Will JP Morgan Chase be the next Bear Stearns?

1 post / 0 new
Will JP Morgan Chase be the next Bear Stearns?

In just six weeks – Wall Street giant JP Morgan Chase lost an estimated $2 billion in bad bets. That was the announcement from CEO Jamie Dimon on a conference call Thursday. JP Morgan Chase has been one of the biggest players in speculative bets over the last several years – those same bets that are known to drive up the price of commodities like oil – and inflate dangerous bubbles like the Housing bubble that popped in 2008.

This latest loss proves once again that banks can’t be trusted with your money – and regulation need to be put back in place to make banking a safe and boring business again in America. It will also be interesting to see if Jamie Dimon gets a massive compensation package this year – even though he oversaw major losses at his company. But that’s the culture on Wall Street – no accountability.

Thom Hartmann Administrator's picture
Thom Hartmann A...
Joined:
Dec. 29, 2009 10:59 am

Currently Chatting

Community Archive

Why the Web of Life is Dying...

Could you survive with just half of your organs? Think about it. What if you had just half your brain, one kidney, half of your heart, one lung, half a liver and only half of your skin? It would be pretty hard to survive right? Sure, you could survive losing just one kidney or half of your liver, but at some point, losing pieces from all of your organs would be too much and you would die.