May 22, 2012:
On Tuesday, (Sen.) Corker called the trading loss a "blip on the radar" of J.P. Morgan's financial statements and warned against new rules that could end up "making these highly complex organizations even more risky than they already are." (source: The Wall Street Journal)
June 12, 2012:
Over the past two weeks, the cost of providing that protection has jumped by about $1 billion for every $100 billion of protection, which could put JPMorgan's losses as high as $8 billion. Just a few weeks ago, sources were telling CNNMoney that the losses could be in the $6 billion to $7 billion range. (source: CNN Money)
June 13, 2012:
"It's not about Congress worried about whether JPMorgan is going to make it or not — I mean, this is a blip on the radar screen," (Sen. Corker) said on CNN’s "Starting Point."
"This is not about the bank being in trouble. I mean, $2 billion is less than two months' worth of earnings at JPMorgan. It's a well-capitalized institution," Corker said. (source: The Hill)
Senator Corker, the next time the GOP attempts to defund public media like NPR and PBS, I'd like to hear you oppose the attempt. After all, if $8 billion is a blip on the radar screen, what's $451 million? A sixteenth of a blip?
H. R. 589 would have cost about $16 billion - or, using Senator Corker's math, two blips.
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