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did he listen to himself???

by Kay King
5 replies
  • OFF TOPIC
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Just saw an interview with the head of JP Morgan Stanley about the 2 BILLION dollar loss the bank just announced (credit default swaps again).

With a straight face, the dude says "we're not going to do anything stupid"...

Seems to me, that horse left the stable already.

This fellow was a leader in fighting proposed new regulations on banks after the 2008 fiasco....
  • Profile picture of the author HeySal
    We're the stupid ones, I'm afraid. Guess who's money will cover his worthless ass if they get into hock.
    Signature

    Sal
    When the Roads and Paths end, learn to guide yourself through the wilderness
    Beyond the Path

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  • Profile picture of the author MoneyMagnetMagnate
    You didn't let him finish...he was going to say: "we're not going to do anything stupid - AGAIN"...they have a new money laundering system, now with 'no-fault' detergent - more clean green...less sudsing action...
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  • Profile picture of the author seasoned
    If I were king, what I would is bring back pre 1933 laws, and enforce them ONE HUNDRED PERCENT!!!!!!! NO STOCKS! NO BONDS, unless they were issued with enough assets OF THE BANK! BANK assets would be bank assets! That means that if a trillion people came in and EACH opened an account with a trillion dollars each, the new bank assets would be ******ZERO******! NO contracts would be monetized, outside of a straight sale for value, or conversions to bonds. NO loaned money would be allowed to be used by the bank. And they could "invest" no more than 60% of customer assets. Returns from those sales would pay off CUSTOMER loses and the net would be the banks assets.

    There you have it, PERFECTION! At least as good as it gets. Basically, banks could make money ONLY by investing their own, helping others invest their own, and SHORT TERM LOANS to WORTHY customers!

    NO derivatives, NO stock, NO margins, NO insurance, NO high risk debt like they have now.

    Steve
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    • Profile picture of the author Halcyon
      Originally Posted by seasoned View Post

      If I were king, what I would is bring back pre 1933 laws, and enforce them ONE HUNDRED PERCENT!!!!!!!
      ...

      There you have it, PERFECTION! At least as good as it gets. Basically, banks could make money ONLY by investing their own, helping others invest their own, and SHORT TERM LOANS to WORTHY customers!

      NO derivatives, NO stock, NO margins, NO insurance, NO high risk debt like they have now.

      Steve
      What???? Take away their ability to be shady and greedy? Expose the phantom that is our monetary system? They would rather buy every politician on the hill than have that happen.
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