Dimon also seems like he is trying to knock down the foundations of the Volcker Rule.
FORBES: Dimon Speaks Truth On Lending And Subtly Attacks Volcker Rule
However, JPMorgan led the effort to gut the Volcker Rule and the provision that requires transparency.
This is the reason for capital requirements and the Volcker Rule, which tries to restrict risk-taking.
More specifically, the most sticking inclusions in the Volcker Rule is the complete ban on proprietary trading.
FORBES: Goldman Takes A Creative Compliance Approach To Volcker Rule
She looked at lobbying activity involving the four regulators that would have responsibility of writing the Volcker Rule.
One of the tricks to implementing the Volcker rule will be in interpreting what exactly proprietary trading is.
The Volcker Rule, named after Federal Reserve Chairman Paul Volcker, restricts banks from trading on their own behalf.
FORBES: Top JPMorgan Prop Trader Leaves To Launch Hedge Fund
If confirmed, the Volcker rule "is one thing I'm going to turn my personal attention to, " Ms. White said.
To wit: the thousands of pages piling up from the solutions of Sarbanes-Oxley, the Volcker Rule and Dodd-Frank.
The draft regulations of the Volcker Rule allow such faux hedges because JPMorgan lobbied to render the rule useless.
JPMorgan is the world's largest proprietary purchaser of financial derivatives -- precisely what the Volcker Rule sought to end.
The Volcker rule, named after former Fed Chairman Paul Volcker, hasn't been implemented.
Further, more uncertainty exists for Goldman and its rivals around the Volcker Rule.
We're not walking away from what the President outlined on the Volcker rule.
The Volcker rule, which puts limits on banks' ability to invest capital in alternative assets, could also help Blackstone.
The President mentioned the Volcker rule -- didn't say the Goolsbee rule or the Summers rule or anybody else's rule.
In addition, he also appears to use the letter to build the foundation for an argument against the Volcker Rule.
FORBES: Dimon Speaks Truth On Lending And Subtly Attacks Volcker Rule
"We do think the Volcker rule address a core concern we had with proprietary trading by banking entities, " says Barr.
The Volcker Rule prohibits banks from owning a division (like prop trading) that makes speculative bets with the banks own capital.
"Anything that has a prospect of limiting the Volcker rule would have an impact, " said an executive at a major U.S. bank.
The Volcker rule could particularly hamper smaller European nations seeking to borrow money by issuing sovereign debt, said one Wall Street executive.
The Volcker rule is being crafted by five regulators, including the Fed, the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Trading desks are still speculating wildly with derivatives and the Volcker rule that was intended to stem abuses has yet to be implemented.
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JPMorgan asserts that these inherently unsafe and unsound anti-hedges are "hedges" as that term is defined in the draft regulations implementing the Volcker Rule.
In addition to this, the Volcker rule is expected to further tighten control on the ability of banks to use their capital for proprietary trading.
In a note last week Schorr said the Volcker Rule would impact investment banking giant Goldman Sachs the most followed by Morgan Stanley.
New legislation to replace the Dodd-Frank provision that mandates the Volcker rule is unlikely to pass a divided Congress in the lead-up to presidential elections.
Still, the massive law's iconic centerpiece, the Volcker Rule, doesn't exist.
The defenders of the Volcker rule point out that trading in foreign sovereign bonds played a central role in bringing down MF Global Holdings Ltd.
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