Friday, May 11, 2012

What learning curve?

JPMorgan Trading Loss Suggests Little Has Changed Since The Financial Crisis

JPMorgan Chase CEO: I Have No Idea Whether We Broke The Law
(Best quote so far, my bold)
NEW YORK -- JPMorgan Chase CEO Jamie Dimon says he does not know whether the bank broke any laws in the surprise $2 billion loss by one of its trading groups. In an interview with NBC's "Meet the Press," Dimon says regulators should look at the matter.
What? NOW you want regulators to do their job? AFTER you've lost 2 BILLION, BILLION with a B dollars?? Because you don't know if losing 2 BILLION dollars on "from risky bets on opaque derivatives at a London trading desk" was the thing to do or not? Do you know where that 2 BILLION dollars went to, sir? ... Do you know how much good 2 BILLION dollars could do for our schools and communities and infrastructure and elderly and students and everybody? Just don't ask the US taxpayer to bail you out again. And don't try to make up the loss by overcharging on student loans or sneaking unnecessary fees into checking accounts or screwing over desperate mortgage holders. Make up the loss out of your fucking bonuses.


Steve Bates said...

Just look at Obama's cabinet and abandon all hope. Yes, I'm voting for the guy, but with eyes wide open to the fact that Wall Street OWNS this administration... and the next, no matter who wins the presidency.

If it weren't for issues of women's rights, I might not even bother voting. :-(

ellroon said...

Yes. You start with the fact we are voting for politicians, electable prostitutes by any other name who rate just above used car salesmen. Then you realize they've all sold their souls to one corporation or another... so you vote for the one who will do the least amount of harm. And keep praying that somewhere somehow we will free ourselves from this ugly morass of elected officials and get someone who really does love America....

Ole Phat Stu said...

JPM loss implies someone else/ other people made a 2 Billion profit. But they are keeping their mouths shut ;-)

ellroon said...

Someone more greedy and more amoral than a bank? How could this be?