Thursday, May 17, 2012

JPMorgan’s Trading Loss Is Said to Rise at Least 50%

Since the 2009 bottom I wrote over and over and over that this was going to happen.  That Wall Street was holding the bag.  That their monopoly in capital markets ensured that they would eventually be on the wrong side of massive bad bets.  It’s simply a mathematical fact.  Jamie Dimon should be fired and his salary for the last ten years should be clawed back.  JP Morgan should be busted into at least 30 pieces.  This bullshit that the Federal Reserve made a profit on bailing out Wall Street is nonsense.  It’s the same drivel we heard in the housing bubble.  Wall Street minted billions and then eventually lost it and much more.   This is just another canary in the coal mine. 

As we have noted repeatedly, derivatives and any form of derivative hedging should be banned from regulated financial institutions.  

Title link here.

posted by TimingLogic at 12:05 PM

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