57 online
 
Most Popular Choices
Share on Facebook 8 Printer Friendly Page More Sharing
OpEdNews Op Eds   

JPMorgan Chase on Capitol Hill

By       (Page 6 of 7 pages) Become a premium member to see this article and all articles as one long page.   1 comment
Message Stephen Lendman
Become a Fan
  (191 fans)

This piece was reprinted by OpEd News with permission or license. It may not be reproduced in any form without permission or license from the source.

Insiders said transparency was sorely lacking. According to "Black Swan" author Nassim Taleb:

JPM's "risk management is as amateurish as you can get on Wall Street." The firm "is vastly more fragile today than it was five years ago, and the system is more fragile today with more too-big-to-fail banks with proven incompetence at their management level."

When Dimon announced $2 billion in trading losses last month, the CIO unit had over $100 billion in asset-backed "structured vehicles," as well as another $100 billion in credit default swaps. 

These type bets contributed heavily to plunging markets in 2008. Accounting manipulation conceals their severity. The worst is yet to come out.

JPM's CIO operates like a high-risk hedge fund. Taleb believes it incurs 10 - 15 times more risk. Loosing a big bet assures trouble. Lose several or more and company solvency is threatened. Other Wall Street giants are tarnished by the same brush.

Systemically destructive strategies work as planned when things go well. Otherwise taxpayers get the bill. It's a win-win scheme. Senate banking committee members did nothing to expose it.

Money power runs America. Dimon sits at its helm. Yesterday looked more like a coronation than crucifixion. It's why Wall Street gets away with grand theft.

Stephen Lendman lives in Chicago and can be reached at Email address removed

Next Page  1  |  2  |  3  |  4  |  5  |  6  |  7

(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).

Rate It | View Ratings

Stephen Lendman Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

VISIT MY WEBSITE: stephenlendman.org (Home - Stephen Lendman). Contact at lendmanstephen@sbcglobal.net.  My two Wall Street books are timely reading: "How Wall Street Fleeces America: Privatized Banking, Government (more...)
 

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines

 
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEd News Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

The McCain-Lieberman Police State Act

Daniel Estulin's "True Story of the Bilderberg Group" and What They May Be Planning Now

Continuity of Government: Coup d'Etat Authority in America

America Facing Depression and Bankruptcy

Lies, Damn Lies and the Murdoch Empire

Mandatory Swine Flu Vaccine Alert

To View Comments or Join the Conversation:

Tell A Friend