This is just embarrassing. It's like watching chimps gathered around their first fire. It's so stupid, I can't even reasonably criticize it.
If we let these congressional imbeciles run the whole economy, we will get exactly what we deserve.
They would never think about trying to teach chemistry to a chemist, or medicine to a doctor (actually the Democrats would try that... but I digress.)
We need to accept that financial risk management is the providence of experts. It's not even mathematicians - in fact, it's pure math guys that are making most of the mistakes. It's a special discipline that requires years of training. And you are not going to be able to do it effectively from a congressional committee. Trying to regulate it, will only brake it.
Now go away you buffoons and see if you can't find a house page to molest, or some nice small business to extort a campaign contribution out of. Stick to your strengths.
22 comments:
Jefferson.... If the present Congress errs in too much talking, how can it be otherwise in a body to which the people send one hundred and fifty lawyers, whose trade it is to question everything, yield nothing, and talk by the hour?
I like how Schmucky Shumer leads with a campaign pitch...
Cramer was attempting to compare the 2% loss at JPM to full blown AIG!
Cramer threw out a load of BS that Wall St firms look at Errors as a black mark on a trader's record.
What nonsense!
Errors happen, aside from Nick Leeson and other rogues that tried to "Hide Errors", traders that report errors during the normal course of business are not villified or disciplined, and in many instances they are commended for sparing the company from a bigger problem.
There was one butt-head at BSC that tried to tell his personnel that "errors were unacceptable and punishable". Needless to say, he didn't put a dent in the frequency of errors during the normal course of business. What he encouraged was people to try to hide errors.
I confronted this guy and went over his head by calling it as I saw it. He was breeding rats.
Bob Menendez belongs in Jail!
No one is perfect. Errors happen. The person who thinks that's not so is a fool.
This actually reminds of a Louis Bacon story.
My team was responsible for his daily research book, and I had a guy whose whole job was to stay until the book was done every evening and make sure all the processes ran right and that all the data was up to date. But it was 300 pages, tens of thousands of data points from 50 different suppliers and thousands of studies. Every once in a while something would get missed. He was a very sharp and very careful guy and that book was his whole job, but it happened. No way to avoid it.
But without fail EVERY single time we missed something (and in three years I can only think of three times... once when my guy was out sick), I'd come in the next morning, and on my desk would be a page torn from the research book. There would be a circle in red marker drawn around the missing data point and on the page was written "WTF IS THIS?! LMB."
I swear to go the guy is like rain man. There is a reason he's a billionaire.
Re: Menendez... he is a sitting Senator from NJ. If history is any guide that does imply a certain "devil may care" attitude about corruption. Get an honest prosecutor to look into him and you'll probably get your wish.
To be fair, the gratuitous butt kissing by a few other Senators is almost as bad as that nonsensical rant by Menendez.
That Dimon rant about JPMorgan's internal culture largely matches my experience in the firm.
Focusing on the customer was always a top priority, even when the customer didn't like what you had to say.
Agreed on JPM internal culture. We were the bank that said "NO".
Kohl from Wisconsin believes opening loans would be less risky...
hahahahaha - sub-prime anyone?
He seems to be doing pretty well...I just lifted some covered calls on JPM.Hopefully time to settle down and grow me a dividend for the next 10 years.
Tom.. Something from a week or so ago.... You mentioned body language etc sort of giving an idea of lies etc... Put Dimon and his manner against Blankfein when he testified...180 degree difference.Jaime uses his hands alot and makes good eye contact..He is representing JPM very well.
I don't know if Frith is watching, but he's the one to ask about that. I'll ping him and ask.
I'm still waiting for Frank Pantangeli to show up...
LOL
30 seconds into the interview the cnbc reporter( I use that word loosely) is trying to get Dimon to throw th3 woman under the bus. And he wont. He may in private but not here and now....I dont know the man at all but if this is really him then I respect the hell out him..
It's really him.
Ikaika ..If you are involved(work) for him good for you...I struggle enough with covered calls and crap so i understand in my little world how trying to tame risk can bite me in the ass.I cant imagine you alls world.
I'm writing a little something about the brain dead "banker hunting" interview by that (spit) "journalist" that came after. Will post in a bit.
Actually I'm getting bogged down so I won't have time, but that "after" inteview was nothing but a stroll down the Occupy Wall Street talking points applied to a bank. That dumb bim was trying to trap Dimon into admitting something that would match the narrative of the banks as viewed from the occupy movement.
Arguably one of the lowest points in CNBC "business news" history.
They wil talk for days on how he was copied to a memo...oooooh...ahhhhhh...He had a woman that he trusted and gave her some room to manuever. That is what trust is and as he said "she had earned it"... So now theyl have to bring in a dozen lawyers and ask them all if this puts him at "risk". I suspect Jaime gets about 10k worth of memos a day...Back to the science channel.
If cnbc keeps sinking at least give me some "eye candy".
Gents - bigger fish to fry this mornin. Europe is rapidly coming apart at the seems.
*ITALY SELLS 2.5% 2015 BONDS AT 5.3% VS 3.91% ON MAY 14
Wow that's tough. If only they had enough teachers, firemen and policemen, then everything would be fine I'm sure.
How can you go wrong hiring more "heroes"?
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