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.