J P Morgan Chase announces that it has lost $2 billion dollars in the past few weeks and it expects to lose $1 billion more.
Well, so much for "Lessons learned."
So much for the belief that "We don't need more regulation."
It should be obvious that bankers are not only greedy; they are stupid too.
But how can that be? Banks are a cornerstone of 'the private sector' which never gets it wrong.
Oh, yeah.
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Well, that's the nature of speculation. The company has plenty of money to spare. And some else made the money that Chase lost. This whole thing has been overblown.
ReplyDeleteYou call it speculation, Frank, I call it gambling.
ReplyDeleteJamie Dimon called it 'stupid' and people have been fired or 'resigned' for their stupidity.
This was about derivatives which few can understand and explain. I bet you can't tell who the someone else is that 'made the money Chase lost.' Or how much they made.
This kind of activity is not the traditional work of banks. Since the overturn of the Glass-Stegall Act, a great deal more dangerous risk is loose in the marketplace.