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]

Read 2541 times Last modified on Friday, 08 June 2012 02:48

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Please make plans to join us for the July Progressive Round Table. We will focus on Declaring our Independence from Wall Street and Corporate Control. Please join Progressive Democrats of America and many others Wednesday, July 16 from 1 to 3pm in Rayburn 2103. Livestreamed anywhere you are by We Act Radio. Featuring: Andrea Miller - Detroit Water Shutoff Update Rep. Keith Ellison (HR 1579 - Inclusive Prosperity Act) Rep. Jim McGovern (HJ Res20 & 21 - Corporations are NOT People and Money is NOT Speech) Rep. Jim McDermott - HR 4754 - Managed Carbon Price Act of 2014 Rep. Mark Pocan - Trans Pacific Partnership Emily Wurth - Food and Water Watch Public Banking - BankAct - Marc Armstrong Robin Hood Tax Campaign - Kenn Zinn,National Nurses United Jacqui Nantier - We Are Woman - ERA and Voting Rights DC Rally American Sustainable Business Council - Stephen Shaff Labor Campaign for Single Payer - Mark Dudzic Trey Hawkins - Credit Union National Association Witold Skwierczynski - AFGE - Stop the closing of Social Security Offices Please contact Andrea Miller andrea@pdamerica.org for more information about how to get involved with PDA, and / or with PDA's July Round Table meeting. Hope you can join us!

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