(WASHINGTON) — Senate Majority Leader Harry Reid, D-Nev., suggested Tuesday that JPMorgan “take their business to Las Vegas,” after the bank’s $2 billion loss stemming from bad trades.
“Because it’s just a gamble,” the Nevada senator said Tuesday. “It’s one of the things that’s clear that they were betting like they would do at a crap table in Las Vegas. And they bet the wrong way….If they make a bad bet Uncle Sam is there. We’ve got to stop that.”
Reid said he has great respect for JPMorgan Chase CEO Jamie Dimon, but “this is a bad deal.”
The majority leader is expected to force a vote, perhaps as early as this week, on two nominees to the Federal Reserve Board, a move influenced in part by the trading loss at JPMorgan.
“It’s important that we have a fully functioning Fed,” Reid said, “The Fed, who’s responsible for drawing up those rules, should have been done a long time ago.”
Senate Minority Leader Mitch McConnell, R-Ky., said Tuesday that it is his impression that there is “bipartisan support” for both nominees in the Senate despite Sen. David Vitter’s, R-La., objection to a full vote in the Senate.
Copyright 2012 ABC News Radio
Susie East, CNN
Jethro Mullen Ivana Kottasova and Patrick Gillespie, CNN
Matt Egan, CNN
Cristina Alesci Seth Fiegerman and Charles Riley, CNN