jamie dimon ceo Archives - Where Is The Outrage?

Jamie Dimon, rock star

Jamie Dimon, CEO of JP Morgan Chase, got Rock Star treatment on Capital Hill the other day. I really didn’t mind the wet kisses that were handed out. Okay, really, I did mind. It was as if the financial industry, including Mr. Jamie Dimon, didn’t cause the financial collapse of 2007/2008.

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The crappiness of Jamie Dimon’s answers cannot be understated. When you add stupid, undereducated and misinformed questions you have the soup of absolute nothingness. The hearing was a huge waste of time. The purpose of the hearing was to figure out exactly what went wrong in this $2 billion loss that J.P. Morgan Chase took on a single trade deal. Since J.P. Morgan Chase is a bank and an investment house, we, the American people, ensure their survival. Basically, we are underwriting their risky bets. This is the whole reason for calling him to Capitol Hill. Yet we got nothing. No answers.

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How does JP Morgan lose $2 billion in a single trade?

Jamie Dimon, CEO of JP Morgan Chase

The craziness of one trader at JP Morgan Chase having the power to lose $2 billion is totally blowing my mind. Didn’t we just pass laws that would reign in out-of-control risky betting by banks? This is a bank that we, the American people, insure. If it goes belly-up then we will be expected to pay the bill. That’s more risk than I can take. I suspect that is more risk than the American public can stomach. (more…)