JPM Fiasco


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bhootnath   
Member since: Mar 11
Posts: 969
Location:

Post ID: #PID Posted on: 16-05-12 10:35:09

Something is amiss with this..May be this is a nonsense. A rock solid bank with market cap of around 140-145B. Just a $2B loss by a very senior exec is like peanuts. Obama trying to push reforms and needed support so this comes out at the right time. The lady gets package for next few generations...JPM who was probably on radar for some other things gets this diversion and Jamie again looks good. Competition which is already struggling will suffer more. The stock which took a hit on news slowly crawls back to where it was..A win-win for JPM, Obama and the lady as well. loosers? may be Romney and other banks and investors who is playing it on short.
thoughts?


Just picture Obama and Jamie have a little chat on a beer...Jamie comes up with this idea, calls this lady to join, she joins with the glass of wine in hand and couple more drinks and voila..the brilliant plan is put together. later on may be reviewed and approved by Ben.



tamilkuravan   
Member since: Jun 05
Posts: 5775
Location: God's own country

Post ID: #PID Posted on: 16-05-12 12:03:32

Bhootnath,
You donot understand the gravity of the situation.
The Trading / hedge loss must have happened in a week or so. So they lost 2 billion out of 145 billion in just a week. So it is a big loss. Losses like this 20 times a year can wipe out the entire bank.
There is no need for any conspiracy theory !

Peace


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tamilkuravan   
Member since: Jun 05
Posts: 5775
Location: God's own country

Post ID: #PID Posted on: 16-05-12 12:05:44

Taken from Ash's post elsewhere :
"
Their Chief Investment Office made a series of trades which turned out horribly, and it resulted in a loss of over 2 billion dollars over the past 40 days. "

Peace


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I am a Gents and not a Ladies.


BlueLobster   
Member since: Oct 02
Posts: 3409
Location: Mississauga

Post ID: #PID Posted on: 16-05-12 12:34:49

Quote:
Originally posted by bhootnath

Something is amiss with this



Apparently, the FBI agrees with you...

http://news.blogs.cnn.com/2012/05/16/fbi-opens-investigation-into-jpmorgan-trade-loss/?hpt=hp_t2


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bhootnath   
Member since: Mar 11
Posts: 969
Location:

Post ID: #PID Posted on: 16-05-12 12:35:09

looks like Obama involved a lot more folks than just above 2-3 guys ;)
But why would someone repeat the mistake 20 times? It is not like they did something criminal (at least at this point of time). The lady is getting nice lottery for making a mistake at the time of retirement.



bhootnath   
Member since: Mar 11
Posts: 969
Location:

Post ID: #PID Posted on: 16-05-12 12:38:51

Quote:
Originally posted by BlueLobster

Quote:
Originally posted by bhootnath

Something is amiss with this



Apparently, the FBI agrees with you...

http://news.blogs.cnn.com/2012/05/16/fbi-opens-investigation-into-jpmorgan-trade-loss/?hpt=hp_t2



huh..what are the odds? Thanks for posting the link.



BlueLobster   
Member since: Oct 02
Posts: 3409
Location: Mississauga

Post ID: #PID Posted on: 16-05-12 12:43:56

Amazing how many big executive mishaps have been coming to light lately...

1. Yahoo CEO resume padding - gone
2. Best buy CEO undisclosed relationship - gone
3. Rebekah brooks - charged in phone hacking
4. JPM executive for the $2B loss - gone


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Contributors: ashedfc(4) bhootnath(3) BlueLobster(2) febpreet(2) tamilkuravan(2)



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