Friday, May 11, 2012

Chase loses 2 billion on risky investments

Another example of how poorly managed these big banks are.  These CEO's that earn millions can just say oops.  Read the entire article, but the just of it is below in an excerpt.

In an email to the Huffington Post, Dennis Kelleher, president of the financial-reform advocacy group Better Markets, said the bank's admission "shows the need for financial reform, especially a strong Volcker Rule, to limit such risky betting."
"Jamie Dimon and JP Morgan Chase just proved what anyone not getting a paycheck from a Wall Street bank already knows: gigantic too-big-to-fail banks are too-big-to-manage," he added. "They must not be allowed to continue to threaten our financial system and our economy."


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