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"Egregious" JP Morgan losses could be the tip of the Titanic

Big Picture.

OK, we've got to work on our cliches, but you see what I mean.

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reslez's picture
Submitted by reslez on

JPM's Jamie Dimon squeals "Hit me!" on twenty-one at the Wall Street blackjack tables. Meanwhile the shackle of student loans has become so bad people are prevented from entering religious orders. Got to love the closing line of this article:

When it comes to vocations within certain Christian orders, the issue of student loan debt, or any debt, won’t be going anywhere because it’s part of religious law, said Brother Paul Bednarczyk, executive director of the Chicago-based National Religious Vocation Conference, which commissioned a study that looked at the issue of debt-laden students looking to go into religious life.

The study by the Center for Applied Research in the Apostolate at Georgetown University, released this year, found 69 percent of religious orders “turned away at least one person because of student loans. In addition, many religious communities ask young people to delay their applications to enter because of educational debt.” [...]

At a time when the nation needs more individuals entering religious vocations, Bednarczyk said: “We have to turn people away because they’re too poor to take the vow of poverty.”

Submitted by jawbone on

real world financial story are pretty close.

In Margin Call, the female head of the risk analysis division, who had warned the chief honcho of the firm several times about the bet that blows up on them, is fired as a sacrifice to show the Street and regulators that the firm in on top of things and "taking steps" to remediate the losses and the bad strategy.

Today, at JP Morgan Chase, it was announced the female VP of investments "retired" and her two top aides were said to be on their way out.

In the move, some other managers are fired. One who was laid off and knew most about the problems with the quants' trading program had been marched out of the office in a downsizing move early in the morning, was then wooed to return, refused, but then was told he would lose the separation package if he did not come back. For one day. Earning oodles per hour, just to ensure he could not be reached by the press and that he did not go rogue in giving out any info which might cause buyers to learn for sure they were buying dreck.

The young math wizard who actually followed up on his downsized boss's work, found the math error and its import and worked to get others up to speed, learned from his new boss that he was most surely going to be fired. Ruthless the movie. Heh.

In the movie the head honcho, played with withering disdain by Jeremy Irons, does not have to take much heat, but the film only covesr the first 24 or so hours of the firm's troubles.

Deja vue.

And the Too Big to Fail just roll on and over whatever and whomever....