Obama Says JPMorgan Loss Shows Need for Tighter Rules
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President Barack Obama said the specter of a well-run bank such as JPMorgan Chase & Co. suffering a $2 billion trading loss demonstrates the need for closer regulation of the financial services industry.
On a day he raised cash from Wall Street donors at the New York apartment of Blackstone Group LP President Tony James and his campaign took aim at Republican Mitt Romney’s private-equity experience, Obama extolled free-market capitalism and risk taking while also arguing that tough Wall Street rules are needed to protect taxpayers and the banking industry.