Matt Taibbi on the JP Morgan fiasco....

[trumad]

http://www.rollingstone.com/politics/blogs/taibblog/jamies-cryin-dimon-j-p-morgan-chase-lose-2-billion-20120511

[Guy Whitey Corngood]

1. 5, 4, 3, 2.........

[gratuitous]

5. Tee hee

I saw what you did there.

[Guy Whitey Corngood]

6. Any minute now. Wait for.... wait for it.....

[aint_no_life_nowhere]

2. "the loss, which stemmed from a hedging strategy that backfired"

I'm just devastated with grief.

[SDjack]

3. It's not as bad as it looks. Just a little gov't loan and payout of full bonuses (everyone's ,

performance exceed expeditions -- failure was due to the faulty strategy), and before you know it, JP will be cooking (books) again.

[benld74]

4. twould be interesting to see WHAT they bet on!!!!!

[hifiguy]

7. Let them gamble with their own damned money and

go out of business when they are inevitably led into bankruptcy by their own greed. Not one public penny to these shitheels ever again.

ETA: "Bruno Iskil"?? Wasn't that a character in a Sacha Baron Cohen movie?

[1StrongBlackMan]

8. I suspect ...

After a couple more similar announcements, the first bank that declares publically announce that they are changing their business model back to the boring basics of:

Accepting deposits from customers =>

Paying those customers a reasonable rate of interest =>

Lending Out a portion of those deposits at a rate that is higher than they are paying out to depositors (be reasonably so) =>

Taking a reasonable portion of those loan returns and pay that out to investors =>

Oh yeah, and announcing a reasonable executive pay scheme that is tied to the executive's success in this model, i.e., ensuring that lending standards are met.

I suspect that that Bank's stock will go through the roof because investments in banking, between the guilded age and the reagan/Clinton deregulation, was generally a pretty safe bet.

[IDemo]

9. Taibbi's mother was a hamster and his father smelt of elderberries

Someone's got to fill in here with stupid insults against Taibbi.....

[Smilo]

10. Matt Taibbi is an excellent journalist.

As Matt points out JP Morgan is a federally-insured depository institution, so I doubt there will be much cryin' at JP Morgan - they are probably laughing at all us little peons who will, once again, be cleaning up after them.

And Dimon is probably looking forward to his next pay raise for doing so well -

[Ruby the Liberal]

11. Once again, nailed it like only Matt can do.

It’s a simple concept: you either get to be a bank, or you get to be a casino. But you can’t be both.

[shcrane71]

12. Well, Chase bank can be both. Just ask Jamie Dimon.

[JDPriestly]

13. Short, succinct statement of the facts about the Morgan fiasco.

"It’s a simple concept: you either get to be a bank, or you get to be a casino. But you can’t be both. If we don’t have rules to enforce that concept, we ought to get some."

Read more: http://www.rollingstone.com/politics/blogs/taibblog/jamies-cryin-dimon-j-p-morgan-chase-lose-2-billion-20120511#ixzz1ub0p91io

Can't disagree. Seems like reasonable people should act reasonably and end the socially irresponsible practices of these hermaphrodite banks.

And please, I do not mean any insult to those may actually be have been born as hermaphrodites. I am using the term to refer to the ambiguity regarding certain bank/investments houses.