is this billionaire not doing what the banks did? the banks gambled and lost and wanted a backstop by treasury if they lost their bet. but this goes a little further. his directive was not met by jpm. it is not jpm place to use his money for their gain. they did not follow his wishes and had no place playing God with someone elses money thinking they were going to make a quick buck, then put his money back and everythings o.k....he'll never know. well, they lost and this man never knew what was going on with his money in the first place and the gamble flopped. they must pay and pay big imo. money back plus damages for "stealing" his money and doing with it what they saw fit.
This law suit forces JPM Chase to take a position; an indefensible position in my opinion. They are saying they couldn't have predicted what the "market" would do.
They are the market when they create, market and sell "securities" as they did!
Managers knew that many of the "securities" were backed by residential mortgages! This is morally questionable in so many ways.
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