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(Google)   Jamie Dimon wants everyone to know that 23 million bucks stops with him   (google.com) divider line 34
    More: Followup, Jamie Dimon, proprietary trading, Federal Reserve Chairman Paul Volcker, trading loss, commercial banks, Volcker Rule, office park, JPMorgan Chase & Co.  
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1146 clicks; posted to Business » on 15 May 2012 at 6:10 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-15 03:00:14 PM
Really? This is the headline that goes green?
 
2012-05-15 03:01:26 PM
Dimon, unusually subdued, told shareholders at the JPMorgan annual meeting that the company's mistakes were "self-inflicted." Speaking with reporters later, he added: "The buck always stops with me."

So he's going to cover the $2 billion loss? What a guy!
 
2012-05-15 03:03:19 PM
So he'll be paying it back personally? I'm okay with that.
 
2012-05-15 03:06:33 PM

The My Little Pony Killer: So he'll be paying it back personally? I'm okay with that.


What a stand up guy, huh? Truly an American hero.

/wipes tear from right eye
 
2012-05-15 03:10:15 PM
Did any of the money lost belong to anyone here? Did it belong to the government? No? Get over it. It was a business loss.
 
2012-05-15 03:11:16 PM
If banks want to gamble, they need to say goodbye to FDIC. Let's see how customers feel about giving them their money then.
 
2012-05-15 03:12:05 PM

CPT Ethanolic: If banks want to gamble, they need to say goodbye to FDIC. Let's see how customers feel about giving them their money then.


None of that money was guaranteed by the FDIC. None of it. This is how banks really make money.
 
2012-05-15 03:14:45 PM

R.A.Danny: CPT Ethanolic: If banks want to gamble, they need to say goodbye to FDIC. Let's see how customers feel about giving them their money then.

None of that money was guaranteed by the FDIC. None of it. This is how banks really make money.


Yes, BUT - JP Morgan Chase has both a commercial AND an investment side, and if you recall, the meltdown on the investment side of "ordinary" commercial banks is what nearly sucked us all down the tubes in 2008.

As long as ANY of their money is taxpayer insured, the government should be up their asses with a giant proctoscope.
 
2012-05-15 03:20:41 PM

Marcus Aurelius: As long as ANY of their money is taxpayer insured, the government should be up their asses with a giant proctoscope


If you remember, when many banks (remember WaMu?) were going titsup during the recession, it was Chase's money that was used to bail banks out. They certainly have the reserves to take a loss like that. The lack of oversite is disconcerting, but they are making money. This single loss is pretty much just a bump in the road.
 
2012-05-15 03:25:43 PM
How in the world does he survive this type of crap.
 
2012-05-15 03:26:46 PM

Gwendolyn: How in the world does he survive this type of crap.


Make 3 trillion for them, lose 2 billion.
 
2012-05-15 03:34:10 PM
Forget jumping

/Let's just throw the f*ckers out the windows
 
2012-05-15 03:37:44 PM

MaudlinMutantMollusk: Forget jumping

/Let's just throw the f*ckers out the windows


Push the f*ckers.
 
2012-05-15 03:58:47 PM
JPMorgan Chase didn't get into trouble during the 2008-2009 financial crisis. They were bullied into accepting TARP money even though they didn't need it. In fact, they initially refused it. They were the first bank to pay it back.

They didn't engage in a ponzi scheme here. They didn't lose taxpayer money. They aren't asking for a bailout now. They lost their own money. It happens. Businesses make mistakes. They are going to suffer the consequences of this loss. Dimon has earned every cent of that $23M.

What is your guys' problem?
 
2012-05-15 04:03:58 PM

The My Little Pony Killer: So he'll be paying it back personally? I'm okay with that.


Are you a JPMorgan Chase shareholder? How exactly are you affected personally by this $2B loss?

Even though Dimon is ultimately responsible for this loss as the CEO, he wasn't the trader or that trader's manager that were directly responsible. He didn't single-handedly piss away the $2B.
 
2012-05-15 04:06:12 PM

R.A.Danny: Marcus Aurelius: As long as ANY of their money is taxpayer insured, the government should be up their asses with a giant proctoscope

If you remember, when many banks (remember WaMu?) were going titsup during the recession, it was Chase's money that was used to bail banks out. They certainly have the reserves to take a loss like that. The lack of oversite is disconcerting, but they are making money. This single loss is pretty much just a bump in the road.


From an historical perspective, the crash of 1929 spawned Glass Steagle, and from then on until up until 2008 the only banking crises were caused by deregulation around the edges (see: Savings and Loan crisis). So naturally Congress decides in 1998 to repeal Glass Steagle, and 10 years later... well we know what happened 10 years later.

I remember it was MY money backing AIG so Goldman Sachs wouldn't lose money from their bum AIG investments. And those farkers hardly missed a bonus.

So I don't really want to hear about it.
 
2012-05-15 04:07:42 PM

SlothB77: JPMorgan Chase didn't get into trouble during the 2008-2009 financial crisis. They were bullied into accepting TARP money even though they didn't need it. In fact, they initially refused it. They were the first bank to pay it back.

They didn't engage in a ponzi scheme here. They didn't lose taxpayer money. They aren't asking for a bailout now. They lost their own money. It happens. Businesses make mistakes. They are going to suffer the consequences of this loss. Dimon has earned every cent of that $23M.

What is your guys' problem?


The lack of Glass Steagle. Without bringing it back, or separating commercial from investment, we're all getting hosed down again sooner or later. Arguing otherwise is like saying we'll never have another earthquake or volcano or hurricane.
 
2012-05-15 04:15:47 PM

Marcus Aurelius: we're all getting hosed down again sooner or later. Arguing otherwise is like saying we'll never have another earthquake or volcano or hurricane.


i do agree with that part. but more so because of the bailouts and less so because of the G-S repeal.
 
2012-05-15 04:15:51 PM

Marcus Aurelius: Glass Steagle


While I agree that there should be some protections (Dimon himself admitted to over site issues), banks should be allowed to make money. We NEED them to make money. There is not a lot to be made without at least some risk.
 
2012-05-15 04:18:23 PM
media.tumblr.com
It puts the Glass Steagle on its skin or it gets the hose again.
 
2012-05-15 06:18:48 PM

R.A.Danny: CPT Ethanolic: If banks want to gamble, they need to say goodbye to FDIC. Let's see how customers feel about giving them their money then.

None of that money was guaranteed by the FDIC. None of it. This is how banks really make money.


Bank of America moved a ton of it's bad debt onto it's consumer banking side specifically so that if it went tits up, FDIC would cover it.

Reason #2894237 that repealing Glass-Steagall was a Very Bad Idea.
 
2012-05-15 06:21:25 PM

R.A.Danny: Did any of the money lost belong to anyone here? Did it belong to the government? No? Get over it. It was a business loss.


You know, none of that money Bear Stearns lost was mine, either, and yet I ended up paying for it.

What this shows is that the banks haven't learned a damn thing from the last time they gambled and lost, and had to go hat in hand to stay alive.

It's going to be your money when one of them loses big enough to be "failing." Again.
 
2012-05-15 06:32:25 PM

SlothB77: The My Little Pony Killer: So he'll be paying it back personally? I'm okay with that.

Are you a JPMorgan Chase shareholder? How exactly are you affected personally by this $2B loss?

Even though Dimon is ultimately responsible for this loss as the CEO, he wasn't the trader or that trader's manager that were directly responsible. He didn't single-handedly piss away the $2B.


No he just misled investors by denying the initial reports of the loss back in April.
 
2012-05-15 06:45:00 PM

Philip Francis Queeg: SlothB77: The My Little Pony Killer: So he'll be paying it back personally? I'm okay with that.

Are you a JPMorgan Chase shareholder? How exactly are you affected personally by this $2B loss?

Even though Dimon is ultimately responsible for this loss as the CEO, he wasn't the trader or that trader's manager that were directly responsible. He didn't single-handedly piss away the $2B.

No he just misled investors by denying the initial reports of the loss back in April.


Isn't this what the SEC is investigating them for right now?
 
2012-05-15 06:57:25 PM

SlothB77: JPMorgan Chase didn't get into trouble during the 2008-2009 financial crisis. They were bullied into accepting TARP money even though they didn't need it. In fact, they initially refused it. They were the first bank to pay it back.

They didn't engage in a ponzi scheme here. They didn't lose taxpayer money. They aren't asking for a bailout now. They lost their own money. It happens. Businesses make mistakes. They are going to suffer the consequences of this loss. Dimon has earned every cent of that $23M.

What is your guys' problem?


When banks make money it's an outrage because OMGfeesinterestfed1%, and when they lose money it is an outrage because OMGbailoutsglasssteagle(sic)1%.

Welcome to fark.
 
2012-05-15 07:00:00 PM
A small note on CEO pay in Japan:
CEO pay in Japan

The chairman of Toyota makes $1.5 million. The CEO of Toyota makes less than $1.1 million. So does everyone at Panasonic. It's a reminder that CEOs aren't just paid what the market will bear, they're paid what the culture will accept.

I realize that 23 million is nickles and dimes to JPM, but still........442 thousand a week?
 
2012-05-15 07:56:14 PM

R.A.Danny: Did any of the money lost belong to anyone here? Did it belong to the government? No? Get over it. It was a business loss.


My retirement fund is wrapped up in Chase stock, because that's how Chase funds its employees' retirement funds. So yes, I did lose a shiat ton of money from this. Thanks for caring.
 
2012-05-15 07:57:15 PM

Philip Francis Queeg: SlothB77: The My Little Pony Killer: So he'll be paying it back personally? I'm okay with that.

Are you a JPMorgan Chase shareholder? How exactly are you affected personally by this $2B loss?

Even though Dimon is ultimately responsible for this loss as the CEO, he wasn't the trader or that trader's manager that were directly responsible. He didn't single-handedly piss away the $2B.

No he just misled investors by denying the initial reports of the loss back in April.


Funny how when I got my "vote your shares!" letter last month it didn't mention this $2bn loss. Funny.
 
2012-05-15 08:32:18 PM

Mike Chewbacca: R.A.Danny: Did any of the money lost belong to anyone here? Did it belong to the government? No? Get over it. It was a business loss.

My retirement fund is wrapped up in Chase stock, because that's how Chase funds its employees' retirement funds. So yes, I did lose a shiat ton of money from this. Thanks for caring.


You've made far more than you just lost, and you haven't sold so you haven't lost anyway. And you're full of crap.
 
2012-05-15 11:17:57 PM
Its about time someone went and shot the c*nt
 
kab
2012-05-16 01:41:40 AM
Wow, the CEO white knight brigade jumped quick on this thread.
 
2012-05-16 03:08:32 AM
"I banker. Me smart. Me lose lots of money, but all Republicans and conservatives defend me because me smart and rich. They smart too. They let me live."
 
2012-05-16 10:04:38 AM

cig-mkr: A small note on CEO pay in Japan:
CEO pay in Japan

The chairman of Toyota makes $1.5 million. The CEO of Toyota makes less than $1.1 million. So does everyone at Panasonic. It's a reminder that CEOs aren't just paid what the market will bear, they're paid what the culture will accept.

I realize that 23 million is nickles and dimes to JPM, but still........442 thousand a week?


That's 11,000/+ an hour if he works a 40 hour week. 5,500 an hour if he works an 80 hour week.


How can I make 5k an hour?
 
2012-05-16 10:24:45 AM

R.A.Danny: Marcus Aurelius: As long as ANY of their money is taxpayer insured, the government should be up their asses with a giant proctoscope

If you remember, when many banks (remember WaMu?) were going titsup during the recession, it was Chase's money that was used to bail banks out. They certainly have the reserves to take a loss like that. The lack of oversite is disconcerting, but they are making money. This single loss is pretty much just a bump in the road.


Yeah, save for the reassurances that there was adequate oversight, which I constantly got to read several times per year.

That's what has a lot of investors pissed. The song and dance of how much these oversights cost and then learning that they either weren't enough or that the company didn't use them.

/see the lawsuit against Lockheed Martin's Linda Gooden (EVP for one of their primary business lines) f
 
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