As one of the major banking institutions that weathered the financial crisis in 2007 and 2008, JPMorgan Chase emerged relatively unscathed, making last week’s announcement of a $2 billion loss in a surprising risk management failure all the more troubling.
It’s unclear how the bank will reorganize its risk strategy after shareholders expressed their ire at JPMorgan’s annual meeting today. However, what is clear is how Washington will react: this week Treasury Secretary Timothy Geithner alluded to dropping the proverbial regulatory hammer down on JPMorgan following a close scrutiny of their current practices.
Charles Ferguson, director of the 2010 Academy Award-winning film Inside Job, offered his take on regulations at the Commonwealth Club last year and explained why they are essential to Wall Street reform.
Charles Ferguson: A Proposal to Reform Wall Street from Commonwealth Club on FORA.tv
