BANCO SECOND EPISODE
All the talk about Jamie and J.P. Morgan’s strength. One wonders about the relative strength of JP CHASE in the last crises and since. Has Jamie used the flexible accounting regulations to avoid mark-to-market and, perhaps, look better than the other banks?
One wonders, what does tomorrow bring for Jamie’s bank? Will the losses become so large that the well lobbied political hacks will, once again, gift taxpayer funds to Jamie and his counter parties?
One wonders what happens to the players who followed Jamie’s “WHALE” into the fetid sea of foolish speculation? Will the lessor players survive or will the taxpayers be called upon to save them as well? Did anyone shift just a little bit of customer funds to cover proprietary account margin calls? Were some of them Jamie’s clients, privileged to
trade along with Jamie’s BANCO? Will they default on their margin calls?
Has Jamie brought us the next Lehman Brothers?
One is aware as to why we have neither the transparency to understand, nor the controls to prevent, the Jamies of the world from speculating with the cost free monies of depositors and taxpayers! Pay the politicians for their indulgence (LEGALLY OF COURSE).