When JPMorgan Chase announced a $2 billion trading loss a few weeks ago, it was seen by many as a warning shot -- notice that practices at big financial institutions can still, despite the lessons of the financial crisis, produce a toxic mix. Lawmakers continue to wrangle over the best way to moderate the systemic risk caused by financial institutions that are "too big to fail," and top banks have only grown larger since the crisis. What if several banks had big troubles at the same time? Could the ripple effects swamp the innocent, as they did a few years ago?
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