JPMorgan CEO: 'Dead wrong' about trading concerns

[bluesbassman]

Source: Associated Press

NEW YORK (AP) — The CEO of JPMorgan Chase, which disclosed a $2 billion loss last week, said he was "dead wrong" when he dismissed concerns about the bank's trading last month.

CEO Jamie Dimon said he did not know the extent of the problem when he said in April that the concerns were a "tempest in a teapot." After the bank reported the trading loss, investors shaved almost 10 percent off the bank's stock price.

"We made a terrible, egregious mistake," Dimon said in an interview that aired Sunday on NBC's "Meet the Press." ''There's almost no excuse for it."

~snip~

A piece of the financial regulation known as the Volcker rule would prevent banks from certain kinds of trading for their own profit. Dimon has said the trading involved in the $2 billion loss would not have fallen under the rule.



Read more: http://news.yahoo.com/jpmorgan-ceo-dead-wrong-trading-concerns-130151271--finance.html

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Derivative trading was not for the bank's own profit? C'mon Dimon.

[ashling]

1. Dimon's mea culpa:

''There's almost no excuse for it."

[Safetykitten]

4. Well at least not one he can think of at the moment, he will get back to us later, when they need

cash.

[TrollBuster9090]

16. Almost no excuse. But there's always the old standby: blame it on the gubmint.

Or "Implicit Guarantee" that no matter what we do the COMPANY will get bailed out, and we've still got our golden parachutes.

[bulloney]

2. A company with integrity would have fired the likes of Dimon several years ago.

But, we are talking about Wall Street, where, if integrity was cotton, you couldn't get enough out of the entire kiddy corps there to make a T-shirt for a piss ant.

[Swede Atlanta]

3. Let's see.......

You lose $2BN dollars of investors' money and you think this is something about which to look the other way?

These Wall Street types are so giddy with all the money they fail to appreciate how depraved their comments are.

To most Americans a loss of $2BN is unfathomable. This guy is out of touch with America (and probably all rational reality).

I can't believe the shareholders allow him to continue to hold his cushy position. But of course if they let him go he is actually better off. I'm sure he will rake in millions, if not billions, in a "golden parachute" only to go on and wreak havoc at the next company.

Capitalism is turned upside down. At its core the idea that if you take risks you should be rewarded is admirable. But the way our economy works today we are entering the abyss where the 1% have everything and the rest of us can "eat cake".

[bluesbassman]

5. Good points, and they dovetail perfectly with Romney's comments about the BofA protestors...

[provis99]

15. shareholders don't hire and fire CEOs; the Board of Directors does.

and the Board of Directors is made up largely of other CEOs.

Dodds-Frank was going to include some regulation that lets shareholders have a little more control over the company they supposedly own, but that was zeroed out in committee by the Republicans.

[Trillo]

6. Is he referring to corporate personhood?

Dimon said he wants a more equitable society and does not mind paying higher taxes. But he said attacking all of business is "very counterproductive."

What does "attacking all of business" mean?

[cstanleytech]

10. He probably means he wants his cake and he wants to eat it to or in other words

he wants corporations to have all the freedoms and rights as a citizen but with none of the responsibilities or obligations those freedoms and rights come with.

[stubtoe]

7. BS. That 2Bn trade WOULD have fallen under the Volker rule.

If they say that size of a (risky) trade was to offset other risk, they're covering their asses, blowing smoke, and generally pissing in the wind.

[bluesbassman]

8. Sen. Levin said as much.

Dimon conceded to NBC that the bank "hurt ourselves and our credibility" and expects to "pay the price for that." Asked what the price should be, Sen. Carl Levin, D-Mich., said that banks will lose their fight to weaken the rule.

"This was not a risk-reducing activity that they engaged in. This increased their risk," Levin told NBC.

"So we've got to be very, very careful that the regulators here are not undermined by this huge effort to weaken the rule by putting in a huge loophole" that includes the trading involved in the JPMorgan loss, he said.

Breaking up the Big Banks and putting some revision of Glass-Steagall back in place is the only way to protect us from the continued larceny being perpetuated by the organizations.

[stubtoe]

9. DU Rec

[cstanleytech]

11. Wont happen as long as the corporations and banks can pay off those in office via super pac funding.

[TrollBuster9090]

17. Carl Levin set out to regulate the financial industry, and in a way he succeeded.

He succeeded in making sure no Wall Street executive will ever put the words "Shitty Deal" in an email again. But that's about it. They'll just have to pull their socks up and make sure to do a better job of hiding the evidence of their corporate malfeasance.

[unkachuck]

12. "We made a terrible, egregious mistake,"

....our worthless regulators and elected officials have once again proven themselves incapable of protecting us and our economy from the jackals on wall-street and the banking sector....

....could this be just the tip of a new melt-down iceberg?

[Skittles]

13. RESIGN, ASSHOLE

[lonestarnot]

14. ''There's almost no excuse for it," but you'll try to deliver one won't you fuckrod! Take your

shit and get out!

[marias23]

18. Republicans Blame Poor People for $ Mistakes BUT NOT the rich

Republicans vilify middle class folks who makes economic mistakes - buying a too big house for example. But rich people lose a couple of billion and they will make some noises and everyone will make nice.

[Ichingcarpenter]

19. Jamie Dimon said: Journalist are paid too much''

on meet the press, yesterday...... good grief.



http://www.thomhartmann.com/forum/2012/03/jpmorgan-ceo-jamie-dimon-thinks-journalists-are-paid-too-much-what-does-he-think-about