Three questions
May 13, 2012 Leave a comment
1) Why does Jamie Dimon still have a job?
2) What does it say about the financial industry someone capable of such glaring incompetence rose to the top of a major financial services company?
3) Why should anybody take seriously what he has to save about government regulation of finance?
From this:
JPMorgan Chase chief executive Jamie Dimon acknowledged Sunday that the bank “made a terrible, egregious mistake” by dismissing concerns about a $2 billion trading loss it disclosed last week.
“We were dead wrong” to dismiss questions about reports that a trading group in London was taking outsize positions to hedge against risk and distorting the market, Dimon told NBC’s David Gregory in an interview that aired on “Meet the Press.” The bank’s actions were “sloppy and stupid,” he said.
In a conference call with analysts in April, Dimon called the concerns a “complete tempest in a teapot.”…
The losses, disclosed by the bank Thursday, have reopened a long-standing clash between Capitol Hill lawmakers and Wall Street over whether banks are still taking too much risk and whether they should be pushing back against regulations passed after the financial crisis.
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