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Re: Wall Street Shrugs as JPMorgan Trades Lop Off $27 Billion

By: killthecat in FFFT | Recommend this post (0)
Mon, 11 Jun 12 7:55 PM | 36 view(s)
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Msg. 43360 of 65535
(This msg. is a reply to 43359 by clo)

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Clo:

They will investigate JP Morgan's losses, and not the counter-parties who profited.

I fear banks are becoming vehicles for scumbags to use, and loot and bailout on occasion. Private equity, hedge funds, and filthy rich individuals are now in the driver's seat.


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The above is a reply to the following message:
Wall Street Shrugs as JPMorgan Trades Lop Off $27 Billion
By: clo
in FFFT
Mon, 11 Jun 12 7:35 PM
Msg. 43359 of 65535

Wall Street Shrugs as JPMorgan Trades Lop Off $27 Billion

By Max Abelson - Jun 11, 2012 9:50 AM ET

JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon plans to testify before Congress this week about his firm’s $2 billion trading loss. His Wall Street colleagues don’t understand why.

(This scumbag offers the quote of the day...clo)

“Occasional losses are inevitable,” said Blackstone Group LP (BX)’s Stephen A. Schwarzman, 65, CEO of the largest private- equity firm. “Publicly excoriating JPMorgan serves no purpose except to reduce people’s confidence in the financial system.” 

The loss has sliced $27 billion from JPMorgan’s market value since the May 10 disclosure, while triggering at least five federal probes and two Capitol Hill hearings scheduled with Dimon. It also renewed debate about whether curbs on trading by bankers were tightened enough after their wrong-way bets pushed the system to the brink of collapse in 2008.

more:
http://www.bloomberg.com/news/2012-06-10/wall-street-shrugs-as-jpmorgan-trades-lop-off-27-billion.html


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