JUST A REMINDER - Dimon Still Owns The Bernank

Notice B-52's submissive comportment and feline inflection.

Any questions...

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Related:

• Simon Johnson Destroys The Myth Of Jamie Dimon's Bernanke Complaint

Comments

[john]

JPMorgan Claim Of Possible Trader Intent May Help Bank

http://www.bloomberg.com/news/2012-07-13/jpmorgan-claim-of-possible-trader-intent-may-help-bank.html

[snip]

JPMorgan Chase & Co. (JPM)’s announcement that an internal inquiry may show “intent” to misprice trades in a unit that lost $5.8 billion may help a U.S. investigation while putting distance between management and any wrongdoers...

...The largest U.S. bank by assets restated first-quarter results to reduce net income by $459 million after a review of the prices used in the unit. Yet multibillion-dollar losses and an internal report by the bank are just the beginning of any federal case, said Sam Buell, a former U.S. prosecutor in New York who worked on the Enron Corp. Task Force and is now a professor at Duke University School of Law.

‘Prosecute Someone’

“You can’t just say, ‘hey, this is bad, there are billions of dollars in losses, let’s prosecute someone,’” Buell said. Eight weeks after Enron collapsed, the company’s board of directors produced a report about what transpired at the energy trader. Prosecutors, however, weren’t able to bring charges for two more years, he said.
JPMorgan’s statement “suggests they are trying to isolate this as a problem that occurred below the management level,” Buell said. Any attempt to reach beyond traders to management would be difficult for prosecutors, he said.
“In U.S. criminal law, we very rarely do hold people criminally responsible for failure to supervise,” he said. “You need to show not only outright knowledge but also willful blindness -- having a strong suspicion that there is wrongdoing and then taking steps to avoid it.”

[Jack Lohman]

Wow!!! I'm a dummy in the financial market, but let me ask the expert that works for me and whose salary I pay... my esteemed congressman. Oh, he's on their payroll too? He's the protector of our economy, and he's conflicted???