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Dimon may be ‘stupid’ but he’s right on banks – David Weidner- MarketWatch

NEW YORK (MarketWatch) — Jamie Dimon is right. Regulation is making things worse on Wall Street.

The Dodd-Frank Act has cost banks hundreds of millions in profits and has done nothing to prevent:

— J.P. Morgan Chase & Co.’s big trading loss.

— MF Global’s implosion and $1.6 billion in lost customer funds.

— Goldman Sachs Group Inc.’ s GS +1.23%   scandal-a-quarter pace.

Let’s stop the foolishness and let Wall Street be. Let the free markets be free. Let J.P. Morgan Chase & Co. JPM +1.90%   lose $2 billion on what Dimon called a “stupid” trade.

via Dimon may be ‘stupid’ but he’s right on banks – David Weidner’s Writing on the Wall – MarketWatch.

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