Tuesday, May 15, 2012

The Buck Stops Somewhere Down There

Accountability is for the little people.

In the years leading up to JPMorgan Chase’s $2 billion trading loss, risk managers and some senior investment bankers raised concerns that the bank was making increasingly large investments involving complex trades that were hard to understand. But even as the size of the bets climbed steadily, these former employees say, their concerns about the dangers were ignored or dismissed.

An increased appetite for such trades had the approval of the upper echelons of the bank, including Jamie Dimon, the chief executive, current and former employees said.

And we're not even 4 fucking years past the time they all tried to destroy the planet.

Probably some more free money will help. Also, too, tax cuts.