Wednesday, May 23, 2012

Pot, Kettle, Black Award winner

Client #9 is shocked!  Shocked, to find bad judgment in a human being;
True, in the context of Chase’s balance sheet, a $2 billion loss can be absorbed. But it shows once again the impossibility of trusting the banks in the absence of structural reform and regulation to control their willingness to take almost unmitigated risk.
It almost is irrelevant that Jamie Dimon's bank was engaged in hedging (mitigating) risk with the trades in question (and that JPMC's risk managment system did catch that risk before any real damage was done to the bank), when measured against the truly unmitigated risk of New York state's chief executive in dallying with prostitutes.

Though it has to be admitted, when it comes to resigning in disgrace, there's almost no one better positioned to comment.

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