Nassim Taleb Is Angry That Not Even John Gotti Got Paid As Much As JPM's Ina Drew
Until
this point virtually every pundit and financial journalist and blogger
has opined on JPM, its prop trading operation (as first exposed by Zero Hedge),
and its massive loss which due to its pair trade nature has
potentially unlimited upside, but likely will top out at $5 billion (as
also first explained by Zero Hedge over a week ago and subsequently by the WSJ).
The one person who has kept silent so far was the man whose entire
philosophy predicted just this epic flare out, by revolving around the
assumption that humans operate under the illusion that they understand
rare events: they don't (for more details read his books The Black Swan and Fooled by Randomness
which by now have been read by all traders in the world, but apparently
not those formerly in charge of JPM's CIO unit). Courtesy of this BBC
Newsnight interview, he breaks his silence and shares his opinion,
which as one may expect are far from laudatory: "JPM has 10-15 times
the risk of a regular hedge fund... They should not be using my to play
in something that is way too dangerous and too complicated for them...
What I want [for JPM] is the following - skin in the game.
People when they make money should get the upside, should get the
upside; and people should be harmed when they have the downside. Hedge
funds have that."... Finally Taleb loses it by comparing Wall Street to
the mafia: "I am not an idealist. I am someone
who doesn't want to be paying the $14 million dollars for this lady
Ina Drew, which is more than John Gotti the mafioso got."
Well, neither does anyone else. But, sadly, even Nassim now realizes
that it is the financial mafia who owns this country and calls all the
shots.The Rise of Nationalism Will End the Euro Before Year's End
05/19/2012 - 09:41
The Biggest Risk Is China
Admin at Marc Faber Blog - 1 minute ago
I think the biggest risk is actually China because if you look at Greece,
it's an insignificant economy. - *in CNBC*
*Related: iShares FTSE/Xinhua China 25 Index (ETF) *
*Marc Faber is an international investor known for his uncanny predictions
of the stock market and futures markets around the world.*
Trader Dan on King World News Markets and Metals Wrap
Trader Dan at Trader Dan's Market Views - 8 minutes ago
Please click on the following link to listen in to my regular weekly radio
interview with Eric King on the KWN Markets and Metals Wrap.
*http://tinyurl.com/csgbtnv*
There Will Be More Debt And Currency Turmoil
Admin at Jim Rogers Blog - 17 minutes ago
The world's got serious problems facing it, I don't particularly like
saying it, but it's true. Unfortunately there will be more debt and
currency turmoil to come. - in CNBC
*Jim Rogers is an author, financial commentator and successful
international investor. He has been frequently featured in Time, The New
York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The
Financial Times and is a regular guest on Bloomberg and CNBC.*
Spain bombshell Friday night as they adjust budgetary deficit to 8.9% from 8.5%/ LCH raises European bank margin requirements/Ireland in need of another bailout/
Harvey Organ at Harvey Organ's - The Daily Gold and Silver Report - 31 minutes ago
Good morning Ladies and Gentlemen:
Before commencing, we had another bank failure last night:
DOW JONES NEWSWIRES
U.S. regulators closed a bank in Alabama on Friday, bringing the nationwide tally of bank failures to 24 for the year.
Sylacauga-based Alabama Trust Bank ...
Gold closed higher today by $1.10 to finish the comex session at $1595.10. Silver finished the session
The Pursuit of Balance Finds Few Masters
Eric De Groot at Eric De Groot - 13 hours ago
How many investors motivated largely by fear and highly motivated
misinformation campaign dumped their gold and silver positions last week?
Jim is absolutely right - Please make an effort to stay balanced. Greed is
a condition of lack of balance similar to fear. Human behavior driven
largely by evolution ensures that Jim's pleas for balance of mind, body,
and spirit will go...
[[ This is a content summary only. Visit my website for full links, other
content, and more! ]]
CFTC Commissioner Bart Chilton On the Irony of JP Morgan's Trading Loss
The Facebook IPO is kind of like a graduation party – everybody comes
together for one huge blowout to celebrate the end of an era before
going their separate ways. Unfortunately, most people on Wall Street do
not understand how bittersweet this moment really is. A tremendous
amount of pain is ahead for Wall Street in the next few years, and we
will probably never see anything like the Facebook IPO ever again. But
the Facebook IPO sure has been fun to watch. Facebook is one of the
largest companies to ever go public in the United States. According to CNN, 247 million shares of Facebook exchanged hands in the first 45 minutes of trading. The Facebook IPO was nearly ten times larger
than any other Internet IPO in history, and the amount of money being
made by some people on this deal is absolutely amazing. For example, it
is being reported
that Bono will make more money on the Facebook IPO than he has from
being part of the band U2 for the past 30 years. Sadly, this euphoria
is not going to last for long. The next wave of the global financial
collapse is rapidly approaching, and once it strikes there will not be much for anyone on Wall Street to be smiling about at all.Read More @ TheEconomicCollapseBlog.com
More than this: the word has been used to explain the contracting economies of Europe. The reductions in government spending are said to have caused the contracting economies. This explanation is based on textbook Keynesianism.
Read More @ DailyReckoning.com.au
from Inforwars:
Following comments made by the U.S. ambassador to Israel earlier in the week, the House has introduced H.R. 568, legislation designed to scuttle any significant talks with Iran.
According to Ohio Democrat Dennis Kucinich, “Congress is considering two pieces of legislation relating to Iran. The first undermines a diplomatic solution with Iran and lowers the bar for war. The second authorizes a war of choice against Iran and begins military preparations for it.”
Section 6 of the bill “rejects any United States policy that would rely on efforts to contain a nuclear weapons-capable Iran. Section (7) urges the President to reaffirm the unacceptability of an Iran with nuclear-weapons capability and opposition to any policy that would rely on containment as an option in response to Iranian enrichment.”
In other words, the legislation would sabotage talks with Iran that are scheduled for May 23 and all but ensure an attack on the country.
The new legislation draws a “red line” for military action at Iran obtaining “nuclear capability” as opposed to developing nuclear weapons, a new demarcation that would include Iran’s development of nuclear medicine and energy. Under the Nuclear Non-Proliferation Treaty, Iran is permitted to develop nuclear technology for peaceful purposes.
Read More @ Inforwars
Following comments made by the U.S. ambassador to Israel earlier in the week, the House has introduced H.R. 568, legislation designed to scuttle any significant talks with Iran.
According to Ohio Democrat Dennis Kucinich, “Congress is considering two pieces of legislation relating to Iran. The first undermines a diplomatic solution with Iran and lowers the bar for war. The second authorizes a war of choice against Iran and begins military preparations for it.”
Section 6 of the bill “rejects any United States policy that would rely on efforts to contain a nuclear weapons-capable Iran. Section (7) urges the President to reaffirm the unacceptability of an Iran with nuclear-weapons capability and opposition to any policy that would rely on containment as an option in response to Iranian enrichment.”
In other words, the legislation would sabotage talks with Iran that are scheduled for May 23 and all but ensure an attack on the country.
The new legislation draws a “red line” for military action at Iran obtaining “nuclear capability” as opposed to developing nuclear weapons, a new demarcation that would include Iran’s development of nuclear medicine and energy. Under the Nuclear Non-Proliferation Treaty, Iran is permitted to develop nuclear technology for peaceful purposes.
Read More @ Inforwars
from EconomyMeltdown:
Lindsey suggests: Get out of paper assets, close your bank account, buy tangible assets; gold & silver, farmland, food. Banks runs now happening all over Europe, the sign to look for is the crack that will happen in the derivatives market which started with JP Morgan’s $2 (now $5) billion dollars loss, the Dollar will be dead by the end of this year no matter how good things look like right now. Derivatives Market Collapse Coming Soon!
from silverguru:
Lindsey suggests: Get out of paper assets, close your bank account, buy tangible assets; gold & silver, farmland, food. Banks runs now happening all over Europe, the sign to look for is the crack that will happen in the derivatives market which started with JP Morgan’s $2 (now $5) billion dollars loss, the Dollar will be dead by the end of this year no matter how good things look like right now. Derivatives Market Collapse Coming Soon!
from silverguru:
More consumers are walking away from fiat currencies to drive commerce — and society — with new ways of buying.
by Eric Garland, The Atlantic:
by Eric Garland, The Atlantic:
People everywhere are fed up with the status
quo of the economy. With the passion our official institutions show for
this tepid “recovery,” many are concluding that progress will come not
from the current system, which is after all what got us here in the
first place, but from their own ingenuity and inventiveness. In pockets
around the world, folks are declaring economic independence by starting
small, local, but potentially revolutionary alternative currencies that
could change not only how we buy goods and services — but how we relate
to one other in society. If these micro-currencies catch on, we could be witnessing the replacement of our monocultural monetary system, which emphasizes a certain sort of free market capitalism
above all else, with a variety of currencies that will represent more
diverse sets of values belonging to the groups that hold them.
Local Currencies, Local Economies
The next time you’re in the southside of London,
you might find yourself standing next to a man purchasing his chicken
tikka with pounds sterling that feature, rather than the Queen of
England, David Bowie in his Ziggy Stardust era. The man isn’t a
counterfeiter with a love of 70s glam rock, but a resident of Brixton
proudly using the Brixton Pound,
a “complementary currency” meant to revitalize the famously tough
London borough by encouraging people to spend their money as close to
home as possible.
Read More @ theatlantic.com
from The Daily Paul:
The Campaign may have given up on Primaries, but we haven’t.
On June 5th, 2012, registered Republicans in South Dakota will vote in the Republican presidential primary. Recently, the official Ron Paul campaign announced it will fully channel its financial resources and staff to delegate and convention operations instead of upcoming primary states, like South Dakota. Consequently, it’s up to grassroots supporters of Dr. Paul and his message, to carry the torch and deliver a strong showing on June 5th.
Read More @ DailyPaul.com
The Campaign may have given up on Primaries, but we haven’t.On June 5th, 2012, registered Republicans in South Dakota will vote in the Republican presidential primary. Recently, the official Ron Paul campaign announced it will fully channel its financial resources and staff to delegate and convention operations instead of upcoming primary states, like South Dakota. Consequently, it’s up to grassroots supporters of Dr. Paul and his message, to carry the torch and deliver a strong showing on June 5th.
Read More @ DailyPaul.com
by Nickolai Hubble, DailyReckoning.com.au:
Despite our gloomy headline, today’s Daily Reckoning begins with some excellent news. The European Union won’t be in recession for another six months. Whoopeee!
Buy everything! Stocks, bonds, real estate and yes, even sovereign debt. [Editor’s note: please don’t do this.]
If you’re sceptical about this new-found optimism, here is our impeccable reasoning. First of all, a recession is defined as two consecutive negative quarterly GDP growth figures. Europe had its first in the last quarter of 2011. But the first quarter of 2012 has saved the entire region from economic chaos for sure, because the GDP growth figure wasn’t negative. So there’s no recession. And there can’t be for another six months, because it takes two negative quarters in a row before a recession is declared.
Read More @ DailyReckoning.com.au
from RedditSilverBugs:
It was George Santayana who famously said “Those who cannot remember the past, are condemned to repeat it.” There are millions and millions of people who are blissfully unaware of the financial fraud that they partake in daily. These people will be left holding worthless fiat paper when the official monopolized money machine collapses, taking everyone’s digital, paper & monetized debt instruments with it. Avoid financial catastrophe & buy physical silver & gold now while you still can. Visit us at www.reddit.com/r/silverbugs.
Despite our gloomy headline, today’s Daily Reckoning begins with some excellent news. The European Union won’t be in recession for another six months. Whoopeee!Buy everything! Stocks, bonds, real estate and yes, even sovereign debt. [Editor’s note: please don’t do this.]
If you’re sceptical about this new-found optimism, here is our impeccable reasoning. First of all, a recession is defined as two consecutive negative quarterly GDP growth figures. Europe had its first in the last quarter of 2011. But the first quarter of 2012 has saved the entire region from economic chaos for sure, because the GDP growth figure wasn’t negative. So there’s no recession. And there can’t be for another six months, because it takes two negative quarters in a row before a recession is declared.
Read More @ DailyReckoning.com.au
from RedditSilverBugs:
It was George Santayana who famously said “Those who cannot remember the past, are condemned to repeat it.” There are millions and millions of people who are blissfully unaware of the financial fraud that they partake in daily. These people will be left holding worthless fiat paper when the official monopolized money machine collapses, taking everyone’s digital, paper & monetized debt instruments with it. Avoid financial catastrophe & buy physical silver & gold now while you still can. Visit us at www.reddit.com/r/silverbugs.
from KingWorldNews:
With continued uncertainty in markets around the world, today Ben
Davies, CEO of Hinde Capital wrote the following piece exclusively for
King World News. Davies believes the gold and silver liquidation is
over: “I humbly believe the seller is done. For one week there
has been several but mainly one entity selling Comex gold futures, as
well as some physical to liquidate on the open and closes. This suggest
to us it was a CTA commodity type fund. They use volume areas of the
day to transact.”
Ben Davies continues @ KingWorldNews.com
With continued uncertainty in markets around the world, today Ben
Davies, CEO of Hinde Capital wrote the following piece exclusively for
King World News. Davies believes the gold and silver liquidation is
over: “I humbly believe the seller is done. For one week there
has been several but mainly one entity selling Comex gold futures, as
well as some physical to liquidate on the open and closes. This suggest
to us it was a CTA commodity type fund. They use volume areas of the
day to transact.”Ben Davies continues @ KingWorldNews.com
by Dan Denning, Whiskey and Gunpowder:
Sometime in the next few weeks we’re going to find out if Greece can afford to stay in the euro. We’re
also going to find out if Spain and Italy can afford to leave the euro.
Access to credit markets is the key issue. The stigma of default will
lock a country out of capital markets. If you don’t have a plan to
replace your currency and then devalue it, you’re doomed.
But first, the crisis in Greece didn’t come to a head over night but it can’t be far away. Rival political parties have been unable to form a government. New elections are scheduled for the second week in June. The financial has definitely become political. The people have run out of patience with unsound money and the world built on it.
All that said, the Greeks managed to make a €430 million payment to hold-out creditors last night. Nearly 97% of Greek creditors agreed to the restructuring of the country’s debt in March. That wiped off over €100 billion in Greek debt and resulted in 70% losses for some of the bondholders who accepted the deal. Not all of them did.
Read More @ WhiskeyAndGunpowder.com
Sometime in the next few weeks we’re going to find out if Greece can afford to stay in the euro. We’re
also going to find out if Spain and Italy can afford to leave the euro.
Access to credit markets is the key issue. The stigma of default will
lock a country out of capital markets. If you don’t have a plan to
replace your currency and then devalue it, you’re doomed.But first, the crisis in Greece didn’t come to a head over night but it can’t be far away. Rival political parties have been unable to form a government. New elections are scheduled for the second week in June. The financial has definitely become political. The people have run out of patience with unsound money and the world built on it.
All that said, the Greeks managed to make a €430 million payment to hold-out creditors last night. Nearly 97% of Greek creditors agreed to the restructuring of the country’s debt in March. That wiped off over €100 billion in Greek debt and resulted in 70% losses for some of the bondholders who accepted the deal. Not all of them did.
Read More @ WhiskeyAndGunpowder.com
from Wealth Cycles:
When I began studying monetary history and wealth cycles,
I was electrified by the realization that the same patterns have
repeated over and over again, from ancient Greece and Rome to our own
modern global society.
What really thrilled me was the realization that understanding those cycles gave me a roadmap for where today’s markets and the economy were headed. For example, I could see that every time in history that a government intervened in free markets, the markets would eventually undergo a correction. I could see that every time a government began devaluing its currency by creating more and more of it, certain events, like inflation or hyperinflation, would follow, every time.
My understanding of cycles has allowed to me to build a successful business and secure my family’s wealth. My strategy is to invest in accordance with the natural economic cycles that have occurred repeatedly throughout history. Time and again, I have made successful investments not because I’m some financial wizard, but because my understanding of those cycles gave me just a little bit of an informational edge over the next guy.
Read More @ WealthCycles.com
Back on Wednesday, I had the chance to visit again with Mike Krieger.
He’s one helluva smart guy and great analyst and writer but his new
project (http://www.libertyblitzkrieg.com) is something you have got to check out.
On the LibertyBlitzkrieg site, Mike’s “welcome” message pretty much sums it up:
“While these are dangerous times, these are also times of great opportunity. It is only in times like these that we can change the world…for better or worse. Our enemies want increased global centralization of political and economic power. We want the opposite. We want freedom. Freedom of speech. Freedom to use whatever money we want to use not have some digital garbage they create shoved down our throats. Freedom to pick whatever job we want and the freedom to live how we want to live. Please join me in the Liberty Blitzkrieg!”
To that end, in this podcast Mike and I discuss our losses of freedom. Whether the topic is the loss of “free” markets or the increasing government encroachment upon civil liberties, Mike is on it and his insights provide the basis for this interesting and informative interview.
TF
Listen NOW @ TF Metals Report
When I began studying monetary history and wealth cycles,
I was electrified by the realization that the same patterns have
repeated over and over again, from ancient Greece and Rome to our own
modern global society.What really thrilled me was the realization that understanding those cycles gave me a roadmap for where today’s markets and the economy were headed. For example, I could see that every time in history that a government intervened in free markets, the markets would eventually undergo a correction. I could see that every time a government began devaluing its currency by creating more and more of it, certain events, like inflation or hyperinflation, would follow, every time.
My understanding of cycles has allowed to me to build a successful business and secure my family’s wealth. My strategy is to invest in accordance with the natural economic cycles that have occurred repeatedly throughout history. Time and again, I have made successful investments not because I’m some financial wizard, but because my understanding of those cycles gave me just a little bit of an informational edge over the next guy.
Read More @ WealthCycles.com
Back on Wednesday, I had the chance to visit again with Mike Krieger.
He’s one helluva smart guy and great analyst and writer but his new
project (http://www.libertyblitzkrieg.com) is something you have got to check out.On the LibertyBlitzkrieg site, Mike’s “welcome” message pretty much sums it up:
“While these are dangerous times, these are also times of great opportunity. It is only in times like these that we can change the world…for better or worse. Our enemies want increased global centralization of political and economic power. We want the opposite. We want freedom. Freedom of speech. Freedom to use whatever money we want to use not have some digital garbage they create shoved down our throats. Freedom to pick whatever job we want and the freedom to live how we want to live. Please join me in the Liberty Blitzkrieg!”
To that end, in this podcast Mike and I discuss our losses of freedom. Whether the topic is the loss of “free” markets or the increasing government encroachment upon civil liberties, Mike is on it and his insights provide the basis for this interesting and informative interview.
TF
Listen NOW @ TF Metals Report
from FinancialSurvivalNetwork.com:
If you’re a person that doesn’t really understand what’s going on, but
what you see of the current global financial world, like the first ever
Japanese pension fund investing in gold, makes you fearful of your own
financial survival, listen up! Andy and I touch base again this week and
break down the implosion occurring in Greece. We suggest you keep your
eyes on that Greece thing! Although the powers that be, aka the Elites,
have done everything to make you believe what’s going on with Greece is
not a big deal, it is undoubtedly a foreshadowing to global calamity.
Greece is huge deal & it’s coming to the forefront right now. This week it was announced the ECB is starting to cut off some of the Greek banks. This is a precursor to the inevitable, which is Greece succeeding from the Euro currency. This will not be a simple event, and it will result in reneging on hundreds of billions of debt; it will cause hyperinflation and bank runs across Europe then it will move up the totem pole to Great Britain, Japan and the US. This will cause people across the world to really question what debt means and if you can renege on it.
Click here to listen
If you’re a person that doesn’t really understand what’s going on, but
what you see of the current global financial world, like the first ever
Japanese pension fund investing in gold, makes you fearful of your own
financial survival, listen up! Andy and I touch base again this week and
break down the implosion occurring in Greece. We suggest you keep your
eyes on that Greece thing! Although the powers that be, aka the Elites,
have done everything to make you believe what’s going on with Greece is
not a big deal, it is undoubtedly a foreshadowing to global calamity.Greece is huge deal & it’s coming to the forefront right now. This week it was announced the ECB is starting to cut off some of the Greek banks. This is a precursor to the inevitable, which is Greece succeeding from the Euro currency. This will not be a simple event, and it will result in reneging on hundreds of billions of debt; it will cause hyperinflation and bank runs across Europe then it will move up the totem pole to Great Britain, Japan and the US. This will cause people across the world to really question what debt means and if you can renege on it.
Click here to listen
by Greg Hunter, USAWatchdog:
The big news is what is coming up over the next four days. There are
two sets of meetings: one in Camp David with the G8 and one in Chicago
with NATO. Forget the protests in Chicago; that is just noise and
distraction. There are three big problems that will be talked about at
these meetings. Syria is in the middle of a revolution, and Russia has
warned the West to stay out. Nothing is settled there, and the cease
fire was short lived. Any NATO action, such as what happened in Libya, could spark World War III.
Read More @ USAWatchdog.com
The big news is what is coming up over the next four days. There are
two sets of meetings: one in Camp David with the G8 and one in Chicago
with NATO. Forget the protests in Chicago; that is just noise and
distraction. There are three big problems that will be talked about at
these meetings. Syria is in the middle of a revolution, and Russia has
warned the West to stay out. Nothing is settled there, and the cease
fire was short lived. Any NATO action, such as what happened in Libya, could spark World War III.Read More @ USAWatchdog.com
by Dr. Paul Craig Roberts, PaulCraigRoberts.org:
In response to the question in the title I can report that most of my readers are. Almost everyone got the point of the last column. They see the absurdity of the government’s claim that the identity of the tough, macho Navy Seals, who allegedly murdered Osama bin Laden, has to be kept secret in order to protect our fierce warriors from reprisals from Muslim terrorists, while those government officials responsible for the torture and deaths of large numbers of Muslims can walk around, identity known, unprotected and safe.
A few members of Congress are also awake, but not very many. Indeed, we are losing two of the most aware–Dennis Kucinich and Ron Paul. Kucinich was redistricted in order to get rid of his independent voice. He carried 75% of the votes from that part of his old district that was included in his new one, but the new voters lacked the intelligence to vote for him. Ron Paul, in our time of tribulation, tried for the Republican presidential nomination on a platform of saving the US Constitution, but those who voted in Republican primaries weren’t interested in saving the US Constitution.
Read More @ PaulCraigRoberts.org
In response to the question in the title I can report that most of my readers are. Almost everyone got the point of the last column. They see the absurdity of the government’s claim that the identity of the tough, macho Navy Seals, who allegedly murdered Osama bin Laden, has to be kept secret in order to protect our fierce warriors from reprisals from Muslim terrorists, while those government officials responsible for the torture and deaths of large numbers of Muslims can walk around, identity known, unprotected and safe.
A few members of Congress are also awake, but not very many. Indeed, we are losing two of the most aware–Dennis Kucinich and Ron Paul. Kucinich was redistricted in order to get rid of his independent voice. He carried 75% of the votes from that part of his old district that was included in his new one, but the new voters lacked the intelligence to vote for him. Ron Paul, in our time of tribulation, tried for the Republican presidential nomination on a platform of saving the US Constitution, but those who voted in Republican primaries weren’t interested in saving the US Constitution.
Read More @ PaulCraigRoberts.org
from CapitalAccount:
All eyes seemed to be on Facebook’s IPO today. But we look at some of these hyped up social media and gaming companies that have gone public and ask if they can get away with some choose-your-own-adventure accounting methods to boost profits. And back in March, our futures veteran Mark Melin told us MF Global was worth more to some entities dead than alive. Well now we know how much its carcass is worth to the legal team winding down the estate — the team led by the trustee and former FBI director Louis Freeh. They’ve reportedly racked up $25 million in fees! Customers are reportedly upset, as their money is still missing. We’ll talk about some possible MF Global enablers that seem to be getting a free pass from regulators and investigators: the auditors. Plus, the Financial Times reports JP Morgan’s chief investment office has built up positions totaling more than $100 billion in complex risky bonds – the types at the center of the 2008 crisis. This is in addition to the positions in credit derivatives that led to the $2 billion dollar trading loss we learned about last week. Has the bank’s reputation until now as an “excellent risk manager” allowed it to escape scrutiny when taking these risks? We discuss all of this with Francine McKenna on this episode of Capital Account. McKenna is author of the blog re: The Auditors, and a columnist for Forbes and American Banker.
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All eyes seemed to be on Facebook’s IPO today. But we look at some of these hyped up social media and gaming companies that have gone public and ask if they can get away with some choose-your-own-adventure accounting methods to boost profits. And back in March, our futures veteran Mark Melin told us MF Global was worth more to some entities dead than alive. Well now we know how much its carcass is worth to the legal team winding down the estate — the team led by the trustee and former FBI director Louis Freeh. They’ve reportedly racked up $25 million in fees! Customers are reportedly upset, as their money is still missing. We’ll talk about some possible MF Global enablers that seem to be getting a free pass from regulators and investigators: the auditors. Plus, the Financial Times reports JP Morgan’s chief investment office has built up positions totaling more than $100 billion in complex risky bonds – the types at the center of the 2008 crisis. This is in addition to the positions in credit derivatives that led to the $2 billion dollar trading loss we learned about last week. Has the bank’s reputation until now as an “excellent risk manager” allowed it to escape scrutiny when taking these risks? We discuss all of this with Francine McKenna on this episode of Capital Account. McKenna is author of the blog re: The Auditors, and a columnist for Forbes and American Banker.
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