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Here We Go Again!
JP Morgan loses at least 2 billion dollars trading credit default swaps.
“There were many errors, sloppiness and bad judgment,”Dimon said as the company’s stock fell in extended trading.“These were grievous mistakes, they were self-inflicted.”
You think!
This coming from the goof that is leading the charge against the Volcker Rule which is scheduled to take effect later this year. It is past the time when we break up the big banks. If we don't some rogue traders at these banks will once again send the country into a deep recession or worse, a depression. The way the banking system is set up in today's world, it is like dominoes, if one of the big fails, most of the other banks have fail too.
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Some day in the not too distant future, horse players will betting on computer generated races over the net. Race tracks will become casinos and shopping centers. And some crooner will be belting out "there used to be a race track here".
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