Tag: JPMorgan Chase
Form Pfftt
Spare a thought for the poor trees that will fall victim to the latest bit of regulatory theater. Continue Reading
In which Jamie Dimon agrees that his bank is too big
Today the Washington Post has a story on the suicide epidemic that is sweeping Greece, Italy, and Ireland. Ariana Eujung Cha writes that “so many people have been killing themselves and leaving behind notes citing financial hardship that European media outlets have a special name for them: ‘economic suicides.’” She also points out that “studies have estimated that people with employment difficulties are two to three times as likely to commit suicide than the population as whole.”
America’s economic problems were caused by a different set of circumstances than those in Europe. Yet we have one sad fact in common: millions of people are having trouble finding work. And many of them will eventually kill themselves because of this. Continue Reading
What happens when money “never stinks”?
Boris Johnson is the upper-class mayor of London. A former school mate of prime minister David Cameron, he’s considered a likable buffoon who might some day go on to lead the country. Here’s an excerpt from a recent interview with the Financial Times in which he discussed the impact of the Olympic Games. Continue Reading
Whale hunters wanted at Wells
The London Whale incident has cost JPMorgan Chase $2 billion and counting. It has inspired tons of discussion and has also thrown up lots of good questions. (Well, except on Capitol Hill.) One question remains above all: who else is underestimating critical risks? Or was JP Morgan – who used to be seen as the smartest kid in the class — the only one caught unawares? Continue Reading
Have we arrived at a financial singularity?
A couple of things have happened recently that beg the question: do we truly understand the risks that our largest banks are taking? (And this matters because, 4 years on from the financial crisis, taxpayers on both sides of the Atlantic are still being asked to stand behind the banks. See recent events in Spain.)
Professor Henry Hu, from the University of Texas School of Law, believes that we don’t understand these risks. And that’s because the banks, themselves, don’t either. In fact, they couldn’t even if they wanted to. Continue Reading
