Thursday, October 3, 2013

JP Morgan's Regulatory Issues Should be Ignored, CNBC

You must watch this, especially if you have any confidence in the main stream business press.   Thank goodness for Matt Taibbi.  The Majority Report is new to me.  I will check them out more often.    

The curtain is pulled back on the presstitutes at CNBC in this video clip:
http://www.rollingstone.com/politics/blogs/taibblog/talking-jamie-dimon-with-sam-seder-of-the-majority-report-20131001  They really are ready to ignore 'regulatory problems' because Dimon is making record profits at JP Morgan.  The ends justify the means.  Unethical and illegal behavior is a cost of doing business.  And, as long as the ends more than cover the costs it is to be encouraged and rewarded.  

JP Morgan has paid $16B over the last 3 years in fines and legal settlements:
 http://www.rollingstone.com/politics/blogs/taibblog/chase-once-considered-the-good-bank-is-about-to-pay-another-massive-settlement-20130718#ixzz2ZQq176Ev   

And, that does not include $6B of 'London Whale' loses in 'hedge' investments that JPM should never have made.

And one more thing, JP Morgan's record profits are coming mostly from zero interest rate financing from the US Fed and mark to model accounting of their investments, not from brilliant leadership.

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