Political Junky
Gold Member
- May 27, 2009
- 25,793
- 3,990
- 280
lost a couple of billion dollars..
some American fortunes have evaporated.
Yes, isn't freedom from regulations grand?
Last edited:
Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
lost a couple of billion dollars..
some American fortunes have evaporated.
The $2 billion loss could grow since these things are usually understated by banks. Even so, the trading screw-up will barely register on JPMorgan Chase’s balance sheet. The firm is expected to report a $4 billion profit for the second quarter—after writing down the bad trade—and it has more than enough capital to handle the financial aftershocks that might occur.
Ah yes, but don't even dare mention the word, regulation. Some of these perps should be headed for the federal pen.
The main concern is that Dimon gets his $23,000,000. a year.So how many at JP MOrgan will lose their jobs over this? 1?
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.
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.
Regulation is a joke for these guys. Just as they are too big too fail, there're too big to regulate. Their lobbyist shape the laws and regulations. They choose their regulators in the way they organize their business. They create products that cross lines of business and are so complex, no one can figure out how to regulate them or determine their value. Anything they don't want regulated, they move off shore.lost a couple of billion dollars..
some American fortunes have evaporated.
Yes, isn't freedom from regulations grand?
FDIC insured banks should not be allowed to own, sell, hypothicate, borrow against or even look at these securities.
If you want to trade, use and lose your own money and leave me out of it
Agree with this one. Tearing down the firewall between investment banking in and commercial banking, is another reason why Greenspan should have been put in prison, and Reagan should be despised for supporting it.
This comingling of deposits and investment banking was one of the key causes of the Great Depression. Greenspan/Reagan were numskulls on that deregulation.