No J.P. Morgan Thread?

[JohnnySavage]

Probably by someone I have on ignore.

But as someone who hates the big banks/investment houses with a passion, I say BAHAHAHAHAHA!

Interestly, they lost 5 times as much because of their own "skills" as they say regulations cost them.

Huzzah!

 

[islandman]

5 times as much as what?

 

[JohnnySavage]

5 times as much as what?

When Dodd-Frank went into force, JPM said it would cost them $400 million

 

[islandman]

When Dodd-Frank went into force, JPM said it would cost them $400 million

Ah, okay.

Have they unwound all their positions yet? I haven't heard any comment on that.

I just assumed the $2B was a 5.10.12 number.

 

[islandman]

FYI - I harbour no greater-than-average ill-will towards J.P. Morgan.

 

[JohnnySavage]

Ah, okay.

Have they unwound all their positions yet? I haven't heard any comment on that.

I just assumed the $2B was a 5.10.12 number.

I was going on the reported $2.1 billion in losses vs. an article in the Economist a while back citing JPM saying regulations would cost them $400 million.

I know my math is off. I don't understand calculus.

 

[islandman]

I was going on the reported $2.1 billion in losses vs. an article in the Economist a while back citing JPM saying regulations would cost them $400 million.

I know my math is off. I don't understand calculus.

Because you don't have enough fingers and toes.

*nods*

 

[JohnnySavage]

Because you don't have enough fingers and toes.

*nods*

There were letters in the calculations and I don't know what the X and Y and A and C mean

As a bank, the borrow from the fed at 3% and loan the money to consumers at 15% - that sucks.

As a broker, they shill to their clients stock they own, then sell the the clients above market price - that sucks

As an investment house, they have the power to move the market up or down, depending on their own positions - that sucks.

They suck.

And don't even get me started on Skank of America.

 

[islandman]

Bring back Sandy Weill!

 

[TonyClifton]

Probably by someone I have on ignore.

But as someone who hates the big banks/investment houses with a passion, I say BAHAHAHAHAHA!

Interestly, they lost 5 times as much because of their own "skills" as they say regulations cost them.

Huzzah!

You are evidently Jewish...

http://www.laughstub.com/images/comedians/Jackie-Mason.jpg

 

[richard_daily]

There's going to be an expansion of the Volcker rule now...


Suck it, "free market"!

 

[Johnny_Ray_Wilson]

I use credit unions now. So, banks no longer worry me as much as they did before the bailouts.

 

[islandman]

I use credit unions now. So, banks no longer worry me as much as they did before the bailouts.

You've managed to unplug the banks for the economy simply by switching to a credit union?

 

[Johnny_Ray_Wilson]

You've managed to unplug the banks for the economy simply by switching to a credit union?

No. I saved my own ass. Fuck the banks and anyone's ass they plugged.

 

[islandman]

No. I saved my own ass. Fuck the banks and anyone's ass they plugged.

Agreed.

Fuck 'em till they need another bailout and they raise everyone's taxes to pay for it.

Except for you and the other members of credit unions, of course.

 

[off2bed]

But as someone who hates the big banks/investment houses with a passion, I say BAHAHAHAHAHA!

Interestly, they lost 5 times as much because of their own "skills" as they say regulations cost them.

Huzzah!

That's the way some of us feel about America's CEO. We hate big government with a passion and say Bahaha when Obama stumbles. Running up record debt is pretty well equivalent of what JP Morgan has done.

 

[osprey44]

This morning's "fish wrap" stated that one exec who was forced to retire, Ina Drew, earned roughly $14 million last year. I can understand earning that amount of money from an investment, or from the entertainment field, etc. but as a salaried employee with bonuses? Totally insane!

 

[Lord Emu]

Couldn't have happened to more deserving people.

 

[richard_daily]

This morning's "fish wrap" stated that one exec who was forced to retire, Ina Drew, earned roughly $14 million last year. I can understand earning that amount of money from an investment, or from the entertainment field, etc. but as a salaried employee with bonuses? Totally insane!

It's a good thing that these corporations come down so hard on their bad apples.

 

[islandman]

This morning's "fish wrap" stated that one exec who was forced to retire, Ina Drew, earned roughly $14 million last year. I can understand earning that amount of money from an investment, or from the entertainment field, etc. but as a salaried employee with bonuses? Totally insane!

You think that a top-10 exec from a top-5 global bank with $2 trillion in assets is considered a "salaried employee"?

 

[trysail]

This is, of course, roughly the 1,025,957th time that a bunch of people who should already have known better learn an immutable truth "the hard way."

There is no such thing as a perfect hedge.

Hell, some of us are even old enough to remember Long Term Capital Managment— when a bunch of rocket scientists and Nobel laureates figured out that theory doesn't always work in the so-called "real world."


I defy anyone to come up with a practical universal mathematical formula for "risk" ( I'll give you a hint: it ain't linear and it sure as hell ain't volatility around a mean ).

 

[osprey44]

You think that a top-10 exec from a top-5 global bank with $2 trillion in assets is considered a "salaried employee"?

Somewhere in the legal jargon of that contract that each one of those "execs" signed you can bet the term "salary" exists in some form or fashion, even if its a lesser figure that all the incentives and bonuses that come with the job. Of course, that's just MY "two cents" worth...

 

[BoyNextDoor]

The Volcker rule will definitely get a shot in the arm due to JMP's issues this week, but the Congress needs to reinstate the parts of Glass-Steagall that limited commercial bank securities activities and affiliations between commercial banks and securities firms that were relaxed under Clinton. That is a big part of what led to the Bush Recession we are still climbing out of.

 

[islandman]

Somewhere in the legal jargon of that contract that each one of those "execs" signed you can bet the term "salary" exists in some form or fashion, even if its a lesser figure that all the incentives and bonuses that come with the job. Of course, that's just MY "two cents" worth...

My point exactly.

 

[islandman]

The Volcker rule will definitely get a shot in the arm due to JMP's issues this week, but the Congress needs to reinstate the parts of Glass-Steagall that limited commercial bank securities activities and affiliations between commercial banks and securities firms that were relaxed under Clinton. That is a big part of what led to the Bush Recession we are still climbing out of.

They weren't relaxed. They were repealed by Citigroup Relief Act of 1999.