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Facebook now has a public face

The Facebook IPO was last week’s big story, but it didn’t completely overshadow the travails of J.P. Morgan Chase.

Poor Jamie Dimon, CEO of JPM. The man is a salt-of-the-earth straight shooter. If this $2 billion (and growing) trading loss were a concern Dimon would have been the first to tell us. Who do you think he is: Jon Corzine? Heck, on “Meet the Press” he unabashedly admitted that the company was “sloppy and stupid.” What more do we want from the guy?

Besides, $2 billion is play-around money for the country’s biggest bank. The company made more than $5 billion in the first quarter alone. The loss may curtail JPM’s Cristal purchases and hurt the revenue streams of some upscale Manhattan gentlemen’s clubs, but, beyond that, it’s much ado about nothing.

Do we really think someone on Wall Street would break the law?

I haven’t delved into the circumstances of the transaction so I have no idea whether it was a legitimate hedge, as Dimon has said, or something more nefarious. And by all accounts, Dimon is a decent man. My guess is that after Congress finishes grandstanding for the media by using Dimon as a human pinata, the matter will gradually disappear.  Read More

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About Rant4u

A Revolution in Social Networking

Posted on May 19, 2012, in #social media and tagged , , , , , . Bookmark the permalink. Leave a comment.

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