JPMorgan Trading Loss May Reach $9 Billion
“The growing fallout from the bank’s bad bet threatens to undercut the credibility of Mr. Dimon, who has been fighting major regulatory changes that could curtail the kind of risk-taking that led to the trading losses. . . .
‘Essentially, JPMorgan has been operating a hedge fund with federal insured deposits within a bank,’ said Mark Williams, a professor of finance at Boston University, who also served as a Federal Reserve bank examiner.” (New York Times)
The hearings mean Congress already decided you should not incur major losses. If you do anyway, well, there are always taxpayers to bully. If you don’t, well, enjoy that private island you just bought.
FEE Timely Classic
“Casino Banking” by Gerald P. O’Driscoll, Jr.
Brought to you by The Freeman Magazine a publication from the Foundation for Economic Education. Love economics? Like FEE on or follow us on Twitter!
Read more at theFreemanOnline.org
Source:
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).