JP Morgan Lied, Mislead and Bullied Regulators; Lost 6 BILLION

[ClosedCaption]

A scathing report released by a Senate panel Thursday shows the financial crisis never really abated: The forces that delivered it -- a toxic combination of reckless speculation, balance sheet manipulation and outright disdain for regulators -- remained fully at work inside the biggest bank of them all, JPMorgan Chase, as recently as last spring.

The 300-page report, which unfolds in tones worthy of an indictment, says JPMorgan executives brazenly misled and bullied their regulators, going so far as to call them "stupid."

This, the report concludes, explains how a bet engineered by a trader called the London Whale for his enormous, market-moving positions burgeoned into losses reaching $6.2 billion. Chief executive Jamie Dimon initially dismissed the Whale losses as a “tempest in a teapot.”

JPMorgan Senate Report Says Bank Misled Investors, Regulators To Hide Massive 'Whale' Losses

Nice, Govt should get out of the way and let the free...market...uhhh

 

[CrusaderFrank]

JPMorgan lost SHAREHOLDER money

Fannie and Freddie Lost $180Billion of TAXPAYER money

 

[OKTexas]

A scathing report released by a Senate panel Thursday shows the financial crisis never really abated: The forces that delivered it -- a toxic combination of reckless speculation, balance sheet manipulation and outright disdain for regulators -- remained fully at work inside the biggest bank of them all, JPMorgan Chase, as recently as last spring.

The 300-page report, which unfolds in tones worthy of an indictment, says JPMorgan executives brazenly misled and bullied their regulators, going so far as to call them "stupid."

This, the report concludes, explains how a bet engineered by a trader called the London Whale for his enormous, market-moving positions burgeoned into losses reaching $6.2 billion. Chief executive Jamie Dimon initially dismissed the Whale losses as a “tempest in a teapot.”

JPMorgan Senate Report Says Bank Misled Investors, Regulators To Hide Massive 'Whale' Losses

Nice, Govt should get out of the way and let the free...market...uhhh

They already are getting out of the way, or have you not heard they are again offering NINJA (no income, no job verification) home loans and sub-prime auto loans, packaging them and selling them as securities. Why should the banks care, they know they are too big to fail and when the crap hits the fan again the fed will bail them out.

 

[G.T.]

JPMorgan lost SHAREHOLDER money

Fannie and Freddie Lost $180Billion of TAXPAYER money

oh word? Didn't know the bailouts were SHAREHOLDER money

 

[Sallow]

JPMorgan lost SHAREHOLDER money

Fannie and Freddie Lost $180Billion of TAXPAYER money

Since when?

You forget all about TARP?

What makes you think they aren't coming back..hat in hand..and asking for more?

Oh yeah Dimon announced layoffs..strangely enough after losing 9 billion.

19K. And he's laying off a bunch of people that had nothing to do with this fiasco.