"Senator Bob Corker (R-JPMorgan), ranking member of the Senate Banking Committee, calls for whitewash and cover up of JP Morgan gambling transactions"
Well, that should be the latest headline news regarding government oversight of the latest banking scandal. Instead we hear "Senator Corker calls for hearing on JP Morgan trading loss". At first glance and to those who don't have time to dig a little deeper, this headline sounds like great news. Wow, even Republicans think this loss is so ugly and scandalous that a hearing is needed with resulting legislative reform.
Unfortunately, that is not Senator Corker's intentions. His purpose in calling for a hearing is to take extremely aggressive and pro-active action to insure that NO reform is enacted, in essence to whitewash this scandal as "business as usual" and really no big deal, that government oversight and regulation would not fix the problem, and to paint those calling for reform as extremists and socialists.
With these words in mind, watch this interview of Corker yesterday on Bloomberg TV (couldn't get embedded video to work):
http://www.bloomberg.com/...
Senator Corker is in a powerful position on the Banking Committee and should be the first politician calling for a true investigation and government oversight, with legislative reform as an urgent goal. Corker comes across as a soft spoken, reasonable, nice kind of guy, but in reality he represents, like all Republicans, only Wall Street and corporate interests and not the people of Tennessee.