Michael Santoli looks at what the lasting effect of JPMorgan’s shocking disclosure will really be:
in hindsight Jamie’s smartass remarks about the compensation ratio of journalists was probably not a great idea.
“I took a small long position in JPMorgan Chase (JPM_) at $38.20 after the close of trading yesterday and after JPMorgan made its surprising announcement.”
Simon Johnson has a different take on what we were fed last week.
“Like the legacy air carriers, the top banks in this country have yet to find a sustainable profit-making model in a changed world.”
“If sloppy record keeping and problems with false affidavits is a problem with mortgages, it’s 100 times bigger in credit card accounts,” says Michelle Weinberg of the Legal Assistance Foundation of Metropolitan Chicago.
Fresh outrage this evening as Bob Ivry, Bradley Keoun and Phil Kuntz (tough name) break an incredible story about the secrets of the 2008 bailouts. Banks fought to keep these details a secret, but Bloomberg Markets Magazine successfully sued for the truth. Here goes: The Federal Reserve and the big banks fought for more than…
If by some fluke this went to court and the these banks were forced to pay it, they’d all fail – one after another like dominoes.