Thursday, June 28, 2012

JP Morgan's Losses Could Be $9 Billion

Well, as we discussed before, we really don't know the extent of any of this because of the lack of transparency in taxpayer-funded and backed institutions such as JP Morgan.  We don't have that transparency because people like Jamie Dimon believe they are kings rather than public servants whose institutions they serve should have an intent to benefit society.  That's because power in our nation has morphed into authority rather than service.   Our leaderless leadership is the psychopathic state.

This potential loss of $9 billion creates an interesting dilemma.  Did Jamie Dimon perjure himself in his latest  congressional testimony?   Frankly, during that testimony Dimon perpetuated myths about his own brilliance which can easily be construed as bald-faced lies in and of themselves.   But beyond that, chief banking toady and major financial campaign cash recipient Spencer Bachus denied the request to have Dimon sworn in under oath before his testimony.   What testimony statements did Dimon make, regarding the mess he created, that may have been misleading or worse now that we find out the losses may be substantially more than the $2 billion he admits?  And, how does his lack of sworn testimony impact any statements?   Did Bachus give deference to unsworn testimony because Dimon's legal team encouraged it beforehand?  These proceedings are most often given under oath and denying sworn testimony dealing with financial crises is a rather odd occurrence.  What was the intent of granting this deference?

As I have noted countless times over the last seven years of this blog, the world is going to fix itself.  And, if politicians don't have the moral compass to do it, all we need to do is sit back and watch what will most certainly be the greatest spectacle in our nation's history.  Dimon, Wall Street and all unchecked and concentrated power around the globe are the dinosaurs before the great extinction.   Nature will take its own course.   Politicians have absolutely no idea what they are doing other than maintaining control for their own self-interest and that of the party.  Control is nothing more than an illusion. 

Title link here.

posted by TimingLogic at 10:05 AM