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Barney Frank On JPMorgan's $2.3B Loss 12:46

This article is more than 8 years old.

Today the Wall Street Journal reported that the losses at JP Morgan Chase could grow to more than $4 billion. That news comes as the bank announced the sudden retirement of one of its top investment officers, with more executives expected to follow her out the door soon.

The losses disclosed by the bank last week are the result of the kind of risky speculation on derivatives that sparked the financial melt-down of 2008.

Massachusetts Congressman Barney Frank co-authored the landmark federal law designed to prevent another financial crisis. How to implement many of the law's new rules is still being debated in Washington.

Frank says the news from JP Morgan is evidence that the law is needed, and that it works. Guest:

  • Rep. Barney Frank, former chairman of the House Financial Services Committee, co-author of the Dodd-Frank Wall Street Reform and Consumer Protection Act

This segment aired on May 14, 2012.

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