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JPMorgan Loses $2B on Synthetic Credit Securities

Discussion in 'Sports and News' started by lcjjdnh, May 10, 2012.

  1. lcjjdnh

    lcjjdnh Active Member

    Whoops. Can we finally stop hearing about how brilliant of a CEO Jamie Dimon is now?


    http://www.bloomberg.com/news/2012-05-10/jpmorgan-chase-says-cio-unit-suffered-significant-loss.html

     
  2. BTExpress

    BTExpress Well-Known Member

    Don't forget his dynamic zeal in helping JPMorgan drive the Zell-Tribune deal to completion --- despite 23,000 red flags along the way --- with the prospect of a fraudulent conveyance decision still hovering over the whole mess.
     
  3. Azrael

    Azrael Active Member



    “In hindsight, the new strategy was flawed, complex, poorly reviewed, poorly executed and poorly monitored,” Dimon said.
     
  4. poindexter

    poindexter Well-Known Member

    In before "rogue trader" is dropped as an excuse.
     
  5. poindexter

    poindexter Well-Known Member

    From the comments, god I hope this is true:

    William Feader 9 minutes ago Collapse

    JP is short 5 billion ounces of silver. If silver goes past 50 their losses will be in the tens of billions of dollars and they will have to cover.

    Even if you only have 40 bucks to spare, buy an ounce of silver and help put this monster out of business.
     
  6. Azrael

    Azrael Active Member

  7. dooley_womack1

    dooley_womack1 Well-Known Member

    Way to go, alphabets, you're gonna get the Net crashed
     
  8. TigerVols

    TigerVols Well-Known Member

    Here comes the summer economic collapse, right on schedule.

    Good thing (a) Dimon earned all those millions he was paid (hi, Ragu!) and (b) Obama tried to keep Wall Street sweet by bringing Timothy Geithner and Lawrence Summers into his cabinet, who, in return, made sure "too big to fail" was never acted upon.
     
  9. Point of Order

    Point of Order Active Member

    What the frick is a synthetic credit portfolio? What a fuckhead Jamie Dimon is.
     
  10. Point of Order

    Point of Order Active Member

    And who got left holding the bag? The employees who were told they could trade in their retirement plans for "ownership" in the company.
     
  11. Armchair_QB

    Armchair_QB Well-Known Member

    I don't know but they found it in a sample of Ryan Braun's urine.
     
  12. deskslave

    deskslave Active Member

    Seriously. If the CEO deserves tremendously high pay when things are accomplished, surely he must be held responsible when things go wrong.

    Otherwise, it's just another version of privatizing the gains and socializing the losses.
     
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