WASHINGTON (MarketWatch)
President Obama's spokesman Jay Carney on Monday
said J.P. Morgan's $2 billion trading loss reinforces the need for the
Dodd-Frank bank reform law and for its full implementation
"Ever since it's
passed, there's been millions and millions of dollars spent by Wall Street
lobbyists to try to water down, delay and render ineffective the rules that need
to be put into place
The President has fought back
And I think that this event
merely reinforces why the President was right to take on this fight and why we
still need to make sure it's implemented," Carney told reporters on Air Force
One, according to a transcript provided by the White House
When asked, he
didn't say whether J.P. Morgan CEO Jamie Dimon was among those who resisted Wall
Street reform
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