JPM’s 2B loss is just the preliminary number
Dimon didn’t disclose this “paltry” 2B investor loss because he was ethical.
Three Top Executives didn’t resign on account of a 2B loss.
Dimon disclosed and those three resigned to try and get ahead of the impending “disaster” (Dimon’s words)!
“It’s not often that a huge company calls an emergency teleconference on short notice to discuss an intra-quarter trading loss that’s equivalent to only 1 percent of shareholder equity. So when a Deutsche Bank AG stock analyst asked Dimon why the company had disclosed it at all, the answer was bound to be revealing.
“It could get worse, and it’s going to go on for a little bit unfortunately,” Dimon replied. The meaning was clear. Worse could mean disastrous.”
Dodd/Frank is a step in the right direction and redresses some of the inherent problems in the self regulating banking sector but the bankers will still have far too much input and being as they say themselves, far too smart they will find ways to circumvent the regulations if enacted.
High priced lawyers tasked with ways around it will kick into action when the billion dollar lobby efforts cease.
They will find new and novel ways of ripping off an unsuspecting public but the smarter people no longer have faith in them so only people that buy the advertising promoting them, the political advertising of the party that wants to give them an open field to free-range loot the economy and cause a 4th worldwide depression so the hapless public becomes acceleratingly poorer see $trillions more absorbed into the bank accounts of the rich, who will force up profit by buying and then sell and insurance against the market as they did in the 2008 crash.
Inside knowledge tips them off to the scam nature of what is being offered for sale and the same inside knowledge tells them when to get out and sell to the frenzied middle class buyer and take out insurance on national failure and chaos.
Case in point is Eric Cantor’s multimillion dollar hedge on a failing economy that saw his personal wealth skyrocket betting against America and the American people. (A true patriot if patriotism = greed and avarice).
The truth is that time has come to revisit Glass/Steagal and even toughen up those regulations to the point of crafting a constitutional amendment based on American and world financial security against banking terrorism because Wall Street did infinitely more damage than 9/11 and the aftermath war for greed in Iraq could ever conceivably dream of doing.
Governments are falling like 9 pins worldwide and the people are in pitchfork mode, having realized they’ve been ripped off. Duped and sold out by the bank parties that pretend at democracy in most western nations.
There is a crying out for real mixed market socialism spreading like a “prairie wildfire” around the world.
The OWS message is international and whole governments are feeling the wrath of the new poor asked to give far more to bail out the banks, austerity profits those that have most of the wealth on the backs of those that have least, yet Mitt Romney wants to repeal regulations, cut food stamps to the victims of laissez faire corporate greed, cut the safety net, benefits, access to affordable healthcare and cheaper medicine and on.
Expect the revolution to kick into overdrive if the billion dollar Wall Street new darling is elected because they, in spite of record profits under the Obama administration want quicker access to your money.
– anothervoice2 & outlandish