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Jamie Dimon (JPM) Feb. 15 on regulators: "They make trading sound like someone's sitting there,...

Jamie Dimon (JPM) Feb. 15 on regulators: "They make trading sound like someone's sitting there, guessing." Today: "Just because we're stupid doesn't mean everyone else was ... We have egg on our faces ... We deserve any criticism we get." Shares -6.8%.
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Comments (12)
  • Herr Hansa
    , contributor
    Comments (3084) | Send Message
     
    S&P futures plummeting and AUD plummeting. Thanks Jamie! Wonder what sort of bonus he gets this year.
    10 May 2012, 05:36 PM Reply Like
  • Tack
    , contributor
    Comments (14390) | Send Message
     
    Nothing better than hysteria to stir up the shopping juices.
    10 May 2012, 05:42 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3084) | Send Message
     
    Exactly. Might be a nice buying opportunity.
    10 May 2012, 05:46 PM Reply Like
  • Vet4RonPaul
    , contributor
    Comments (81) | Send Message
     
    Wouldn't it be too funny if they had to get rid of their silver below $30?!
    10 May 2012, 05:44 PM Reply Like
  • bbro
    , contributor
    Comments (10402) | Send Message
     
    Get ready for some good stocks to be sold...
    10 May 2012, 06:00 PM Reply Like
  • serndipity
    , contributor
    Comments (193) | Send Message
     
    Here we go again, tip of an iceberg?

     

    No problem, the tax payers again rescue the banks with another bailout.
    10 May 2012, 06:00 PM Reply Like
  • Storm Warning
    , contributor
    Comments (156) | Send Message
     
    This is exactly why we bailed out the TOO BIG TO FAILS - so they could FAIL AGAIN.

     

    And I was going to write a post on shorting Bank of America. It's this continual lack of transparency at the banks, the abominable lack of controls, and the lies of CEOs like Dimon, Lewis and Moynihan (who both swore they didn't need to raise capital), that prove why the banks are uninvestable and why Steve Rattner (on CNBC today) is right - individual investors should run away from these sinkholes of corruption.

     

    What do you have to say now, Bove?

     

    B of A ML spends all day writing algos to research & trade the market, but NOBODY HAS TIME TO WRITE A RISK CONTROL into the program.
    10 May 2012, 06:06 PM Reply Like
  • serndipity
    , contributor
    Comments (193) | Send Message
     
    Wait......under the Obama administration, I thought banks were no longer required value their holdings on a mark-to-market basis (e.g. reality), but could now use whatever number they thought appropriate.
    10 May 2012, 06:53 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3084) | Send Message
     
    It's not the Federal Government, but the FASB. Unfortunately lobbyists have some influence.

     

    http://bit.ly/KdAqBw

     

    The specific change you refer to is FASB 133, which was suspended and comes up for review at the end of each year.

     

    http://bit.ly/IFX1CO

     

    No normal markets until the Federal Reserve stops QE operations and this rule is reinstated.
    10 May 2012, 07:07 PM Reply Like
  • serndipity
    , contributor
    Comments (193) | Send Message
     
    This why I always associated the waiver of mark to market with Obama.

     

    In June 2009, FASB was criticized by an advisory panel of investors after making changes on mark-to-market accounting in response to political pressure. Lobbyists had obtained its permission for banks to apply a special accounting treatment for toxic assets.

     

    http://bit.ly/IG4Ato
    10 May 2012, 07:31 PM Reply Like
  • 2MuchDebt
    , contributor
    Comments (258) | Send Message
     
    Untainted markets died in late 2008. Will there be a resurrection? I certainly hope so. The initial TARP was helpful and arguably necessary. Now, however, things are way out of control. Central banks and governments think they can solve every and any problem.
    10 May 2012, 09:51 PM Reply Like
  • winningtrader
    , contributor
    Comments (2476) | Send Message
     
    Hmmm does that mean that JP will be forced to lower risk and cut some positions, like their silver short?
    10 May 2012, 07:06 PM Reply Like
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