CPT Ethanolic: Jail them for what??? I've read nothing about what laws they broke.

You don't read? How sad.

Three Crooked Squirrels: tobcc: I think the part that they keep quiet isnt that is was "JP Morgan's" Money, it was customer money. So one, or a group on someones (retirement funds, 401k et al) gave them the money to lose. So it wasnt really rich banker money, it was people like me and you that lost in this deal.

Is that true? Everything I have read was that it was the bank's own money.

I'm certain it was the bank's own money, which was the problem.

Fat chance.

oldernell: In order to lose 2 bil someone has to make 2bil. I wonder who it was, or how spread out it was.

Not really. Value is all about perception. Perception can be based on things like extraction and refining costs, or based on demand, or based on perceived demand down the road. It's possible to create and destroy wealth solely by manipulating markets. That's why houses that were "worth" $400,000 fell back down to $150,000, when the perception changed and the market dried up.

Banks and other FDIC-backed institutions do not deserve the lack of oversight they've demanded both before the crash and subsequent to it. If it takes locking up executives to put a stop to it, then I'm for it. I don't think that these executives who ran these companies into the ground should even have been allowed to continue to be executives; the claim for why they should stay was experience, but what we got was people who demonstrated that they couldn't do it and actually caused the problems in the first place.

oldernell: In order to lose 2 bil someone has to make 2bil. I wonder who it was, or how spread out it was.

hahaha. no.

One of the few times I might approve of the FBI. Usually, they are late to the party, and normally bankrupt in morals.

Follow up? More like "Hero"

The problem with anything like this is that the folks that work for Chase are smarter than the folks that work for the government. It was reported this morning (NPR and other stations) that even with the new regulations in place and these banks being "monitored", Chase was still able to easily skirt the regulations and get all shady. The folks at Chase are just smarter.

JP Morgan shares lost about 11% of their total value over this debacle, which is about $17.5 billion dollars, so the actual loss is closer to $20 billion. Dimon has clearly earned his golden parachute.

Three Crooked Squirrels: tobcc: I think the part that they keep quiet isnt that is was "JP Morgan's" Money, it was customer money. So one, or a group on someones (retirement funds, 401k et al) gave them the money to lose. So it wasnt really rich banker money, it was people like me and you that lost in this deal.

Is that true? Everything I have read was that it was the bank's own money.

That's what all the financial news keeps saying.

Though, it does explain why they keep charing all kinds of crazy fees...

Start a $2 billion ATM fee and you make it back. What's the problem here?

The My Little Pony Killer: CPT Ethanolic: Jail them for what??? I've read nothing about what laws they broke.

You don't read? How sad.

Wow. Snark. Good job with that.

The article mentions no legal reason for the investigation. As a Chase customer, I am curious.

xtragrind: The problem with anything like this is that the folks that work for Chase are smarter than the folks that work for the government. It was reported this morning (NPR and other stations) that even with the new regulations in place and these banks being "monitored", Chase was still able to easily skirt the regulations and get all shady. The folks at Chase are just smarter.

Which is why the law needs to just outright ban the commingling of investment and retail banking. A nice bright line is much harder to fudge.

malaktaus: JP Morgan shares lost about 11% of their total value over this debacle, which is about $17.5 billion dollars, so the actual loss is closer to $20 billion. Dimon has clearly earned his golden parachute.

So, wait, other than trying to keep a lid on the scandal because making that big of a gamble -- and losing -- is just farking stupid but not something you want investors/customers to hear about without a LOT of detail and action already taken...what exactly has Dimon done that's bad? once it was out there and he figured out "oh shiat, the rumor's true, what the hell", he owned up to it, and took steps.

If anything, the person that deserves criminal charges and/or investigating is the asshat who made the investments in the first place, but I can't see anything here that's criminal, just monumentally stupid...

I won't hold my breath.

CheatCommando: xtragrind: The problem with anything like this is that the folks that work for Chase are smarter than the folks that work for the government. It was reported this morning (NPR and other stations) that even with the new regulations in place and these banks being "monitored", Chase was still able to easily skirt the regulations and get all shady. The folks at Chase are just smarter.

Which is why the law needs to just outright ban the commingling of investment and retail banking. A nice bright line is much harder to fudge.

You realize that sounded dirty... right?

CPT Ethanolic: Jail them for what??? I've read nothing about what laws they broke.

Article was lame but combine your question with the Boobies and it looks like they suspect some insider action going on. Trade and lose to your friends can still equal win.

Well a country club prison isn't really like being in prison .

FTFA:

"CEO Jamie Dimon, who on Monday a $23 million compensation package approved, told analysts and reporters the losses were caused by "errors," "sloppiness" and "bad judgment."

Proofread much?

CheatCommando: xtragrind: The problem with anything like this is that the folks that work for Chase are smarter than the folks that work for the government. It was reported this morning (NPR and other stations) that even with the new regulations in place and these banks being "monitored", Chase was still able to easily skirt the regulations and get all shady. The folks at Chase are just smarter.

Which is why the law needs to just outright ban the commingling of investment and retail banking. A nice bright line is much harder to fudge.

Really? Parent company splits into JPMC Investments and JPMC Bank. Parent company takes money from subsidiary/front A, "invests" it in subsidiary/front B as a "loan", and continues to cook the books.

This is how companies cheat on taxes: You have several subsidiaries, some extremely profitable, some that are on the books only to collect debts, losses, and so forth. That way when time comes for taxes, you have a long list of write-offable losses and crap to balance out your profits, and voila, you suddenly earned no profits and thus owe no taxes.

When did it become illegal to lose money on a dumb trade?

Road Warrior: When did it become illegal to lose money on a dumb trade?

My sarcasm detector must be off. Either that, or you are really a stupid person.

/I would bet good money in either case

HairBolus: FTFA: "CEO Jamie Dimon, who on Monday a $23 million compensation package approved, told analysts and reporters the losses were caused by "errors," "sloppiness" and "bad judgment."
Proofread much?

Yoda did the proofreading so he thought it was fine.

Mentalpatient87: Fat chance.

This.

Tease the moronic public with a possible outcome, that smarter people will blow off as pure speculation.

/at most they will be forced to pay a fine
//which will of course come -- in the end -- from taxpayer money
/the corporations have won again
//and we're in the same position the colonials were in
/but a whole lot dumber!

monoski: Article was lame but combine your question with the Boobies

Haha monoski got Clintoned in the Boobies.

Can we get the Glass-Stegall act back plzkthx?

Tigger: Three Crooked Squirrels: tobcc: I think the part that they keep quiet isnt that is was "JP Morgan's" Money, it was customer money. So one, or a group on someones (retirement funds, 401k et al) gave them the money to lose. So it wasnt really rich banker money, it was people like me and you that lost in this deal.

Is that true? Everything I have read was that it was the bank's own money.

Where the merry fark do you think banks' money comes from.

Investments, interest, and fees, mostly. Deposits, on the other hand, do not belong to the banks.

Road Warrior: When did it become illegal to lose money on a dumb trade?

When it's not a dumb trade.

If a blackjack dealer feeds you cards and tips you off, then later splits the take with you, that will get kneecaps broken. Casinos, however, seem to have much better tracking of what is going on with a hundy double-down than JP Morgan with $2 billion.

wood0366: Can we get the Glass-Stegall act back plzkthx?

This



Hey, look! It's one of those Occupy Wall Street protestors who "don't know what they want"!

xtragrind: The problem with anything like this is that the folks that work for Chase are smarter than the folks that work for the government. It was reported this morning (NPR and other stations) that even with the new regulations in place and these banks being "monitored", Chase was still able to easily skirt the regulations and get all shady. The folks at Chase are just smarter.

Don't mistake complicity for lack of ability. It's not hard to look smarter than your opponent when you own them.

Or do you honestly think Alan Greenspan and Ben Bernanke were looking out for the public good when they massively deregulated the banking industry and failed to recognize that leveraging loans 30:1 might be a bad idea the economy? No one is as stupid as they claim to be.

Too big to learn.

A company with $2 Trillion in assets scores a $2 Billion loss.

I'm outra....ZZZZZZZZZZZZZ

Millennium: Tigger: Three Crooked Squirrels: tobcc: I think the part that they keep quiet isnt that is was "JP Morgan's" Money, it was customer money. So one, or a group on someones (retirement funds, 401k et al) gave them the money to lose. So it wasnt really rich banker money, it was people like me and you that lost in this deal.

Is that true? Everything I have read was that it was the bank's own money.

Where the merry fark do you think banks' money comes from.

Investments, interest, and fees, mostly. Deposits, on the other hand, do not belong to the banks.

Perhaps you should watch Frontline on PBS' epic four hour report, Money, Power, and Wall Street:

DENNIS KELLEHER, Better Markets, Inc.: In the old days, Wall Street and the finance industry financed things that got done, be they the railroads or the interstate system. All of that has to be financed. That's what finance is supposed to be about.

What has entirely changed is that they're in the business of making money for themselves. If it happens that they can also finance something along the way, OK, but that's really no longer part of the core business.

NARRATOR: The changes were formalized in the late '90s, as the last of the Depression-era reforms were lifted-

Pres. BILL CLINTON: The Glass-Steagall law is no longer appropriate-

NARRATOR: -and traditional commercial banks could merge with trading-oriented investment banks. Trading activity and bank profits rose quickly.

CLAUDIO COSTAMAGNA, Goldman Sachs, 1988-06: The trading side became, you know, overwhelming- three, four, five times bigger than the banking side. The banking side grew, as well, but not as much as the trading side.

BERTRAND DES PALLIERES: If you take the trading revenues- I would say they would probably be easily two third of the trading revenues was directly or indirectly associated with derivatives.

MARTIN SMITH: So it's not exaggeration to say that trading of derivatives was really the lifeblood of the banks.

BERTRAND DES PALLIERES: Yes, I think it's fair to say.

The problem, of course, is that Banks that are covered by FDIC insurance should not be allowed to gamble with Federally insured deposits.

Reinstating Glass-Steagall would once again assure that you can either be a Federally insured bank or be an investment firm that gambles on the market, but not both.

wildcat2011: HairBolus: FTFA: "CEO Jamie Dimon, who on Monday a $23 million compensation package approved, told analysts and reporters the losses were caused by "errors," "sloppiness" and "bad judgment."
Proofread much?

Yoda did the proofreading so he thought it was fine.

If you interpret it in Yoda/German syntax the meaning is wrong. You need to add some extra words to get the intended meaning:

"... Dimon, for whom on Monday a $23 million compensation package was approved, told ... "