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Thursday, May 17, 2012

Jamie Dimon, The Man Behind JPMorgan’s Multi-billion Dollar Loss

Jamie Dimon, CEO of JPMorgan Chase & Co. (AP)

Jamie Dimon, the head of JPMorgan Chase was once described as the country’s “least hated banker,” and called “the Obama administration’s favorite banker” by The New York Times.

But Dimon ended up opposing financial markets regulation. Now his bank is bleeding money because of bad trading, and giving new life to arguments in favor of regulation.

Guest:

  • Peter Coy, economics editor for Bloomberg Businessweek

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  • Jcgcpa

    Trading hedges and derivatives is a zero-sum game.  Somebody wins the three million is someone loses the three million.  who has won the three million that Jamie Dimon lost?

  • BHA in Vermont

    Mr. Diamon – The US Tax payer will not bail out WalMart if it fails. But JP Morgan is “too big to fail” and when YOU and your execs screw up, the tax payers are potentially on the hook. YOUR mistakes cost your shareholders dividends on $3B. How much of YOUR compensation is on the line for this $3B loss? Right – ZERO!
    You are just plain lucky this didn’t happen 2 months ago. At best you would be working for a lot less money after the shareholder meeting. At worst (for you) you would be out in the street (with a big golden parachute of course). Instead of fighting against regulation, run your company such that it wouldn’t NEED to be regulated.  Oops, I guess that won’t happen, it limits your ability to make a huge amount of money taking risks with other peoples’ money.

  • Crunch

    Do we understand what INSURANCE is.  It is too bad if the US doesnt want to pay but they are in the INSURANCE business with the FDIC.  The more you hold back business the less they will employ PERIOD………..  I am sick of the situation in the economy.  YES, I do WANT to go back to the BUSH era economy.

  • Shrdlu42

    Glass–Steagall might not  stop banks from gambling with money, but it would have limited the damage.  That was the whole point of the Act: to prevent combining commercial banking with securities firms.  Doing away with that restriction led to the creation of banks and firms that were “too big to fail”.  Had it been in full effect, the harm from the  “toxic” subprime mortgages and derivatives “gamble” would have been contained, and might not have harmed the entire economy.

    That your guest “expert”, to say nothing of Mr. Dimon, don’t seem to understand this makes me wonder about the “geniuses” running our economoy.

Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

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