JANET TAVAKOLI, PRESIDENT, TAVAKOLI STRUCTURED FINANCE discusses JP Morgan’s 2nd quarter earnings and recent fraud admissions:
“JPMorgan (NYSE:JPM) just said what they said—is that the whole situation suggests that traders were knowingly mis-marking their books. Now that’s criminal behavior and that’s fraud. So it looks as if they’re going in the direction of prosecuting people. Now they’ve already fired people. They’re clawing back bonuses. But it looks as if it’s going even further. So the individuals involved, of course, they are responsible. Now the question is, who in upper management, including Jamie Dimon, will be held accountable and it seems to me that Jamie Dimon should be losing his job over this. This unit reported directly to Jamie Dimon. This was basically a large out of control bank within a tremendously huge bank.”
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I can’t believe the usually sharp-as-a-tack Janet allowed this obvious JPM PR shill to change the focus of the interview from the possible criminal aspects of JPM’s actions, to a debate on their P & L. The profits and losses are not germane to the legality or lack thereof of JPM’s actions.
Consistent with the idea that there is never just one cockroach :
http://www.cbc.ca/news/business/story/2012/07/17/hsbc-mexico-drug-money-laundering.html
Yes — and then the commentator goes on to repeat over and over — “highly critical” — ?? Shouldn’t SOMEONE be highly critical of this stuff?