Remember that whole thing a few years ago, something about how the banks ruined the housing industry, your employment prospects, your children’s employment prospects, and the entire country, really, and in turn got billions of dollars from the taxpayers and continue to rake enormous bonuses and pretty much set the economic policy of the entire nation? Think hard now — remember that? And remember how basically nothing happened to make sure that banks weren’t too big to fail, and how no one went to jail, and how the bankers kept making lots of money while we all went about trying to restore the pieces of our shattered lives? Do you find it “stunning” that such unaccountability acting in combination with the lack of serious financial regulations has meant that JP Morgan kept screwing around with synthetic credit default swaps and lost about two
What does it say about Wall Street that JP Morgan Chase is one of the last huge investment banks standing, and this guy rose to the top of that company?
If he's the best and the brightest, Lord help us from the worst!
No, if his bonus is reduced he can no longer be considered a job creator - think of all the strippers, prostitutes and drug dealers who will lose their jobs.
If Morgan Chase managed to make 2 billion through dodgy trading, nobody would hear about it, until management bonuses were announced. So the bankers either have to deal with the screaming pitchfork-wielding mob now, or at the end of the year.
General "Buck" Turgidson: Ahem... The Duty Officer asked General Ripper to confirm the fact that he *had* issued the go code, and he said, uh, "Yes gentlemen, they are on their way in, and no one can bring them back. For the sake of our country, and our way of life, I suggest you get the rest of SAC in after them. Otherwise, we will be totally destroyed by Red retaliation. Uh, my boys will give you the best kind of start, 1400 megatons worth, and you sure as hell won't stop them now, uhuh. God bless you all" and he hung up. [beat]
President Merkin Muffley: General Turgidson! When you instituted the human reliability tests, you *assured* me there was *no* possibility of such a thing *ever* occurring!
General "Buck" Turgidson: Well, I, uh, don't think it's quite fair to condemn a whole program because of a single slip-up, sir.
This started 20-years ago when pseudo economist Senator Phil Gramm and his lovely wife (also an economist) wrote legislation rescinding the Glass-Stegall Act, which was written after the 1930s Depression to separate investment banks from conventional banks. Mrs. Gramm worked for AIG, and we see how well they served the banks and consumers. Phil also touted the mantra of self-regulation, which is utter bullshit.
Eric Holder should be serving warrants on every one of these bank executives, seizing passports, and deploying the forensic accountants to start building some fraud cases. I also support SEC fees on derivative trading transactions so that SEC can step up audits and enforcement. This “too big to fail” mantra is just another talking point. Watch closely folks, because I suspect the WSJ will announce layoffs of a few hundred folks at J.P. Morgan on page B4 in the coming weeks.
What does it say about Wall Street that JP Morgan Chase is one of the last huge investment banks standing, and this guy rose to the top of that company?
If he's the best and the brightest, Lord help us from the worst!
I owe you a JINX! Sorry...
If it's profit, it belongs to JP Morgan.
If it's a loss, it belongs to all of us.
Wall Street is nothing if not fair.
That $2,000,000,000 is around here someplace. Like when President George Bush was crawling around the Oval Office, looking for WMD under his desk.
No, if his bonus is reduced he can no longer be considered a job creator - think of all the strippers, prostitutes and drug dealers who will lose their jobs.
The only thing stopping me from grabbing a pitchfork is I'm waiting for them to go on sale.
That's only 20B dimes. Is it enough?
If Morgan Chase managed to make 2 billion through dodgy trading, nobody would hear about it, until management bonuses were announced. So the bankers either have to deal with the screaming pitchfork-wielding mob now, or at the end of the year.
Obviously Romney's right: what's holding this economy back is too much regulation!
Sure, that's a lot...but is it enough?
I like the cut of your jib.
Every borrower who has tried to modify or otherwise renegotiate a residential or commercial loan with Chase will be dancing on its grave.
Two billion here, two billion there - pretty soon you're talking about real money.
Mistakes were made. And will be re-made.
General "Buck" Turgidson: Ahem... The Duty Officer asked General Ripper to confirm the fact that he *had* issued the go code, and he said, uh, "Yes gentlemen, they are on their way in, and no one can bring them back. For the sake of our country, and our way of life, I suggest you get the rest of SAC in after them. Otherwise, we will be totally destroyed by Red retaliation. Uh, my boys will give you the best kind of start, 1400 megatons worth, and you sure as hell won't stop them now, uhuh. God bless you all" and he hung up. [beat]
President Merkin Muffley: General Turgidson! When you instituted the human reliability tests, you *assured* me there was *no* possibility of such a thing *ever* occurring!
General "Buck" Turgidson: Well, I, uh, don't think it's quite fair to condemn a whole program because of a single slip-up, sir.
--------------------------------------------------------------------------------
"similar to buying auto insurance on your neighbor's flashy car"
Or like Wal-Mart taking out life insurance policies on their employees.
This started 20-years ago when pseudo economist Senator Phil Gramm and his lovely wife (also an economist) wrote legislation rescinding the Glass-Stegall Act, which was written after the 1930s Depression to separate investment banks from conventional banks. Mrs. Gramm worked for AIG, and we see how well they served the banks and consumers. Phil also touted the mantra of self-regulation, which is utter bullshit.
Eric Holder should be serving warrants on every one of these bank executives, seizing passports, and deploying the forensic accountants to start building some fraud cases. I also support SEC fees on derivative trading transactions so that SEC can step up audits and enforcement. This “too big to fail” mantra is just another talking point. Watch closely folks, because I suspect the WSJ will announce layoffs of a few hundred folks at J.P. Morgan on page B4 in the coming weeks.