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Expert Says Banking – As We Know It- May Have to Change


A Bend financial advisor brings some perspective to the recent $2-billion loss by J.P. Morgan Chase.  Chief Executive Jamie Dimon will face Congressional questioning next week about the bank's huge loss.  Bend financial advisor Troy Reinhart says this shows it may be time to think about separating banks, insurance companies and investment firms.  “Part of the question this continues to bring up is: have we reached a point that we have to go back to the old Glass-Siegel Act, of the Depression, where banks are banks, investment companies are investment companies, insurance companies, are insurance companies, because some of these investment vehicles are getting so complicated.  I don’t think that Jamie Dimon went out and tried not to manage his risk right. But it became so complicated, there’s an added layer of risk because you may not know exactly what your risk is. And I think we found that in 2008 with mortgages.”  Dimon is expected to testify at the Senate Committee hearing, which is  part of the  oversight process of the 2010 Dodd-Frank Financial Reform law.  The hearing was initially scheduled for June 7th, but had to be rescheduled.


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