JPMorgan Chase revised its numbers.
Since announcing an incredible $2 billion trading loss 12 days ago, the megabank has now lost another $1 billion, and maybe more, in just a few days.
CEO Jamie Dimon is still claiming that it was just a sloppy mistake — that JPMorgan doesn’t need government oversight and accountability. But what if the next loss is $20 billion? Or more?
Tens of thousands of people have already signed my petition to Congress to pass a modernized Glass-Steagall Act that will stop investment banks from gambling with money from people’s savings and checking accounts. Will you join them?
For me, the basic idea is simple: banking should be boring.
Checking accounts, savings accounts — the things you and I rely on every day — should be separated from the kind of risk taking that JPMorgan and the Wall Street traders want to take.
For decades, the Glass-Steagall Act acted as a wall to separate hedge funds and risky investment banking from ordinary commercial banking. But in 1999, Congress repealed Glass-Steagall. This past week has reminded us that Glass-Steagall is as important as ever.
Thank you for being a part of this campaign — and for helping to hold Wall Street accountable.