JPMorgan executives may have learned of the impending disaster with their London Whale trade from articles in the WSJ and Bloomberg. This from the company that more or less invented risk management and were supposed to be expert at it. Clearly their risk management was and is mostly nonexistent.
This is how Wall Street now operates; reckless, amoral, oblivious to financialÂ responsibility, always pushing for more risk which in their myopic view means more profit – except when it doesn’t. Â Then they force the government through the politicians and regulatory agencies they have corrupted to give them more money. This isn’t capitalism, this is theft.
Thew TBTF banks are too big and tooÂ irresponsible to live. They must be broken up and the crony capitalism theyÂ typifyÂ must be smashed. Really folks, it’s us or them.