JPMorgan Loses $2B on Synthetic Credit Securities

Here is a JPMorgan Chase executive working on the synthetic credit securities project.

 

Credit to Dimon for herding the relevant parties under the bus so quickly.

 

Who is that Bob?

 

That's Miley Cyrus, taking a bong hit of salvia.

 

Quoting myself to reiterate my main complaint about the Obama Administration...and to say I'm not Peter S. Goodman.

http://www.huffingtonpost.com/peter-s-goodman/jamie-dimon-derivatives-f_b_1509631.html

 

And here's the flipside.

http://www.salon.com/2012/05/11/romneys_jamie_dimon_problem/singleton/

On the other hand, there could well be real political repercussions. Because if anyone is going to come out of this mess looking even stupider than Jamie Dimon, it’s got to be Mitt Romney — the presidential candidate actively campaigning on a pledge to repeal Dodd-Frank.

Barack Obama has been rightly dinged from the left for his soft approach to Wall Street, but there’s a reason why Big Capital is shunning him and pouring money into Romney’s campaign. Romney’s answer to the financial meltdown is to do absolutely nothing; to abandon even any pretense of reining in Wall Street bad behavior, to return us to the pre-crash regulatory status quo.

 

"pre-crash?"

Which crash? 2008? 1997? 1929? 1901? 1637?

 

Coming soon to HBO: "Too Big to Regulate."

 

I made a joke about "crashes."

 

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