JPMorgan suffers big loss. Oopsie!

[g5000]

Um, if you bother to read the article, the bank is profitable, the loss was in this one division.

Ever hear of AIG? It was just one division that brought it down: AIGFP. The rest of AIG was profitable, too.

 

[g5000]

I'm not expert, but did Dimon say this was 'mark to market'? What gets MTM?

Whatever they can talk the regulators into. It's an accounting trick.

 

[CrusaderFrank]

Um, if you bother to read the article, the bank is profitable, the loss was in this one division.

and those CEOs sure fucked up huh?

so much for your CEOs are perfect people shit huh?

I never said CEO's were "perfect" I said it's funny talking about CEOs with people who have no idea what a CEO does.

Also, Jamie performed perfectly as CEO here, but again, you'd have to know what a CEO does in order to appreciate it

 

[CrusaderFrank]

Um, if you bother to read the article, the bank is profitable, the loss was in this one division.

Ever hear of AIG? It was just one division that brought it down: AIGFP. The rest of AIG was profitable, too.

Read the article, then we'll talk

 

[CrusaderFrank]

I'm not expert, but did Dimon say this was 'mark to market'? What gets MTM?

Whatever they can talk the regulators into. It's an accounting trick.

Actually, they'd want to avoid MTM at all costs.

 

[g5000]

Um, if you bother to read the article, the bank is profitable, the loss was in this one division.

Ever hear of AIG? It was just one division that brought it down: AIGFP. The rest of AIG was profitable, too.

Read the article, then we'll talk

Dude. I have been following this particular trading division since before you even heard of them. Everyone has been waiting for the shoe to drop.

It might be news to you, but it is neither news nor a surprise to me.

This is representative of the prevailing attitude on Wall Street which has not changed one whit, despite their crashing of the world's economies. Wall Street is operating EXACTLY as it did before. They have changed nothing about their operations.

That is the big picture you are missing. This is about more than this particular $2 billion loss.

That is why I highlighted Dimon's green light to massive speculation. You think this division is the only one he gave that green light to?

Don't be a sucker. Again.

 

[Mr. Peepers]

You idiots should read the articles you link to

Jesus

I did read the article I posted. Did you?

 

[zeke]

Dude. I have been following this particular trading division since before you even heard of them. Everyone has been waiting for the shoe to drop.

It might be news to you, but it is neither news nor a surprise to me.

This is representative of the prevailing attitude on Wall Street which has not changed one whit, despite their crashing of the world's economies. Wall Street is operating EXACTLY as it did before. They have changed nothing about their operations.

That is the big picture you are missing. This is about more than this particular $2 billion loss.

That is why I highlighted Dimon's green light to massive speculation. You think this division is the only one he gave that green light to?

Don't be a sucker. Again.


As proven over and over, greed is a powerful motivaator.

And when you have a group of power politicians in Congress protecting you from regulation and oversight, well......what's a poor trader to do but bet the farm. Especially when playing with other peoples money.

Done it before, made a lot of money, didn't go to jail, why not try it again.

I luv the vision of America the rethugs represent. Casino like. Why can't we all be millioniare's like Mitt?? Little less regs, little more coruption, hey, it's all among "friends".

I like the plutocracy we live under. Dem people's crazy. Funny all the time. But don't tax em more. They are (as spoken by God) the "JOB CREATORS".
15% ain't low enough.

But 20 years in jail might be long enough.

 

[boilermaker55]

Lets see what JP Morgan does with CEO Jamie Dimon. Will they take some of his salary or will the fire him and keep his bonus?
But loose $2 billion and get a bigger bonus. That is what the banks do when things like this happen. How do you recoup $2 billion , hell fire the workers under him. That is how to pay for Dimon's bonus.

 

[Contumacious]

Here we go again...

JPMorgan trading unit suffers big loss - May. 10, 2012

The "Constitution" of the welfare/warfare state requires that taxpayers bail them out.

Write a check.

Read about how the bankers know they got US presidents by the balls

In Banks We Trust
Penny Lernoux

.

 

[Mustang]

Here we go again...

JPMorgan trading unit suffers big loss - May. 10, 2012

Another Talking Heads moment.

 

[waltky]

Big banks under fire after JPMorgan fiasco...

Calls to toughen regulation follow JPMorgan loss
Fri, May 11, 2012 WASHINGTON (AP) — JPMorgan Chase faced intense criticism Friday for claiming that a surprise $2 billion loss by one of its trading groups was the result of a sloppy but well-intentioned strategy to manage financial risk.

More than three years after the financial industry almost collapsed, the colossal misfire was cited as proof that big banks still do not understand the threats posed by their own speculation. "It just shows they can't manage risk — and if JPMorgan can't, no one can," said Simon Johnson, the former chief economist for the International Monetary Fund. JPMorgan is the largest bank in the United States and was the only major bank to remain profitable during the 2008 financial crisis. That lent credibility to its tough-talking CEO, Jamie Dimon, as he opposed stricter regulation in the aftermath.

But Dimon's contention that the $2 billion loss came from a hedging strategy that backfired, not an opportunistic bet with the bank's own money, faced doubt on Friday, if not outright ridicule. "This is not a hedge," said Sen. Carl Levin, D-Mich., chair of a subcommittee that investigated the crisis. He said the trades were instead a "major bet" on the direction of the economy, as published reports suggested. On Friday, Dimon told NBC News, for an interview airing Sunday on "Meet the Press," that he did not know whether JPMorgan had broken any laws or regulatory rules. He said the bank was "totally open" to regulators.

The head of the Securities and Exchange Commission, Mary Schapiro, told reporters that the agency was focused on the JPMorgan loss but declined to comment further. JPMorgan's disclosure Thursday recharged a debate about how to ensure that banks are strong and competitive without allowing them to become so big and complex that they threaten the financial system when they falter. The JPMorgan loss did not cause anything close to the panic that followed the September 2008 failure of the Lehman Brothers investment bank. But it shook the confidence of the financial industry.

Within minutes after trading began on Wall Street, JPMorgan stock had lost almost 10 percent, wiping out about $15 billion in market value. It closed down 9.3 percent. Fitch Ratings downgraded the bank's credit rating by one notch, while Standard & Poor's cut its outlook JPMorgan to "negative," indicating a credit-rating downgrade could follow. Morgan Stanley and Citigroup closed down more than 4 percent, and Goldman Sachs closed down almost 4 percent. The broader stock market was down only slightly for the day. Dimon gave few details about the trades Thursday beyond saying they involved "synthetic credit positions," a type of the complex financial instruments known as derivatives.

MORE

 

[Old Rocks]

Ah yes, but don't even dare mention the word, regulation. Some of these perps should be headed for the federal pen.

 

[HUGGY]

It's obviously Obummers fault!

 

[RightWingFerret]

and why isnt the "Obama IRS" up the asses of Rangel,Sloyndra,Corzine,Raines and the rest? and god forbid you dont buy health insurance, Obama will send Holder to your home,,,gun in hand!

 

[Mad Scientist]

It's obviously Obummers fault!

Actually, it is!:
Why Can't Obama Bring Wall Street to Justice? - The Daily Beast

According to the Transactional Records Access Clearinghouse, a data-gathering organization at Syracuse University, financial-fraud prosecutions by the Department of Justice are at 20-year lows. They're down 39 percent since 2003, when fraud at Enron and WorldCom led to a series of prosecutions, and are just one third of what they were during the Clinton administration.

 

[tinydancer]

It's obviously Obummers fault!

Actually, it is!:
Why Can't Obama Bring Wall Street to Justice? - The Daily Beast

According to the Transactional Records Access Clearinghouse, a data-gathering organization at Syracuse University, financial-fraud prosecutions by the Department of Justice are at 20-year lows. They're down 39 percent since 2003, when fraud at Enron and WorldCom led to a series of prosecutions, and are just one third of what they were during the Clinton administration.

The top DOJ officials are all Obama bundlers with strong Wall Street ties. This administration is criminal.

" Unprecedented: Top DOJ Officials Were Obama Bundlers with Wall Street Ties"

Four of the top officials at the Department of Justice were all big money fundraisers for President Obama’s 2008 campaign with strong ties to Wall Street—the very entity the Obama Administration has said must be criminally prosecuted for bringing about the biggest financial crisis in U.S. history.

Unprecedented: Top DOJ Officials Were Obama Bundlers with Wall Street Ties

 

[Flopper]

In 2000, 75% of JP's profits came from non-traditional banking, essential trading. In an attempt to control risk, they spent large sums to develop risk management tools tuned to the markets. In essence they were searching for the key to high profits and low risk that they could computerize so a single indicator would show the degree of risk being assumed across all parts of corporation. Using this indicator, a trading manager could then determine the degree of risk to be taken. The problem was of course, you can not design an algorithm based on what you don't know, only what you do know and the market is constantly revealing to use all kinds of thing we don't know JP was wrong in 2007 and they were wrong in 2012. Because of the size of JP, they have to rely on computers to tell them the degree of risk to assume.

I suspect that JP as well some of the other giants will continue to crash and burn as long as they keep chasing after the golden fleece. If they crash big enough, we'll be right back where we were in 2007, bailing out these mega corps that are too big too fail. We simply can't allowed these corporations to grow so large that they can bring down the whole economy.

 

[Contumacious]

Here we go again...

JPMorgan trading unit suffers big loss - May. 10, 2012

The "Constitution" of the welfare/warfare state requires that taxpayers bail them out.

Write a check.

Read about how the bankers know they got US presidents by the balls

In Banks We Trust
Penny Lernoux
.

 

[uscitizen]

So how many at JP MOrgan will lose their jobs over this? 1?