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View Diary: Already In Deep Hot Water, JPMorgan Chase May Have Just Reached Its Boiling Point (Part I of II) (181 comments)

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  •  Nice diary. Some things continue to be of concern (5+ / 0-)
    Recommended by:
    ozsea1, divineorder, greenearth, Chi, melo

    Notably, Im struck by the attitude of Dimon. Its said that he is always the smartest guy in rooms filled with smart guys. Dimon has been fiercely anti-regulation. He is brazen in his support of all things Wall Street.
    Yet, when announcing the Whale Fail, he was extremely critical of his own firm and critical of himself, which is unheard of for Dimon. He even went so far as to significantly alter his longstanding position against regulation. WTF?
    Look, $2B in the grand scheme of todays banking world is not enough to IMO to get folks like Dimon to get regulation religion. There must be something much more substantially negative to be learned of JPMC's shadow banking activities.
    Therein lies another glaring problem. Much of the losses we are discussing here are housed on non-exchange regualted markets thanks to the 1999 CFTC Modernization Act ramrodded by Phil Graham and signed by then-pres Clinton. There are trillions of dollars to liabilities that never ever see the light of day.
    Is it reasonable to speculate? Hell yes, otherwise why have an internet.
    There must be yet another shoe to drop for JPM. We have not heard the full story. Perhaps the final chapter hasnt been written. This would be true if JPM continues to hold massive losses in underwater trades. My guess is they continue to double down. Why not?

    Mitt Romney deserves a lot of credit for creating Mitt Romney.

    by A Runner on Thu May 24, 2012 at 09:12:02 AM PDT

    •  Phil Gramm - UGH! His Gramm, Leach, Bliley Bill (3+ / 0-)
      Recommended by:
      ozsea1, greenearth, Chi

      that deregulated the financial industry and got rid of Glass-Steagall has done more damage to our economy than anyone can imagine. Can we get rid of that ruinous bill, reinstate Glass-Steagall, and try to recover from the deregulation fueled mistakes of the past 20 plus years? Government is going to have to rein them in - because the greedy investment bank idiots never learn from their mistakes.

      •  I Realize That Asking The Government To Rein In (0+ / 0-)

        these financial vultures/terrorists is easier said than done, given that 100% of the Republican party, and probably at least 50% of the Democratic party, is owned by Wall St.

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