JPMorgan Chase's recent surge into the limelight has caused a lot of controversy. According to an article in the Huffington Post, JPMorgan's whale trades tipped the scale for the bank, and now the only choice is to reduce the mega bank's size.
We see a federally insured bank gambling recklessly in clear violation of the letter and spirit of the law. Although it was not the committee's intent, the report makes an overwhelming case that JP Morgan Chase is far too big to regulate or even manage. That points us to only one sane and rational response -- shut it down.
The criticism arrived as Federal Reserve Bank of Dallas President Richard Fisher publicly called for a break up of the big banks.