The TradingEdge

[rotor1]

Weekend OT:

http://www.rollingstone.com/politics/blogs/taibblog/jamies-cryin-dimon-j-p-morgan-chase-lose-2-billion-20120511

Simple - summed up here, if he want's to run a freakin casino he should come out and say so. Close the bloody bank and move to Vegas. Running warehouses, cornering the copper market and speculating in commodities is not acceptable behaviour for a bank.

"Either way, the incident underscored the basic problem. If J.P. Morgan Chase wants to act like a crazed cowboy hedge fund and make wild exacta bets on the derivatives market, they should be welcome to do so. But they shouldn’t get to do it with cheap cash from the Fed’s discount window, and they shouldn’t get to do it with money from the federally-insured bank accounts of teachers, firemen and other such real people. It’s a simple concept: you either get to be a bank, or you get to be a casino. But you can’t be both. If we don’t have rules to enforce that concept, we ought to get some."

Like now, would be a good time to start on some new rules