JP Morgan can't win for losing. Whether it takes a big hit or makes a huge profit, the left uses Morgan as a whipping boy to justify further government intrusion in the markets. In June 2011, for example, ThinkProgress blasted Morgan for making a profit:
JP Morgan Records Largest Profit Ever, While Community Devastated By Its Predatory Lending Sheds 1,000 Workers
Think Progress used that claim to rail against efforts "to slow down the regulation of derivates [sic]."
This week, ThinkProgress blasted Morgan for having taking a $2 billion loss from a failed hedge:
JPMorgan Chase CEO Jamie Dimon announced on a conference call yesterday that the bank suffered $2 billion in losses from a risky trade that turned sour. The trade dents Dimon’s case that Wall Street can responsibly manage itself and yet again proves the need for a strong Volcker Rule, which could largely ban such risky trades at federally-insured institutions.
In other words, the left will find a reason to regulate business whether that business is making or losing money. No wonder our economy is drowning in red tape.
