Trajan
conscientia mille testes
so where does that leave us? Dodd-Frank? Nope won't get it done, they broke up Ma Bell, maybe its time to break up the 4 biggest banks?
free article, read on...
JPMorgans Follies, for All to See
By GRETCHEN MORGENSON
Published: March 16, 2013
Thats the takeaway for both investors and taxpayers in the 307-page Senate report detailing last years $6.2 billion trading fiasco at JPMorgan Chase. The financial system, thanks to dissembling traders and bumbling regulators, is at greater risk than you know.
After bailing out the nations banking system in 2008, taxpayers and investors have been assured that such a crisis will not happen again. The Dodd-Frank legislation was supposed to make our system safe from the kinds of reckless banking activities that brought the economy to its knees.
The Senate report disproves this premise with vigor.
Its pages of e-mails, testimony, telephone transcripts and analysis show that traders in the banks chief investment office hid money-losing derivatives positions, if only temporarily; that risk limits created by the bank to protect itself were exceeded routinely; that risk models were changed to minimize losses; that bank executives misled investors and the public; and that regulations are only as good as the regulators enforcing them.
please read the rest-
http://www.nytimes.com/2013/03/17/b...e-in-a-senate-report.html?pagewanted=all&_r=0
free article, read on...
JPMorgans Follies, for All to See
By GRETCHEN MORGENSON
Published: March 16, 2013
Thats the takeaway for both investors and taxpayers in the 307-page Senate report detailing last years $6.2 billion trading fiasco at JPMorgan Chase. The financial system, thanks to dissembling traders and bumbling regulators, is at greater risk than you know.
After bailing out the nations banking system in 2008, taxpayers and investors have been assured that such a crisis will not happen again. The Dodd-Frank legislation was supposed to make our system safe from the kinds of reckless banking activities that brought the economy to its knees.
The Senate report disproves this premise with vigor.
Its pages of e-mails, testimony, telephone transcripts and analysis show that traders in the banks chief investment office hid money-losing derivatives positions, if only temporarily; that risk limits created by the bank to protect itself were exceeded routinely; that risk models were changed to minimize losses; that bank executives misled investors and the public; and that regulations are only as good as the regulators enforcing them.
please read the rest-
http://www.nytimes.com/2013/03/17/b...e-in-a-senate-report.html?pagewanted=all&_r=0