Sarcasm alert: Now that JPMorgan Chase has reported a $2 billion loss on derivatives trading, I'm sure we can all agree it's a good thing the Republicans have fought greater oversight of these complex, high-risk investments.
JPMorgan says it lost the huge wad of cash in a grading group designed to manage the firm's own money. Chief Executive Jamie Dimon called the trading "egregious" and poorly monitored.
Not to belabor the point, but this sort of thing wouldn't have happened if our GOP friends hadn't responded to the near-collapse of the global financial industry by saying the answer is less regulation, not more.
The irony, of course, is that Dimon has been among the most vocal opponents of increased parental supervision.
And now he's got $2 billion worth of egg on his face.
"The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today," says Rep. Barney Frank (D-Mass.), Democratic leader of the House Financial Services Committee.
Despite the best efforts of the Obama administration, we still live in a too-big-to-fail world when it comes to heavyweight financial institutions. And, as has been demonstrated again and again, these guys simply can't be trusted to behave responsibly.
It's simple: If JPMorgan and the rest won't eat their broccoli, it's up to more grown-up figures to make sure they do.