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The chamber is an important voice in Washington for the business community. A different view of the potential outcome for JPMorgan came fromMichael Platt, co-founder and chief executive officer of BlueCrest Capital Management in London . He told Bloomberg Television on Monday that if Europe s debt problems worsen, JPMorgan s potential losses couldincrease. If we end up with a catastrophe in Europe in the short run,they re probably not [trading] positions that anyone would want tohave, Mr. Platt said. JPMorgan CEO Jamie Dimon , speaking at a conference Monday organized by Deutsche Bank , said the firm is making progress in limiting the damage. And thebank s balance sheet was barely nicked by the losses,according to a report from Bloomberg News . At the Monitor breakfast, the chamber president criticized what hesaid was the Obama administration s aggressive response to JPMorgan s announcement of majortrading losses. Immediately after Jamie s guys announced this problem, theadministration went hammer and tongs after these guys .. tellingpeople they were going to do more than even what Dodd-Frank did, Donohue said. Dodd-Frank is federal banking-reformlegislation passed in 2010 in the wake of the financial crisis. In his weekly radio address on Saturday, President Obama talkedabout the situation at JPMorgan without mentioning the bank byname. We found out that a big mistake at one of our biggest banksresulted in a $2 billion loss, Mr. Obama said. While that bankcan handle a loss of that size, other banks may not have been ableto. And without Wall Street reform, we could have found ourselves with the taxpayers onceagain on the hook for Wall Street s mistakes. The president used the JPMorgan situation to push back against Republicans and members of the business community who are seeking to weakenimplementation of Dodd-Frank, including the so-called Volcker rule,which limits banks ability to make speculative securities tradesfor their own portfolio. For the past two years, too many Republicans in Congress and anarmy of financial-industry lobbyists have actually been waging anall-out battle to delay, defund, and dismantle Wall Streetreform, Obama said in his radio address. Donohue on Monday was caustic about the Volcker rule. The Volckerrule is 270-some pages, and if you gave it to six experts on thesubject, they would come back with seven interpretations of what itmeans, he said. Still, the chamber executive granted the need to keep watch on thebiggest banks. I do believe that it is important to look at thesevery big banks, he said. But Donohue stressed the need to weighthe impact of both domestic regulation and new international rules,called Basel III, which require banks operating overseas to holdmore capital. JPMorgan is taking steps to prepare for these new internationalregulations, Mr. Dimon said Monday. Since businesses rely on banks for funding, we have to be verycareful that we deal with this in a prudent way and we don t do itbecause we are mad, Donohue said. Otherwise, by the time you get finished with all of this, youcould have one of these deals where the banks take all the moneythey have and put it in the vault and [don t] want to lend any ofit, Donohue said, noting that he was exaggerating to make hispoint. We are high quality suppliers, our products such as Feed Mixing Machine , China Dry Cleaning Machinery for oversee buyer. To know more, please visits Pellet Machine Parts.
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