Mon, May 21, 2012
Colombia prostitution scandal sparks investigation of U.S. DEA staff
By Lily Kuo
WASHINGTON (Reuters) - A prostitution scandal in Colombia involving U.S. Secret Service and military personnel ahead of a presidential visit has ...
Mon, May 21, 2012
Exclusive: U.S. envoy to Afghanistan to step down shortly
By Missy Ryan
CHICAGO (Reuters) - Veteran U.S. diplomat Ryan Crocker is expected to step down soon from his post as President Barack Obama ...
Mon, May 21, 2012
Republicans challenge appeals court meeting in Maui
By Thomas Ferraro
WASHINGTON (Reuters) - The 9th U.S. Circuit Court of Appeals' upcoming conference on a Hawaiian island sounds more like "a vacation ...
Mon, May 21, 2012
Jury ends day without verdict in ex-Senator Edwards' trial
By Colleen Jenkins
GREENSBORO, North Carolina (Reuters) - Former U.S. Senator John Edwards must wait at least another day to learn the verdict in ...
Mon, May 21, 2012
Top U.S. Mideast diplomat expected to take U.N. post
By Arshad Mohammed and Warren Strobel
WASHINGTON (Reuters) - Jeffrey Feltman, the top U.S. diplomat for the Middle East, is expected to leave the ...
Mon, May 21, 2012
Amid criticism, nuclear chief Jaczko resigns
By Roberta Rampton
WASHINGTON (Reuters) - Gregory Jaczko, chairman of the U.S. Nuclear Regulatory Commission, said on Monday that he would resign, following a ...
Mon, May 21, 2012
Supreme Court to hear government eavesdropping appeal
By James Vicini
WASHINGTON (Reuters) - The Supreme Court agreed on Monday to hear an Obama administration appeal arguing that attorneys, journalists and human rights ...
Sun, May 20, 2012
Michelle Obama shows South Side of Chicago to first ladies
By Michael Hirtzer
CHICAGO (Reuters) - Michelle Obama showed off her neighborhood on the South Side of Chicago to some NATO visitors on Sunday, taking ...
Sun, May 20, 2012
U.S. banking laws unable to stop JPMorgan loss: Republican Boehner
WASHINGTON (Reuters) - U.S. banking reforms could not have prevented JPMorgan Chase & Co's trading losses, and those involved in the activities that went awry should be held accountable, U.S. House of Representatives Speaker John Boehner said in an interview aired on Sunday.
"I don't believe there's anything in Dodd-Frank (financial reform law) that would've prevented this activity at JPMorgan," said Boehner, the top Republican U.S. officeholder. He made the comments Friday in an interview for ABC's "This Week."
Last week JPMorgan disclosed that it has suffered at least $2 billion in losses due to trades that went bad. The losses from derivatives trading could widen and have placed pressure on the bank to explain what happened as lawmakers and regulators tussle over rules for Dodd-Frank enacted two years ago.
"There's no law against stupidity. No law against stupid trades," said Boehner.
"And as long as depositors' money wasn't at risk and as long as there's no risk of a taxpayer bailout, they should be held accountable by the market and their shareholders," he said.
The 2010 Dodd-Frank financial oversight law was enacted in response to the financial crisis includes the Volcker rule, which bans banks from making speculative bets with company money. But it includes an exemption for trades done to hedge risk.
Since the Wall Street giant announced the $2 billion dollar snafu, Democrats have shown more unity and have said it underscores the need for tougher bank regulation. Congressional Republican lawmakers, many who voted against Dodd-Frank and have sought to repeal the law, have been more splintered in their response to JPMorgan's losses.
"There are big problems for this law, and it needs-- it needs some big changes," Boehner said, when asked if he maintains his position that Dodd-Frank should be repealed.
The Obama administration has avoided criticizing the bank, instead cautioning the losses highlight the need to protect taxpayers with tough financial regulation.
JPMorgan's losses have given regulators a renewed argument for tightening controls on big banks and has placed a focus on whether financial firms should be required to hold more capital to cushion possible losses.
Jamie Dimon, JPMorgan's chief executive officer, has been a critic of increased regulation. He has made a name for himself among Wall Street executives as JPMorgan has become the largest and most profitable U.S. bank.
(Reporting By Margaret Chadbourn; Editing by Jackie Frank)
Sun, May 20, 2012
NATO endorses strategy to end Afghan war but risks remain
By Matt Spetalnick and Missy Ryan
CHICAGO (Reuters) - NATO set an "irreversible" course out of Afghanistan on Monday but President Barack Obama admitted the ...
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