Will JP Morgan Chase be the next Bear Stearns?

1 post / 0 new

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

Latest Headlines

Who rejected United States-North Korea peace talks?

There were conflicting reports on Sunday regarding a recent proposal for United States-North Korea peace talks which was allegedly made before North Korea"s recent nuclear test

U.K. Pound Falls As Markets Get Brexit Jitters

Bloomberg said on Monday the pound had sustained its biggest fall against the dollar in 11 months

Clinton: I'll defend Israel but push for 'two-state solution

Hillary Clinton believes both Republican candidates Donald Trump and Ted Cruz "missed the mark" with their approach to the Israel-Palestinian Arab conflict

State-Owned Bank of North Dakota is a HUGE Success!

In 2014, the state Bank of North Dakota was more profitable than Goldman Sachs and J.P. Morgan Chase. And, that's why every state should own their own depository institution.

Most people attributed the Bank of North Dakota's success with the oil boom in the region, but their latest report shows that last year was their most profitable year ever, despite the fact that their state's oil boom has become an oil bust.

Powered by Pressflow, an open source content management system