The downplaying of JP Morgan Chase’s sudden loss

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Banksters and Members of Congress have been downplaying JP Morgan Chase’s sudden loss of $2 billion, and arguing that the loss doesn’t mean Wall Street needs more regulations. But now, the New York Times is reporting that that $2 billion dollar bet gone bad might actually turn into a $9 billion hole in the books. Internal models at the banks project losses as high as $9 billion over the bungled trade.

Right about now, Congress should be kicking itself for not pressing JP Morgan Chase CEO Jamie Dimon harder over what exactly went wrong at the bank. Instead – since Dimon has paid off most Members of the House and Senate Financial Committees – our lawmakers kissed his ring.

Let’s not make the same mistakes twice – time to regulate Wall Street and turn banking into a safe and boring business once again.

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

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I think 7 billion is the accepted amount with 9 billion projected unless they actually hit the double zero green spot on their roulette wheel. Odds are 1:36 [?]

douglaslee's picture
douglaslee
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Jul. 31, 2007 4:01 pm

I'm sure that the true(?) much bigger amount was known all along. This make the situation even more creepy—not only are they continuing huge, potentially economiy-ruining gambling, but they are continuing to do everything secretly and only when it can't be kept secret to they devise lies to maintain their power.

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Karolina
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Time to Rethink the War on Terror

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When Eric Holder eventually steps down as Attorney General, he will leave behind a complicated legacy, some of it tragic, like his decision not to prosecute Wall Street after the financial crisis, and his all-out war on whistleblowers like Edward Snowden.

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