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

Obama calls Merkel to discuss recent violence in Ukraine

Obama said Ukraine had made progress in implementing its obligations under the Minsk agreements, and reiterated that Russia must do the same

WDBJ7 General Manager: 'Our Hearts Are Broken' for Alison Parker and Adam Ward

The two journalists fatally shot while covering a feature story in Virginia early Wednesday morning

5 reasons Biden would have hard time catching Clinton

Biden, who is said to be seriously weighing a bid for the Democratic nomination, would start with some significant advantages

Currently Chatting

"Unequal Protection: How Corporations Became People."

Thom Hartmann Here with an excerpt from my book “Unequal Protection: How corporations became “people” - and how you can fight back.”
-----

Powered by Drupal, an open source content management system