Reply With QuoteBig banks have no incentive to change a damn thing. They make money, great. They loose money, no problem. Tax payers pick up the tab. They are too big to fail.Originally Posted by justin84
Report: J.P. Morgan Trading Loss Could Surge to $9B Read more: http://www.foxbusines
http://www.foxbusiness.com/markets/2...y-hit-breport/
Business as usual. Initial estimated loss was disclosed as 2 billion dollars, then could balloon up to 9 billion but realistically fall between 6 or 7 billion dollars in losses.
Is jp morgan so big that they pose a systemic risk to the financial system? I think so.
Question is do we depend on the industry to fix themselves, or do we need the gubbament to give them a slight push in the right direction? (though any financial regulation seems to start out as a good thing, but then turns into nothing due to the vast amounts of lobbying)
Big banks have no incentive to change a damn thing. They make money, great. They loose money, no problem. Tax payers pick up the tab. They are too big to fail.
Sounds like the folks at the SEC are just sitting on their tushys collecting a paycheck and not giving two ships about it. So what's MORE govt rules and regs gonna do since they won't be enforced?
we'll
as far as i know. making unbelievably risky trades is not against the law.
If you are trading your own money, if you are handling other folks investments their are questions of financial responsibility and malpractice (malfeasance ?).
J.P. Morgan-Chase is worth nearly $200 billion$. They made a big bet, and lost. They are not in danger of collapse because of this, or anything remotely close to it. No depositors or investors were hosed. This whole thing was a deal done with their own corporate funds. This is what investment banks do. They bet on risky investments, and sometimes they lose. The idea that we now need the government to step in and 'do something' because they took a loss on a deal reveals a deep ignorance of how investment banking works.
Lehman Brothers: 36bn to 5bn worth in one year.
Big time. And the gov have been doing a bang up job of ensuring it stays that way. The crisis "officially started" in 2008 so what's been done since to protect taxpayers and The USA from this disease? SFA same as over here. If anyone protests they get lumped in woth the hippies. It's all sewn up.
I'm starting to believe most people like the security of serfdom.
glass steagall
That is all.
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