General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsMatt Taibbi on the JP Morgan fiasco....
http://www.rollingstone.com/politics/blogs/taibblog/jamies-cryin-dimon-j-p-morgan-chase-lose-2-billion-20120511Guy Whitey Corngood
(26,501 posts)gratuitous
(82,849 posts)I saw what you did there.
Guy Whitey Corngood
(26,501 posts)aint_no_life_nowhere
(21,925 posts)I'm just devastated with grief.
SDjack
(1,448 posts)performance exceed expeditions -- failure was due to the faulty strategy), and before you know it, JP will be cooking (books) again.
benld74
(9,904 posts)hifiguy
(33,688 posts)go out of business when they are inevitably led into bankruptcy by their own greed. Not one public penny to these shitheels ever again.
ETA: "Bruno Iskil"?? Wasn't that a character in a Sacha Baron Cohen movie?
1StrongBlackMan
(31,849 posts)After a couple more similar announcements, the first bank that declares publically announce that they are changing their business model back to the boring basics of:
Accepting deposits from customers =>
Paying those customers a reasonable rate of interest =>
Lending Out a portion of those deposits at a rate that is higher than they are paying out to depositors (be reasonably so) =>
Taking a reasonable portion of those loan returns and pay that out to investors =>
Oh yeah, and announcing a reasonable executive pay scheme that is tied to the executive's success in this model, i.e., ensuring that lending standards are met.
I suspect that that Bank's stock will go through the roof because investments in banking, between the guilded age and the reagan/Clinton deregulation, was generally a pretty safe bet.
IDemo
(16,926 posts)Someone's got to fill in here with stupid insults against Taibbi.....
Smilo
(1,944 posts)As Matt points out JP Morgan is a federally-insured depository institution, so I doubt there will be much cryin' at JP Morgan - they are probably laughing at all us little peons who will, once again, be cleaning up after them.
And Dimon is probably looking forward to his next pay raise for doing so well -
Ruby the Liberal
(26,219 posts)shcrane71
(1,721 posts)JDPriestly
(57,936 posts)"Its a simple concept: you either get to be a bank, or you get to be a casino. But you cant be both. If we dont have rules to enforce that concept, we ought to get some."
Read more: http://www.rollingstone.com/politics/blogs/taibblog/jamies-cryin-dimon-j-p-morgan-chase-lose-2-billion-20120511#ixzz1ub0p91io
Can't disagree. Seems like reasonable people should act reasonably and end the socially irresponsible practices of these hermaphrodite banks.
And please, I do not mean any insult to those may actually be have been born as hermaphrodites. I am using the term to refer to the ambiguity regarding certain bank/investments houses.