Arnold Kling, National Review
Et tu, Jamie Dimon? The embarrassing announcement of a large trading loss at J. P. Morgan has brought the issue of bank regulation back to the fore.J. P. Morgan’s announcement was particularly shocking because Morgan was one of the few banks to emerge from the financial crisis with its reputation intact, or even enhanced. In Fool’s Gold, Gillian Tett’s narrative of the financial crisis, she singled out J. P. Morgan and its CEO for praise. Supposedly, although Morgan traders had invented some of the synthetic credit instruments that were at the center of the...
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