Tricky For Obama

In its statement to TPM a short time ago, the Obama campaign knocked Mitt Romney’s opposition to financial reform but stopped short of tying him to the JP Morgan mess, or even mentioning it specifically. That’s because the JP Morgan losses are a very sticky issue for the Obama administration. Financial regulatory reform was intended to prevent the kinds of trading JP Morgan was engaging in, but the rules as written by Obama administration regulators may not actually prohibit it, as JP Morgan CEO Jamie Dimon was quick to point out yesterday. Brian Beutler explains.