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

By: oldCADuser in FFFT | Recommend this post (2)
Mon, 11 Jun 12 8:01 PM | 42 view(s)
Boardmark this board | Food For Further Thought 		Msg. 43361 of 65535
(This msg. is a reply to 43359 by clo)
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Clo,

The problem with most Wall Street CEO's now is that they are assured of a comfortable, if not highly wealthy future for themselves and their families WITHOUT actually having their companies being successful or delivering to their clients what they had expected for their investments.

In other words, even if a company like JP Morgan, or the Blackstone group for that matter, fails to make any money for their investors or customers, the CEO's will still be compensated sufficiently so as to remain part of the 1%, so why should they get all bent out of shape over something like loses and strategic screw-ups?




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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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