JPMorgan losses could be $7 billion now

If you add in the drop in the stock price, then JPMorgan losses are more like $30 billion.

Obama is of course mute when it comes to criticizing the banksters, especially when it involves an old pal like JPMorgan CEO Jamie Dimon.

Dimon, in his comments on Monday, said the bank wasn’t going to keep updating everybody on its losses.

That means the losses are huge. Will anyone in the government or Congress actually do something about this vaporizing of customer money by insanely reckless banks? We need real investigations. But I doubt we’ll get them. The fix is in far too deep for that.

However, governments and institutions that are both corrupt and incompetent often do have a way of crumbling, and of course outside forces sometimes do it for them.