"And that trading book was the first of it's kind, certainly, anywhere on - with any of the banks." - JP Morgan Chase Derivatives trader Terri Duhon 1994-2002.JPMorgan Chase announced a surprise $2 billion loss by one of its trading groups. James Dimon, CEO of JPMorgan Chase & Co., told reporters “There were many errors, sloppiness and bad judgment.” See no need to worry. It's just the result of honest mistakes and poor management of a well-intentioned strategy, not at all the result of an inherently evil, flawed, rigged system designed to swindle hundreds of millions of people out of Billions of dollars.
"You're either in possession of a very new human ability -- or a very old one." Terri seems to think she and her conscienceless banker buddies invented gambling.
Meanwhile, Faux News jumps in and blames... President Obama.
"If He's The President, He's The President Of The Banks, Too." - Steve Doocy.Everything bad is Obama's Fault! It's unbelievable the amount of cognitive dissonance the Right-Wingers allow themselves. But, Steve Doocy is just performing his role as obsequious yipping lap dog for the Rich.
Mitt Romney and the Republican economic policies of the last 30 years, of deregulation, privatization, the Repeal of Glass-Stegall empowered Wall Street and the Banking Industry to engage in profligate gambling and directly resulted in these situations where Billions of dollars vanish. Of course, Romney himself profited mightily from these gambling schemes and betting, when he "worked" at Bain Capital, which provided no jobs, products or services to people but were nothing more than legerdemain.
Because Republicans serve as dutiful Guard Dogs for their Plutocratic Masters, they receive kickback scraps from the Rich.
Meanwhile, the Piss Down your Back and Tell You It's Raining Economic Model and The Beast created by servile Republican Dogs has allowed Wall Street and hundreds of Corporations to become the biggest moochers in history.
From 2008-2010, 78 corporations had at least one year where they paid no federal income tax at all, while 30 corporations paid ZERO over the entire three years. Even though those 30 Corporations made $160 billion in profits over that period.
Halliburton and their subsidiaries received Billions in No Bid Contracts from their Moocher buddies under the Bush Administration.
Boeing ($644 Million), Northrop Grumann ($410 Million), and Lockheed Martin ($61 Million) admitted to stealing $1.1 Trillion via fraudulent contracts through the DoD.
Multi-National Oil Corporations, Chevron, Shell, BP, ConocoPhillips and Exxon Mobil receive Billions in Tax Payer dollars from the US Government via subsidies some of which were crafted as early as 1916.The Rich have succeeded brilliantly in returning the US Government into their private plaything. A massive Beast which protects and succors them while transferring debt and risk onto 99% of the American People, while it transfers Trillions of Dollars into the coffers of the falsely entitled and privileged Plutocratic Bastards.
And just so there is no confusion, the disgusting Mitt Romney, Dauphin of the Chicken Hawks, Scion of the 1%, wants to further relax regulations on Wall Street Thieves and Banking Casinos, “The extent of regulation in the banking industry has become extraordinarily burdensome following Dodd-Frank. I’d like to repeal Dodd Frank.” - Mitt Romney in 2011.