Matt Taibbi, contributing editor at Rolling Stone, and Felix Salmon, finance blogger at Reuters, analyze developments relating to JPMorgan’s $2 billion trading loss with “Viewpoint” host Eliot Spitzer. Taibbi and Salmon agree JPMorgan’s risk-taking has broad implications. “JPMorgan Chase takes deposits in from every single mom and pop, and small business and large business, in the world, and the President of the United States,” Salmon says. “They’re a utility bank and it is their job and their duty … to take those deposits and lend them out into the economy. And what do they do instead? They take $360 billion and put it in a hedge fund in London.”
