Reid Says JP Morgan Should ‘Take Their Business to Las Vegas’

May 15, 2012 6:01pm

Senate Majority Leader Harry Reid, D-Nev., suggested today that JP Morgan “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 today. “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 JP Morgan Chase CEO Jamie Dimon but that “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 JP Morgan.

“It’s important that we have a fully functioning Fed,” Reid said,  “The Fed, whose responsible for drawing up those rules, should have been done a long time ago.”

Senate Minority Leader Mitch McConnell, R-Ky., said today 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.

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