Rising Hegemon
Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.
When Jamie Dimon, the bank’s chief executive, announced in May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters.
That's okay though, no austerity likely for Jamie Dimon.
3 comments:
Even if the shareholders were able to force Dimon out for this, he'd still get scads of money on the way out, and in a year or two, he'd be running some other bank for some outlandish sum of money.
The system works the way it does because people like Dimon structured it to work in that way. Boards of directors have been shaped by players like Dimon to work, first and foremost, for the CEOs, and are so thoroughly incestuous in an intra-industry manner that getting rid of some fuck-up like Dimon is effectively impossible.
Bastid fuck.
the rite wing conspiracy luvs velvety computations.
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