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(CNBC)   Letting commercial and investment banks merge with each other turns out to be a really lousy idea   ( cnbc.com) divider line
    More: Obvious, Comptroller of the Currency, derivatives trading, JPMorgan Chase & Co., CIO, internal controls  
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1512 clicks; posted to Business » on 15 Mar 2013 at 9:37 AM (5 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

16 Comments     (+0 »)
View Voting Results: Smartest and Funniest
2013-03-15 09:47:06 AM  
Yeah, well hind sight is 20/20 and all.  How were we to know that people in glass house would steagl from everyone?
2013-03-15 09:54:06 AM  
Over in one. Sigh.
2013-03-15 09:57:27 AM  
It's almost like that law was passed for a reason all that time ago. You might have heard of it, no big deal, just THE CIVIL WAR.
2013-03-15 10:00:06 AM  
Banking needs to go back to being boring.
2013-03-15 10:05:28 AM  
Letting them shop around for regulators is almost as bad.
2013-03-15 10:06:34 AM  
I got the 'come invest with us' shiat from Chase the other day.

It starts as 'hey come and be a client with 24hr access to customer service and free this and that' and then very quickly it morphs into 'Can you transfer a large amount of your retirement savings over to us so we can manage them, and by manage we mean fund our synthetic credit derivative gambling adventures'.
2013-03-15 10:29:02 AM  

aaronx: Banking needs to go back to being boring.

this this this.

Banking and credit need to be very very very boring. Run by phlegmatic people with little taste for risk.

Investment needs to be kept in a building far across town - long enough for only one or two trips a day by messenger.
2013-03-15 10:48:16 AM  
No shiat? Who didn't see this coming?
2013-03-15 11:02:17 AM  
2013-03-15 11:11:21 AM  
i think this is a surprise to absolutely no one.
2013-03-15 12:53:11 PM  
Thanks, Phil Gramm!  You've farked us, farked us all!
2013-03-15 01:09:45 PM  
zerohedge.comView Full Size
2013-03-15 03:11:12 PM  
Bush farked us again!!

Wait...it was Clinton that killed Glass-Steagall?  Carry on.

Seriously though.  This + NAFTA + the DMCA.  Why is Clinton deified again?
2013-03-15 03:19:02 PM  
Clinton was smart enough to do all his dirty work at the end, with the effects of which would not be felt for a decade... so the memory of his success as both a champion of the middle class and a right wing business genius was solidified.
2013-03-15 04:45:15 PM  
Actually, JPMorgan combined with Chase Manhattan wasn't too bad. It was only when JPMorgan Chase merged with BankOne that the shiat started hitting the fan. All the honchos at JPMC are former B1 assholes. B1 had a very different culture than JPMC had. I know, because I worked at Chase before the JPM merger, and after it, and then after the B1 merger. It wasn't until Jamie Dimon was in charge that employees started seeing a serious reduction in benefits. fark that asshole.
2013-03-15 07:27:09 PM  
A banker playing Russian Roulette with a six shot revolver:

Chamber spins...* click *

Chamber spins...* click *
"All right"

Chamber spins...* click *
"Let it ride"

Chamber spins...* click *
"Double down!"

Chamber spins...* click *
"I'm going all in. I can't lose!"
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