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(Washington Post)   JPMorgan Chase executives finally appear before Senate committee to answer for staggering losses. GOP lawmakers immediately attack the blatant irresponsibility, recklessness, and rampant unprofessionalism of ... federal regulators   (washingtonpost.com) divider line 173
    More: Stupid, JPMorgan Chase & Co., Dana Milbank, GOP, United States Senate committees, Senate, Gary Gensler, Mike Crapo, recklessness  
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5144 clicks; posted to Main » on 23 May 2012 at 11:08 AM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-23 07:29:08 AM  
Gensler tried to explain that his agency does not yet have authority to regulate the bank to a senator that's been paid off? Yeah, good luck with that.
 
2012-05-23 07:34:08 AM  
The same regulators that the GOP has been castrating for decades? WHAR IRONY TAG? WHAR?
 
2012-05-23 07:39:17 AM  

ginandbacon: The same regulators that the GOP has been castrating for decades? WHAR IRONY TAG? WHAR?


Who needs reality when you can just make shiat up?

the Republicans were more inclined to blame the Dodd-Frank law itself - tiptoeing past the awkward fact that it hasn't been in force
 
2012-05-23 07:43:39 AM  

Marcus Aurelius: ginandbacon: The same regulators that the GOP has been castrating for decades? WHAR IRONY TAG? WHAR?

Who needs reality when you can just make shiat up?

the Republicans were more inclined to blame the Dodd-Frank law itself - tiptoeing past the awkward fact that it hasn't been in force


Oh fer feck's sake.
 
2012-05-23 07:45:16 AM  
Ah, the THEY KNEW WE WUZ SNAKES Defense of their best donors...
 
2012-05-23 07:53:16 AM  
JP Morgan paid Richard Shelby less than $73,000 from 2005-2010, and this is the level of representation they get? That sounds like an incredible bargain. Their luggage cost more than that.
 
2012-05-23 08:03:54 AM  
Well that was absolutely predictable.
 
2012-05-23 08:10:30 AM  
Richard Shelby couldn't carry Howell Hefflin's jock.
 
2012-05-23 08:21:56 AM  
The same regulators that continue to be hired away from the public sector by firms such as JPMorgan-Chase.

/gee, I don't know where one of the problems could lie
 
2012-05-23 08:48:59 AM  
The same law the GOP keeps saying is anti-business and the reason why we still have economic hardships? The same law that the GOP has refused to fully implent as is was proposed, and the current version is a shadow of itself? The same law that hte GOP continues to block funding for? THIS is the law that you are pointing to as not being effective and wonder why?

Also, where is the outrage against responsible business practices? I thought the free market was supposed to prevent these sort of things from happening.
 
2012-05-23 09:12:30 AM  

Marcus Aurelius: ginandbacon: The same regulators that the GOP has been castrating for decades? WHAR IRONY TAG? WHAR?

Who needs reality when you can just make shiat up?

the Republicans were more inclined to blame the Dodd-Frank law itself - tiptoeing past the awkward fact that it hasn't been in force


Ah yes, the GOP: Tiptoeing past objective reality since January 20, 2009
 
2012-05-23 09:20:49 AM  

Jackson Herring: Marcus Aurelius: ginandbacon: The same regulators that the GOP has been castrating for decades? WHAR IRONY TAG? WHAR?

Who needs reality when you can just make shiat up?

the Republicans were more inclined to blame the Dodd-Frank law itself - tiptoeing past the awkward fact that it hasn't been in force

Ah yes, the GOP: Tiptoeing past objective reality since January 20, 2009


yes, it was very fortuitous that obama's election forced them to start tip-toeing again
 
2012-05-23 09:43:21 AM  
There's not enough regulation, so that means regulation doesn't work, and therefore we should have no regulation.
 
vpb [TotalFark]
2012-05-23 09:53:10 AM  
Well, they know who they work for.
 
2012-05-23 09:53:59 AM  

sweetmelissa31: There's not enough regulation, so that means regulation doesn't work, and therefore we should have no regulation.


Exactly. Republicans are physically unable to understand the adage don't throw the baby out with the bathwater.
 
vpb [TotalFark]
2012-05-23 09:57:38 AM  

hillbillypharmacist: sweetmelissa31: There's not enough regulation, so that means regulation doesn't work, and therefore we should have no regulation.

Exactly. Republicans are physically unable to understand the adage don't throw the baby out with the bathwater.


Sure they do. They just see it as a goal.
 
2012-05-23 10:11:51 AM  
There's actually a very complicated psychology involved in understanding the relationship between any business andits regulators, a psychology that gets down to the most fundamental elements of human nature. I've studied this very extensively, and it's very complicated, but I'll try to explain it in simple terms.

What you need to do first is think back to when you were a child. Remember when your mother would tell you not to do something? What was the first thing you wanted to do once that happened? That's right, you wanted to do that very thing. It was the action of forbidding something that caused you to want to do it more than anything. Example: your mother bakes cookies. You know the cookies are for dessert, you're content to wait for them until dessert, you were busy playing video games anyway and already have some Fritos and Mountain Dew. But your mother comes in the doorway and puts her hands on her hips and sternly tells you in her tough mom voice that you are NOT to touch any of the cookies until after dinner. And you're like, yeah, whatever, fark you mom. Now you'll eat half the damn plate just to make a point.

See, that's basic human nature: oppositional defiance. It's not right, or wrong, it's just who we are. Dad tells you to not touch his Camaro, you drive his Camaro. Mom tells you to stop taking her panties, you double your hoard. Your sister tells you to stop videotaping her in the shower, you drill two new holes. We always want what's forbidden. That's how the whole Bible begins, for Pete's sake. You ever heard of the Garden of Eden?

See, Republicans have. They know the Bible, and they know this great flaw in humanity: namely, that we want to do the opposite of what we're told. That's why they, and not the democrats, understand the great folly that is "regulation" in this country. All regulation does, at its most fundamental level, is create in the entity that they are supposedly regulating a stronger desire to do wrong. Remember, corporations are only people. They're subject to our very same foibles, weaknesses, and psychological flaws. So when you tell a bank like JPMorgan Chase that they *can't* use money in such-and-such way, what do you *expect* will happen?

The definition of insanity is doing the same thing over and over again and expecting a different result. By this definition, democrats are insane. They keep creating new regulators and the companies keep breaking the rules anyway. It's time to acknowledge what psychology has taught us and *remove* the temptation, not add to it. Get rid of the regulators, get rid of the mommies warning us not to eat her cookies, and watch how quickly the desire to do wrong vanishes from corporate culture.
 
2012-05-23 10:23:59 AM  
staggering losses

What losses? They actually made money. They lost $2 billion in one instance, but overall the company was highly profitable.
 
2012-05-23 10:38:44 AM  
My government utopia:

Elected representatives become "monks" of the people.
1) They cannot earn anything outside their salary during their term. This means no paid appearances. Any dividends they make on investments are given to charity.
2) They cannot vote on anything they have even a remote interest in. i.e. a a rep who holds Shares of JPMorgan, cannot vote on finance reform....unless he sells all his shares prior to the bill hitting the floor (of which would be donated to charity per rule #1).
3) They cannot speak with lobbyists in private. Public communication is done via townhall sessions in their district, or from transparent meetings in their districts.
4) Their salary is paid based on the percentage of bills brought to the floor vs. their attendance of the vote.
5) They all must drive Smart cars (or something equally humiliating) as a work car.

I'd like to see public service as a badge of honor.

I know this is a pipe dream. Just sick of watching our country be sold off piece by piece.
 
2012-05-23 11:01:30 AM  

vernonFL: staggering losses

What losses? They actually made money. They lost $2 billion in one instance, but overall the company was highly profitable.


Closer to 7B now apparently.
 
2012-05-23 11:10:13 AM  
This is what Republicans do, they make the government fail miserably then they say that proves government doesn't work.

That's what they've done since 1994.
 
2012-05-23 11:11:34 AM  

hillbillypharmacist: sweetmelissa31: There's not enough regulation, so that means regulation doesn't work, and therefore we should have no regulation.

Exactly. Republicans are physically unable to understand the adage don't throw the baby out with the bathwater.


They understand it. You get the baby small enough to fit in the bathtub, drown the baby, and throw it all out.
 
2012-05-23 11:12:26 AM  
So I guess we're going to bail them out now? Not the people who actually lost the money of course.
 
2012-05-23 11:12:37 AM  
Chase: Our profits were off by $2BN last quarter
Facebook: We screwed investors for $19BN in 2 days.

I don't understand the outrage at Chase here.
 
vpb [TotalFark]
2012-05-23 11:14:00 AM  

vernonFL: staggering losses

What losses? They actually made money. They lost $2 billion in one instance, but overall the company was highly profitable.


But they were making money for years from derivatives trading, and look where that went.
 
2012-05-23 11:14:26 AM  
Cognitive Dissonance: The New GOP Mantra. It will get better when we lower taxes and deregulate the finance industry.
 
2012-05-23 11:14:48 AM  
I actually officially hate this country.
 
2012-05-23 11:15:02 AM  

Sean M: Chase: Our profits were off by $2BN last quarter
Facebook: We screwed investors for $19BN in 2 days.

I don't understand the outrage at Chase here.


those two examples are exactly the same because
 
2012-05-23 11:15:04 AM  

Sean M: Chase: Our profits were off by $2BN last quarter
Facebook: We screwed investors for $19BN in 2 days.

I don't understand the outrage at Chase here.


I don't know the particulars of the Chase case, but a lot of banks are using money that is federally insured, meaning us taxpayers have to bail them out if they fark up. The government will not be bailing out facebook.
 
2012-05-23 11:15:04 AM  

Pocket Ninja: There's actually a very complicated psychology involved in understanding the relationship between any business andits regulators, a psychology that gets down to the most fundamental elements of human nature. I've studied this very extensively, and it's very complicated, but I'll try to explain it in simple terms.

[snip]


Meh, you slathered it on a little thick. Fail.
 
2012-05-23 11:15:14 AM  

Sean M: Chase: Our profits were off by $2BN last quarter
Facebook: We screwed investors for $19BN in 2 days.

I don't understand the outrage at Chase here.


One is by a group of willing participants playing with disposable income, the other is by people who are required to invest in murky 401k systems in order to have any hope of a retirement.
 
2012-05-23 11:15:58 AM  

hillbillypharmacist: sweetmelissa31: There's not enough regulation, so that means regulation doesn't work, and therefore we should have no regulation.

Exactly. Republicans are physically unable to understand the adage don't throw the baby out with the bathwater.


The GOP is okay with throwing babies out with bathwater. They just don't throw fetuses out.
 
2012-05-23 11:16:29 AM  
Funny. The government is in the red by $15 trillion and thinks it should be lecturing JPMorgan for losing $3 billion (while JPMorgan still made $3 billion).

The private sector can do no right and the public sector can do no wrong, apparently.
 
2012-05-23 11:18:47 AM  

mc6809e: Funny. The government is in the red by $15 trillion and thinks it should be lecturing JPMorgan for losing $3 billion (while JPMorgan still made $3 billion).

The private sector can do no right and the public sector can do no wrong, apparently.


In the red does not equal losing. Unless you think every mortgage holder in the world has "lost" money.
 
2012-05-23 11:18:51 AM  

mc6809e: Funny. The government is in the red by $15 trillion and thinks it should be lecturing JPMorgan for losing $3 billion (while JPMorgan still made $3 billion).

The private sector can do no right and the public sector can do no wrong, apparently.


Damn you're dumb.
 
2012-05-23 11:18:54 AM  

Sean M: Chase: Our profits were off by $2BN last quarter
Facebook: We screwed investors for $19BN in 2 days.

I don't understand the outrage at Chase here.


The difference is that my retirement fund is 100% vested in Chase stock because that's how Chase manages their employee retirement plans. I had and continue to have no choice in this matter. I'm too scared to look up how much my retirement has tanked.

Also, there's that whole, "We aren't going to announce this issue until a couple days before the shareholder votes, and because most voters vote by mail, this won't affect us in any negative way."

/this my retirement fund; 401k is NOT in Chase stock
 
2012-05-23 11:19:08 AM  

Sean M: Chase: Our profits were off by $2BN last quarter
Facebook: We screwed investors for $19BN in 2 days.

I don't understand the outrage at Chase here.


Facebook doesn't have the power to destroy the global economy and if they fail, no one will need to bail them out.
 
2012-05-23 11:19:34 AM  

mc6809e: Funny. The government is in the red by $15 trillion and thinks it should be lecturing JPMorgan for losing $3 billion (while JPMorgan still made $3 billion).

The private sector can do no right and the public sector can do no wrong, apparently.


Yeah, the CEO lying to investors to manipulate the stock price and for the CEO's personal financial benefit is no big deal at all.
 
2012-05-23 11:19:39 AM  
Congress: Why didn't you stop that thief, officer?
Regulator: You took away my gun and handcuffed and gagged me. Also, the thief is my old boss, and he'll be offering me another job in the near future.
Congress: Yeah, I work for him too. Let's just switch to the honor system.
 
2012-05-23 11:19:45 AM  

Jackson Herring: Sean M: Chase: Our profits were off by $2BN last quarter
Facebook: We screwed investors for $19BN in 2 days.

I don't understand the outrage at Chase here.

those two examples are exactly the same because


they're not exactly the same. The FB issue is far worse. Of course, there are suits against MS and FB now so that is going to be playing out rather shortly.
 
2012-05-23 11:19:48 AM  

Bonkthat_Again: My government utopia:

Elected representatives become "monks" of the people.
1) They cannot earn anything outside their salary during their term. This means no paid appearances. Any dividends they make on investments are given to charity.
2) They cannot vote on anything they have even a remote interest in. i.e. a a rep who holds Shares of JPMorgan, cannot vote on finance reform....unless he sells all his shares prior to the bill hitting the floor (of which would be donated to charity per rule #1).
3) They cannot speak with lobbyists in private. Public communication is done via townhall sessions in their district, or from transparent meetings in their districts.
4) Their salary is paid based on the percentage of bills brought to the floor vs. their attendance of the vote.
5) They all must drive Smart cars (or something equally humiliating) as a work car.

I'd like to see public service as a badge of honor.

I know this is a pipe dream. Just sick of watching our country be sold off piece by piece.


Representatives still have to support their families and put kids though school. Unless they're already wealthy, of course.

You might want to read "Republic, Lost" by Lawrence Lessig. It makes a good argument the kind of measures you're talking about actually increase corruption, rather than prevent it.
 
2012-05-23 11:20:16 AM  

mc6809e: Funny. The government is in the red by $15 trillion and thinks it should be lecturing JPMorgan for losing $3 billion (while JPMorgan still made $3 billion).

The private sector can do no right and the public sector can do no wrong, apparently.


But I thought the Republicans were great businessmen! How in the hell are so we far in the red with the GOP in control for over a decade????!
 
2012-05-23 11:20:24 AM  
So Lyme disease was a factor.

Connecticut FTW!
 
2012-05-23 11:20:56 AM  

Ass Exploder: This is what Republicans do, they make the government fail miserably then they say that proves government doesn't work.

That's what they've done since 1994.


Yeah, right. They MAKE the government fail. Uh huh.

Democrats love it when the government (or anyone else) fails. That's what they use to justify increasing the government's power.
 
2012-05-23 11:21:05 AM  

skullkrusher: The FB issue is far worse.


right, I see how people buying a stock that is widely viewed as being massively overvalued is way worse than a company losing several billions of dollars of federally insured deposits
 
2012-05-23 11:21:18 AM  

Hickory-smoked: Representatives still have to support their families and put kids though school. Unless they're already wealthy, of course.


They are ALL already wealthy.
 
2012-05-23 11:21:51 AM  

Crusader: The same law the GOP keeps saying is anti-business and the reason why we still have economic hardships? The same law that the GOP has refused to fully implent as is was proposed, and the current version is a shadow of itself? The same law that hte GOP continues to block funding for? THIS is the law that you are pointing to as not being effective and wonder why?


Republican (n): A person who tells you that government is evil, then gets elected and proves himself right.
 
2012-05-23 11:22:29 AM  

Ass Exploder: This is what Republicans do, they make the government fail miserably then they say that proves government doesn't work.

That's what they've done since 1994.


Just like the post office.
 
2012-05-23 11:22:34 AM  
Wait til tomorrow, when the GOP starts apologizing to JP Morgan.
 
2012-05-23 11:22:49 AM  
I'm sorry we got our ocean in your oil.
 
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