JP Morgan's Long Shadow
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Wall Street's biggest bank has lost $2 billion from risky trading, and that's re-ignited the political firestorm over financial regulation. Should JP Morgan Chase and others be reigned in before taxpayers get left on the hook? Would that make it too difficult for American institutions to compete in the global marketplace? Also, chaos resumes in Greece amid increased talk of a Euro exit. On Reporter's Notebook, Joan of Arc was burned at the stake 600 years ago, but it took until this day in 1920 for her to be made a saint. We look back at one of history's most beloved figures.
Banner image: People walk past the JP Morgan Chase Building on Park Avenue May 15, 2012 in New York. Photo by Timothy A. Clary/AFP/Getty Images
Chaos in Greece Resumes as Talk of Euro Exit Increases ()
The Greek parliament has been unable to form a new government, and new elections have been called for next month. The President of the country says so much money's been pulled from Greek banks that, "a great fear could develop into a panic." That could have consequences for the global economy. Nick Malkoutzis is deputy editor of the English edition of the national newspaper Kathimerini. He blogs at Inside Greece.
Big Banks and Presidential Politics ()
During the financial crisis, JP Morgan Chase got almost $400 billion in taxpayer loans to protect it from failure. It survived the financial crisis with its reputation in tact as the best managed bank on Wall Street. CEO Jamie Dimon has been a voice against increased regulation. Now the loss of $2 billion on risky trading has tarnished the bank and raised questions about Dimon himself. Can JP Morgan Chase and other banks be trusted to use better judgment or is it time for stepped-up regulation? Democrats and Republicans disagree. We talk with financial expert and Democratic US Senate candidate Elizabeth Warren and Vin Weber with the Romney for President campaign.
- Elizabeth Warren: Democratic candidate for US Senate, @elizabethforMA
- Vin Weber: Romney campaign advisor
- Dawn Kopecki: Bloomberg News
- Matt Taibbi: Rolling Stone, @mtaibbi
- Richard Bove: Rochdale Securities, @DickBoveSays
The Sainthood of Joan of Arc ()
Joan of Arc was the peasant girl whose "voices" told her to lead the French army to victory in the Hundred Years War against England. She won at Orleans and other places, but France lost the war and English Catholics tried the 19-year-old for heresy and burned her to death in 1431. On this day in 1920, a much-changed Roman Catholic Church made her a saint. In the next 600 years she's been the subject of more books, plays, paintings, musical compositions and movies than almost any historical figure. Bonnie Wheeler is a professor of Medieval Studies at Southern Methodist University, Director of the International Joan of Arc Society and author of Fresh Verdicts of Joan of Arc and Joan of Arc and Spirituality.
- Bonnie Wheeler: Southern Methodist University
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