Discussion in 'What's On Your Mind?' started by Frank, May 14, 2012.
Obama(lamadingdong) just gave them the kiss of death.
Seems like we need some less smart bankers managing the banks. Risky investments are what has hurt the banking industry.
best managed my (expletive deleted). JP,GS and all the others are the same they ran this country into the ground and got bailed out while the average citizen got on.
Should I add "used to" to the thread title?
It should be remembered that all of these "hedges" and other derivative plays are zero-sum games. If JP Morgan lost 2 billion, who made 2 billion?
JPM is the big kahuna in the New York Fed, which is the big kahuna of all the regional Feds. Much of what it does is directly at the behest of the US Treasury and the Fed. They will not be allowed to stumble much. The 2 billion loss is interesting because the JPM trader who made it was evidently betting against other JPM positions. Something doesn't smell right here though; JPM has written trillions of credit default swap insurance (total JPM derivatives exposure is 78 trillion!) in Europe and that will be impacted by Greek default, the impending defaults in Spain and Italy. In that light, a $2 Billion loss seems a bit small--you'd think the Greek default would have hit them for far more.
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