Thursday, May 10, 2012

About that $2 Billion loss at JP Morgan

It's the same old story.  Nothing has changed since the financial crises.  No one has learned anything.  Our Politicians haven't lifted one fucking finger to make the appropriate changes to put a halt to the gambling that goes on in our nation's banks.

Read this article.  It explains all the details of JP Morgan's $2 Billion trading loss.

The JP Morgan Trader who lost the $2 Billion had made the bank about $100 Million a year for a number of years.   Then,  bang.  Huge loss.   If you pull his pay stubs,  I suspect you'll find that he's been very well compensated,  for years.  He's probably pocketed $50+ Million in bonuses,  maybe more.   But now that he's lost the bank $2 Billion?  Now that he's lost the bank significantly more than he ever made cumulatively?  He'll keep all his past bonuses.

Heads,  bankers win.  Tails,  we lose.

This shit has to stop.  It's the same stuff that got us into trouble in 2008.  CDS securities.  Gambling on so called debt insurance.  Just fucking put a halt to that entire market.  Just fucking put a halt to banks taking huge trading risks with our money.  If they want to bet and gamble,  then allow them to do it on their own dime.   If they trade,  they don't need to be a bank.  They don't need to be backed by Taxpayer money.  Trading needs to be done in private businesses that are subject to bankruptcy.  PERIOD.

Get off your lazy ass Richard Burr,  and get something done about this.

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