Newsflash:
Friday, 08 June 2012 02:43

Big shot banker proves big banks are too big

Written by  Jim Hightower
Photo credit: solarfeeds.com Photo credit: solarfeeds.com

In April, Jamie Dimon–the swaggering chief of JPMorgan Chase–scoffed at critics who warned that his bank's high-flying investment division was dangerously overextended and risking collapse: “A complete tempest in a teapot,” scoffed Dimon.

A month later, however, Jamie’s teapot exploded, blowing a $3 billion hole in the nation’s largest bank… and in Dimon’s reputation. Poor Jamie – why didn’t someone tell him?

They tried. As early as 2009, JPMorgan’s own internal risk managers raised concerns that this out-of-control division was pouring billions of dollars into speculative trades that were too large and too complex even to understand, much less manage. But their caution was dismissed, and Dimon himself pushed for more of these wondrous schemes. [Listen to this Commentary | Read complete article at Hightower.com]

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