Killers of Banks and Jobs | Richard W. Rahn | Cato Institute: Commentary

Killers of Banks and Jobs | Richard W. Rahn | Cato Institute: Commentary: "JPMorgan Chase, revealed that the bank had made a $2 billion-plus trading mistake. The bank has more than $2 trillion in assets and made a profit of about $20 billion last year. So it lost one-tenth of 1 percent of its assets and an amount equal to about 10 percent of its income for last year."

"Sen. Carl Levin immediately issued a press release calling for more bank regulation."

"about 20 percent, or $100 billion, of Medicare spending is fraudulent. Other estimates of Medicare fraud, including those of the U.S. government, range between $20 billion and $100 billion."

Why is Levin worried about a $2 billion loss that only affects JPMorgan Chase shareholders when there is $100 billion in Medicare fraud?