muses of the moment

July 14, 2012

JP Morgan admits they don’t have a clue what their traders are doing

Filed under: The Banking Crisis — totallygroovygirlfriday @ 3:11 am

To the tune of  a half a BILLION dollars.

The banks/ regulators all seem to be using the same excuse “we didn’t know”, “it is all so complicated”, “some lower peon employee totally fooled us”. So how is this supposed to make me feel better about their financials in the future? If they are going to make up an excuse, can’t they make up something that makes me think that are not totally clueless about their investment business?

Like computer glitch? Hackers did it? Chinese stole it? Computer crashed, lost all data? Dog ate it?

Click here.

The banking system is sinking before our eyes. This little announcement is about the past. The next leg in the Euro crisis will create the exact same dangers for JPM and now, sovereign nations.

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