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JPMorgan fiasco

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Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: May/12/2012 at 12:15
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Optics Apprentice
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Calls to toughen regulation follow JPMorgan loss.
 
Will the banks ever get it right?
How many times do we have to bail them out before they(Bankers) realize "greed" is never good for the long term health of Banks?
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: May/12/2012 at 13:10
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bowsNbugs

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GREED. Now that's an interesting word. It means different things to different folks.

Calling SVT. Hey "G", we need a banking Guru on here. Tag, you're it!  Smile
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: May/12/2012 at 13:38
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Optics Apprentice
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I guess what I meant by "Greed" was the Bankers taking reckless risks in an order to satisfy insatible apeitite for growth and profit of share holders, not to mention a hefty bonus at the end of year.
 
It is a "greed" feeding frenzy if you ask me. What is sad about it is that in essence this this the true nature of Capitalism. which will inevitably experience the Bust and Boom cycles of economy every so often until ... well, you fill in the blank.
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: May/13/2012 at 21:17
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Greed is a funny word...The "risky" behavior of JP, while not to be envied, the truly "wrong" behavior is from own government for bailing them out. 
 Greed is what makes me work 12 hour days, sometimes 7 days a week... Greed is good. A government that doesn't really listen to its constituents...That's bad!
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: May/14/2012 at 22:10
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As was explained to me they (JP Morgan) whose expert computer system (whom the the pepole at JP did not know what it was doing) led them astray. Right sown the tubes.

dsr
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: May/15/2012 at 06:48
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yeah...its all the computers fault!!! Loco
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: May/15/2012 at 21:51
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The risks were taken not for the shareholders but so that the speculators could justify their huge bonuses.
Most of the people in the financial industry could care less about anything but fat bonuses..when I watched the testimony before Congress all of the witnesses essentially said they would collapse our economy again if they could get those huge bonuses again.
They consider the share holders rubes, just someone to be played.
Art
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: May/15/2012 at 21:59
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The point that I was trying to make is the bankers are not as smart as they believe themselves to be. They relied on advanced computer programs that they did not understand the basic limitations of it, so it was GIGO.
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: May/21/2012 at 11:14
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Dark Lord of Optics

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Originally posted by dsr dsr wrote:

The point that I was trying to make is the bankers are not as smart as they believe themselves to be. They relied on advanced computer programs that they did not understand the basic limitations of it, so it was GIGO.

Well, if we stop bailing banks out, they might actually learn their lesson and either come up with better computer models or with better ways of testing them.

ILya
Post Options Post Options   Thanks (0) Thanks(0)     Back to Top Direct Link To This Post Posted: May/21/2012 at 12:00
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Optics Apprentice
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It's not better models it understading the limitations and proper use them.

Maybe if the bankers where personally on the hook for the losses they would exercise diligence with others money.

I do agree that they getting use to us paying for their mistakes.
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