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Switch to Forum Live View JPMorgan Chase lost $2 billion
2 years ago  ::  May 17, 2012 - 2:17PM #11
TENAC
Posts: 25,157

No wait!


obama signed wall street reform.  Dodd Frank.  Took care of this.  The $2 billion was only an illusion.



Lets see.


In his first term, obama took care of Wall Street.


took care of the housing crisis with how many Federal Plans for consumers about to lose their homes.


took care of energy, green jobs, etc etc.....say no more.


took care of jobs anyway (btw, last weeks numbers of jobless were revised, again, guess which way).



Keep an eye on obama's campaign coffers.  You are going to find some if not much of that money.

Any man can count the seeds in an apple....
.......but only God can count the apples in the seeds.
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2 years ago  ::  May 17, 2012 - 2:44PM #12
catboxer
Posts: 14,012

Tenac--


Obama Derangement Syndrome is heartbreaking, I know.


But the good news is that ODS is treatable.


And I'm not voting for him either. As far as I'm concerned, he's just another slimeball politician carrying water for the 1%, such as that big gaggle of banksters who just gambled away $3 billion.



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2 years ago  ::  May 17, 2012 - 2:48PM #13
TENAC
Posts: 25,157

May 17, 2012 -- 2:44PM, catboxer wrote:


Tenac--


Obama Derangement Syndrome is heartbreaking, I know.


But the good news is that ODS is treatable.


And I'm not voting for him either. As far as I'm concerned, he's just another slimeball politician carrying water for the 1%, such as that big gaggle of banksters who just gambled away $3 billion.






But..but Cat......regarding ODS, denial is an excellent place to be this election cycle!  I hope every American realizes this!


Any man can count the seeds in an apple....
.......but only God can count the apples in the seeds.
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2 years ago  ::  May 17, 2012 - 3:08PM #14
catboxer
Posts: 14,012

This "fail whale" brought to us by JPMorgan/Chase is probably going to force Obama to do the right thing and implement the Volcker rule.


That's the rule that says if you're a commercial bank, you make money by taking deposits and making loans, and you're not allowed to gamble the depositors' money away.


He'll probably also throw Dimon to the wolves, which should give him a poll bump similar to the one he got by choreographing his gay marriage position.


news.firedoglake.com/2012/05/17/as-fail-...


The operative word here is "force." It's the only way this president and the last one would ever do anything just, such as implement the Volcker rule.


I'll tell you, life under the Obushma administration makes a person cynical.

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2 years ago  ::  May 17, 2012 - 5:11PM #15
ted08721
Posts: 3,751

Presidential candidate Jill Stern speaks out

www.jillstein.org/jp_morgan_fiasco

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2 years ago  ::  May 17, 2012 - 10:28PM #16
aarroottoonn
Posts: 3,128

May 17, 2012 -- 11:59AM, catboxer wrote:


May 15, 2012 -- 11:14PM, aarroottoonn wrote:


Dimon never said he didn't know how they lost the money. That was an opinion of the author of your article. Terrible loss, Dimon himself said it was stupid, but perspective is in order:


And to be fair, the losses (so far) aren't terribly large. Two billion dollars is a lot of money to most businesses. For JPMorgan, it's about five weeks of earnings. The company has $184 billion of shareholder equity. The division responsible for the losses manages $350 billion of assets, so the loss adds up to all of 0.57%


www.fool.com/investing/general/2012/05/1...




OK here's what the man said:


First of all, there was one warning signal. If you look back from today, there were other red flags. That particular red flag...you know, we made a mistake. We got very defensive, and people started justifying everything we did. You know, the benefit in life is to say, 'Maybe you made a mistake, let's dig deep.' And the mistake had been brewing for a while, so it wasn't just any one thing.


The old "mistakes were made" towel-mouthed mumble.


So you're saying the loss (we're up to $3 billion) wasn't significant? Any loss is significant when gamblers take TARP money then go back to the same casino where their reckless habits brought all of us to grief.


People are expected to give up social security and medicare so these guys can gamble?


The way the banksters are going, they seem determined to die in a ditch. If they want to avoid that fate, there's two things they can do: 1) Stop gambling, and 2) pay us back, and keep their paws off our money (i.e., social security and medicare).




5 weeks of earnings is not significant in the whole scheme of things. It certainly is a lot of money.


I have no idea what SS and Medicare have to do with this at all. Are you attempting to say that anyone forwent their checks or healthcare because we had to bail out Chase? If so, well, your wrong.


To your last: 1) less risk taking would be a good thing, I agree, 2) in large part they have, where is your complaint that the govt says we will lose 60 billion on GM/Chrysler (vs 16 billion on the banks) or unstated losses with Fannie/Freddie. 3) they aren't taking that money from you or anyone else, so rest easy.

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2 years ago  ::  May 17, 2012 - 10:42PM #17
catboxer
Posts: 14,012

May 17, 2012 -- 10:28PM, aarroottoonn wrote:


I have no idea what SS and Medicare have to do with this at all. Are you attempting to say that anyone forwent their checks or healthcare because we had to bail out Chase? If so, well, your wrong.




Not yet. If things were to remain as they are now, though (which they won't) that would certainly be the future.


Listen to Alan Simpson. It's quite obvious that our Galtian overlords have their eyes on reducing Social Security and then vacuuming up the difference in tax breaks for themselves. So yes, "They're comin for your Social Security; they want that too. They want it all..." (George Carlin)

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