Quelle Surprise !!!: One out-of-touch rich man sticks up for another out-of-touch rich man

[marmar]

RANCHO PALOS VERDES, Calif. (MarketWatch) -- Jamie Dimon, the embattled CEO of J.P. Morgan Chase & Co., received some moral support from New York's mayor this morning. Michael Bloomberg, speaking to reporters at the All Things D conference near Los Angeles, was commenting on the recently disclosed trading losses at the bank and the criticisms leveled at banking star Dimon. "Jamie Dimon is as good a banker as there is. J.P Morgan is as good a bank as there is. Did they screw up? Yeah, they screwed up." The bank has reportedly lost more than $3 billion to date on soured positions in derivatives markets. The losses have drawn criticism of Dimon and calls for more regulatory oversight, as well as for Dimon's removal from a role at the New York Fed. In supporting Dimon, Bloomberg said, "Dimon is a very smart, honest, great executive. The controls failed. He'll look at that and fix it."


http://www.marketwatch.com/story/dimon-gets-kudos-from-nyc-mayor-bloomberg-2012-05-31?link=MW_home_latest_news

[1StrongBlackMan]

1. Probably true ...

Bloomberg said, "Dimon is a very smart, honest, great executive. The controls failed. He'll look at that and fix it."

But he'll fix it faster, if regulations indicate there is absolutely NO chance the non-shareholding public will bail them out!

[librechik]

2. true, but unwittingly damning.

Really? Seven billion dollar OOPs and every abusive bungle Dimon masterminded previous is the best there is? I guess so.

[HubertHeaver]

3. We need to know who is on the other side of that trade.

You know, the people who gained 3 billion. Who are those people and is Jamie Dimon one of them?

[Marr]

4. Well, if even a sincere banking genius could do this, we obviously

need much more stringent regulations.