The mainstream media is reporting that J.P. Morgan Chase of New York has recently lost two billion dollars through its London office and the CEO of the company knows nothing about it.
And you thought the Pittsburgh Flash Fiction Gazette was just about sex.
The Old Soldier is a senior citizen, retired. I am only a casual observer of the international financial scene like most of the readers of this magazine; but I do know that every time one of these Wall Street banks makes a risky bet on making profits and loses money big time, it means that we on Main Street get fucked!
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- JP Morgan’s $2 Billion Tumble Renews Call: ‘Break Up the Big Banks’ (commondreams.org)
- U.K. bank shares fall after JPMorgan loss (cbsnews.com)
- Questions and answers about JPMorgan’s $2 billion loss (usatoday.com)
- Bank shares fall after JPMorgan reports $2B loss (ctv.ca)
- JPMorgan Chase: London whale swallows $2B (cbsnews.com)
- JP Morgan (JPM) Whale: “Thar She Blows” (wallstreetpit.com)
Filed under: Commentaries | Tagged: JP Morgan Chase, London, mainstream media, major banks, Pittsburgh Flash Fiction Gazette, retired, senior citizen, two billion dollars, United States, wall street | Leave a Comment »