Comments on: The JP Morgan apologists of CNBC A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: buy fifa 15 coins Thu, 25 Sep 2014 21:39:13 +0000 I’ve been gone for a while, but now I remember why I used to love this site. Thank you, I will try and check back more often. How often do you update your web site?

By: Phunkshun Fri, 15 Nov 2013 00:14:57 +0000 The way I look at it, we have to reckon with one of two things here:

1. Dimon did not have control of the company and did not know what aspects of his business were going on with what, which makes him incompetent. I don’t personally think he is, honestly.


2. Chase is such a big entity that it is, effectively, ungovernable by its own leadership. This illustrates the inherent problem with letting entities get to the size they do in our corporate hegemony.

Well, there is a third option, pay 20 billion dollars in fines and allow our limp wristed government to simply make it go away, which is going to happen.

We’re doomed.

By: EllieK Thu, 07 Nov 2013 10:32:16 +0000 My turn, y2kurus. You said,
“JPM made a mistake with their own money which cost them $5 – 10Bil… As a penalty for losing $10 Bil due to their poor judgement/ management/ risk controls the government chose to fine them an additional $10 Bil? Anyone who [approves] is a commie…”

JPM is JP Morgan Chase Manhattan Bank. We no longer have Glass-Steagall. Are you certain of the Chinese walls between retail and investment banking? I am not. I realize that the FDIC is not making JPM whole for fail whale losses, not directly. I also realize that JPM’s business model now resembles an investment company more than a retail or merchant bank. Prop trading is the profit center, not deal flow, and certainly not retail banking.

Think for a moment about the traditional role of bankers. They are sober, responsible, reliable and risk averse. Often inflexible and self-important, but that is because they are held to high standards of trust. Cold hearts, fair dealing, long term thinking. They are bankers, not speculators. Well, they were. Under Glass-Steagall, if there were a calamity, Morgan Guaranty Trust would hold out as one of the last bastions of solvency. Not so for JPM, nor Chase.

Now look what has happened! Two months passed. JPM will be fined, no heads will roll. The same courtesy has been extended to SAC. Steve A. Cohen paid a $2 Bil criminal settlement. It is too easy to view that as an abstraction. In fact, it is $2 Bil taken from millions of Americans, causing immense harm to small business owners, family savings, university and hospital endowments. Other than paying a fine, there will be no felony charges, no incarceration, no penalties for Mr. Cohen. He MAY be willing to temporarily abstain from money management for any funds other than his own.

Felix, this was an excellent post. You are correct. CNBC is compromised. Sorkin has surpassed himself, even though the NYT tries to stay true. Thomson-Reuters’ own quarterly report was not good. I worry for the press. We need you!

Greed and deceit are rampant, unchecked. This is not a question of communism or capitalism. CNBC is immoral. JPM is worse.

By: unwantedguest Wed, 16 Oct 2013 02:53:14 +0000 Where do I begin with this one, y2kurfus?
Maybe let’s start by reminding you that it was the activities of the big banks/trading houses , not HP, that was largely responsible for the shambles that was our economy in 2008.
The suggestion that the machinations of these clowns is transparent when they don’t even have proper oversight of their own activities is laughable. When HP buys a company, the investor/pension/401k/hedge fund manager can look squarely at that deal and judge whether their money should be tied up in HP. When the the boss at JP Morgan and his underlings get caught with their pants down because of the contrivances of some dick in London, I’m certainly not putting my money there. That is, unless I have no control over that money because it is tied up in a pension fund or 401k. You think the activities of John Paulson and Goldman a few years back were transparent? You think the folks on the wrong side of that ‘transparent’ asymmetry were individual investors? You’re purposely naive or think we are.
The likes of liar loans and tranches of pure shit should have put a number of these clowns in jail, but instead we the people got to bail out their sorry asses. You certainly don’t seem to mind it when the recipients of such welfare do their business on Wall Street. Communist indeed.

By: ralphdeeds Fri, 11 Oct 2013 19:51:10 +0000 I just watched the video. Shame on CNBC, Bartiromo and the rest of the crew. Disgusting. Worse suckups than Tim Russert.

By: ralphdeeds Fri, 11 Oct 2013 19:45:19 +0000 “This is a very strong point by Pareene — and it’s a point which was well taken by Barclays. When the UK bank was fined $450 million last year for its role in the Libor scandal, its CEO duly resigned. After all, a $450 million fine is prima facie evidence that the CEO really isn’t in control of his bank.”

A Japanese bank CEO would have fallen on his sword!”

By: EliRabett Mon, 07 Oct 2013 21:28:31 +0000 “Can you think of an industry where every player competes exclusively on price with neon signs posted at every location in 1-2 foot high font. ”

On line retailing. C’mon, platitudes have to be better than that

By: y2kurtus Tue, 01 Oct 2013 03:01:10 +0000 Where do I begin with this one Felix.

Lets start with what this fine is for. JPMorgan made a mistake with their own money which cost them somewhere between 5 and 10 billion (I forget the exact number and am too into the baseball playoff to look it up.) As a penalty for losing 10 billion dollars due to their poor judgement/management/risk controls the government chose to fine them an additional 10 billion? Anyone who doesn’t immediately call BS on this is a commie plain and simple. In what other industry would that even begin to make sense.

Imagine the SEC calls Meg up at HP and says to her “hey ah that 8billion charge you took on that bad acquisition you made… sad news lassy we’re going to fine you another 8 billion because, well by god you owe it to the American people not to screw up like that. Maddness.

You could actually make a case for the fine if it went into the FDIC fund but it’s just getting sucked up by Treasury as if it was a tax. That’s all it is and anyone paying attention knows it.. it’s just one example of the new size tax on big banks. The market doesn’t quite know yet the rate for the new size tax… it’s variable… there is no exact formula to calculate it. The various tentacles of the government simply observe the banks behavior, their business lines, their revs, their earnings and then they decide who is to pay how much when and on what terms.

There are few better examples of how our system is devolving into a banana republic than this JPM fine or BofA getting repeatedly beaten for rescuing ML or Countrywide at the frantic pleas from the treasury and fed.

Lastly Felix ” When bank profits are high, that’s a sign that the bank in question is extracting rents from the economy” in what sector of the economy is that not true?

There is but one sector of the economy where pricing is more transparent and competition more fierce than retail banking. Can you think of an industry where every player competes exclusively on price with neon signs posted at every location in 1-2 foot high font. Thats right only big oil is more transparent than big banks… and only big oil is more vilified.

Fear not… soon these troubles will be behind us as we slowly transition to the successful models used in world leading countries like Cuba and Venesuala… I should probably look at relocating soon… you might not be able to wipe your ass down there……/venezuela -toilet-paper/index.html

… but in Maine you’d freeze to death when the government screws up your heating oil delivery.

By: SoopaBitHead Tue, 01 Oct 2013 02:41:48 +0000 Maria here is caught offguard, and she is misinformed, and discourteous. Hard to build a worthwhile TV bit off of that as a starting point.

By: history10 Mon, 30 Sep 2013 21:09:14 +0000 CNBC=Constant Nose to Butt Caressing of everything Wall Street