this was not a loss to the taxpayers of America. This was a loss to shareholders and owners of JPMorgan and that’s the way America works Some people experienced a loss in this case because of a bad decision. By the way, there was someone who made a gain. The $2 billion JPMorgan lost someone else gained.So what’s the fuss? After all – shareholder value remains at $135 billion. Never mind this little drop in their stock price. I’m speechless!
Thursday, May 17, 2012
Romney: JPMorgan Loss – Just the Way America Works
The Republican’s candidate for the Presidency on that JP Morgan loss:
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2 comments:
If finance were a closed system it could be considered a zero sum gain -- and JP Morgan's loss a problem for no one but themselves. But finance is not a closed system and bad investments mean a less efficient economy, which in turn means financial losses for everyone. We proved that in 2008. I do not know how to make system failure real enough to financiers who refuse to acknowledge their responsibility for the current recessionary economy and pay themselves well in any case.
$2 billion? I heard it was something like double that (revised figures). But that was yesterday.
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