And I can’t stop laughing. The official figure that Jamie Dimon quoted in the impromptu conference call that had to be cobbled together to fend off the news that Standard & Poor’s was downgrading their debt was $2 billion. J.P. Morgan’s (NYSE:JPM) stock was down as much at 7% in after-hours trading. The best part is that even when he loses Dimon still gets to one-up Ben Bernanke who was out earlier in the day telling everyone who still cares (hedge fund managers and their brainless algorithms apparently) that the Fed’s bank stress tests were not only robust but absolutely related to something almost but not quite unlike reality[1].
But, the truth is that reality bites and sometimes even the biggest sharks get bitten. And this time it was one of J.P. Morgan’s own who did the biting, so called London Whale Bruno Iksil.
Look, I’m sure some of you came here to get an analysis of what actually happened. Not my chortling over the loss of billions of dollars of ‘tier 1′ capital. If you want the goods, go to Zerohedge, because they had the nuts and bolts of this story a month ago. If you want to gloat a little bit about how the most abusive organization in the world just took a pop in the eye created by their own arrogance and control of the monetary system itself then you can to the right place.
These people think nothing of stealing your money every day of their lives. As a matter of fact that’s pretty much all they think about. The Federal Reserve bought Dimon’s merry band of thieves a few month’s reprieve. This, however, is just the warm up. The main attraction will be even better….
… at least from where I’m sitting.
[1] – Thank you Douglas Adams
Previous Post » Leading Stocks from Yesterday – Report
