair is itself proof that unless the overseas operations of Wall Street banks are covered by U.S. regulations, giant banks like JPMorgan will just move more of their betting abroad ? hiding their wildly-risky bets overseas so U.S. regulators can?t control them. Even now no one knows how badly JPMorgan or any other Wall Street bank will be shaken if major banks in Spain or elsewhere in Europe go down.
Call it the Dimon loophole.
This is the same Jamie Dimon, by the way, who at a financial conference a year ago told Fed chief Ben Bernanke there was no longer any reason to crack down on Wall Street. ?Most of the bad actors are gone,? he said. ?[O]ff-balance-sheet businesses are virtually obliterated, ? money market funds are far more transparent? and ?most very exotic derivatives are gone.?
One advantage of being a huge Wall Street bank is you get bailed out by the federal government when you make dumb bets. Another is you can choose where around the world to make the dumb bets, thereby dodging U.S. regulations. It?s a win-win.
Wall Street would like to keep it that way.
For two years now, squadrons of Wall Street lawyers and lobbyists have been pressing the Treasury, Comptroller of the Currency, Commodity Futures Trading Commission, SEC, and the Fed to go easier on the Street for fear that if regulations are too tight, the big banks will be less competitive internationally.
Translated: They?ll move more of their business to London and Frankfurt, where regulations are looser.
Meanwhile, the Street has been warning Europeans that if their financial regulations are too tight, the big banks will move more of their business to the US, where regulations will (they hope) be looser.
After the Basel Committee on Banking Supervision (a global financial regulatory oversight body) came up with a new set of rules to toughen bank capital and liquidity requirements, European officials threatened to get even tougher. They approved a new system of European regulatory bodies with added powers to ban certain financial products or activities in times of market stress.
This prompted Lloyd Blankfein, CEO of Goldman Sachs, to issue ? in the words of the Financial Times ? ?a clear warning that the bank could shift its operations around the world if the regulatory crackdown becomes too tough.?
Blankfein told a European financial conference that while Europe remains of vital importance to Goldman, with less than half of the bank?s business now generated in the U.S., the introduction of ?mismatched regulation? across different regions (that is, tougher regulations in Europe than in the U.S.) would tempt banks to search out the cheapest and least intrusive jurisdiction in which to operate.
?Operations can be moved globally and capital can be accessed globally,? he warned.
Someone should remind Dimon and Blankfein that a few years ago they and their colleagues on the Street almost eviscerated the American economy, and that of much of the rest of the world. The Street?s antics required a giant taxpayer-funded bailout. Most Americans are still living with the results, as are millions of Europeans.
Wall Street can?t have it both ways ? too big to fail, and also able to make wild bets anywhere around the world.??
If Wall Street banks demand a free rein overseas, the least we should demand is they be broken up here.
The Christian Science Monitor has assembled a diverse group of the best economy-related bloggers out there. Our guest bloggers are not employed or directed by the Monitor and the views expressed are the bloggers' own, as is responsibility for the content of their blogs. To contact us about a blogger, click here. This post originally ran on www.robertreich.org.
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Week-long price cut on Little Deviants, Rayman, Katamari...
Sony is set to slash the price of PlayStation Vita games in a new fortnight-long sale.
Digital versions of several high profile Vita titles will have their price trimmed by more than a tenner, Sony has announced.
The deals are available through the PlayStation Store from tomorrow, 20th June until 4th July.
A number of other digital titles are also currently on offer. The following savings are live now, and last until 27th July.
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The price of oil edged higher above $83 a barrel Tuesday as traders closely watched talks between Iran and six world powers over the Middle Eastern country's nuclear program and developments in the eurozone debt crisis.
By early afternoon in Europe, benchmark oil for July delivery was up 22 cents to $83.49 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 76 cents to settle at $83.27 in New York on Monday.
In London, Brent crude for August delivery was down 15 cents at $95.90 per barrel on the ICE Futures exchange.
Uncertainty about the formation of a coalition government in Greece and rising yields on Spanish bonds kept markets on edge, with the Nymex contract falling to as low as $82.28 earlier in Tuesday's session.
"The economic conditions across the eurozone remain very fragile," said analysts at Sucden Financial in London.
Meanwhile, negotiators from Iran are in talks with counterparts from six world powers - the United States, Britain, France, Russia, China and Germany - in Moscow, the third such meeting in recent months.
On Monday, Iran became more adamant that the world must ease the sanctions choking off its oil sales before it will curb activities that could be used to make nuclear arms. But the six world powers insisted that Tehran take the first conciliatory step.
Crude has plunged from $110 in February as fears eased that the U.S. or Israel would attack Iranian nuclear facilities and disrupt global oil supplies. Signs of slowing economic growth and oil demand in the U.S., Europe and China have also pushed prices lower.
"Softening Iranian tensions and deteriorating fundamentals are responsible for the majority of the correction," Morgan Stanley said in a report. "New signs of emerging market weakness, in China in particular, present downside risks to global demand growth. A fall in Brent to the low $90s is possible."
Investors will also be monitoring fresh information on U.S. stockpiles of crude and refined products.
Data for the week ending June 15 is expected to show a decline of 600,000 barrels in crude oil stocks and a build of 600,000 barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration - the market benchmark - will be out on Wednesday.
In other energy trading, heating oil was down 0.2 cent at $2.62 per gallon while gasoline futures fell 0.9 cent at $2.58 per gallon. Natural gas gained 1.4 cents at $2.65 per 1,000 cubic feet.
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The state-run Middle East News Agency, citing medical sources, said he was declared clinically dead shortly after arriving at a military hospital in Cairo, where he was taken after suffering a stroke and cardiac arrest earlier in the day.
But Gen. Mamdouh Shahin, a member of the Supreme Council of the Armed Forces, told CNN, ?He is not clinically dead as reported, but his health is deteriorating and he is in critical condition.?
(Source: CNN)
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