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Bankers choke down crow.

 
 
JTT
 
Reply Wed 13 Jan, 2010 04:59 pm
Quote:

Bankers apologize for actions that led to crisis


Jamie Dimon, [chief executive of JPMorgan Chase & Co.], said a crucial blunder was "how we just missed that housing prices don't go up forever."

http://news.yahoo.com/s/ap/20100113/ap_on_bi_ge/us_meltdown_investigation


How did he get to be chief executive?


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Rockhead
 
  1  
Reply Wed 13 Jan, 2010 05:05 pm
@JTT,
he keeps the best straight face while telling great big lies.
0 Replies
 
Merry Andrew
 
  1  
Reply Wed 13 Jan, 2010 06:05 pm
@JTT,
Quote:
How did he get to be chief executive?


Where is it written that you need even so much as an ounce of brains to become a CEO?

I think this guy's no-cluelessness is fairly typical of the breed as a whole. My understanding of the job description is that a CEO doesn't actually do anything except "set policy", inspire others to actually do some work and collect obscene bonuses.
0 Replies
 
hawkeye10
 
  1  
Reply Sat 13 Feb, 2010 09:37 pm
@JTT,
The Bankers are not as innocent as they claim....this was not a case of simply failing to understand risk, it was a systemic problem of lack of transparency which facilitated out and out fraud. Wall Street banks participated in national governments defrauding the EU, among other frauds.
Quote:
As in the American subprime crisis and the implosion of the American International Group, financial derivatives played a role in the run-up of Greek debt. Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere.

In dozens of deals across the Continent, banks provided cash upfront in return for government payments in the future, with those liabilities then left off the books. Greece, for example, traded away the rights to airport fees and lottery proceeds in years to come.

Critics say that such deals, because they are not recorded as loans, mislead investors and regulators about the depth of a country’s liabilities

http://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=1&hp
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