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Jpm's Incident Helps to Make Case Stronger for Reform - Geithner

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The loss of $2 bln in trading at JPMorgan strengthens case for reforms of the financial system - Geithner
He expressed confidence that U.S. financial reforms would "come out as tough and effective as they need to be."
He also said that he haven't spoken to CEO of JPM< but said treasury will take a closer look at the incident

Quotes

"I think this failure of risk management is just a very powerful case for ... financial reform."

"The test of reform is not whether you can prevent banks from making mistakes ... the test of reform should be do those mistakes put at risk the broader economy, the financial system or the taxpayer?"

Timothy Geithner, U.S. Treasury Secretary

Published: 2012-05-15 15:30:00 UTC+00

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May 25 at 12:18 UTC