Thursday, May 17, 2012

Romney: JPMorgan Loss – Just the Way America Works

The Republican’s candidate for the Presidency on that JP Morgan loss:
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!


veteran novice said...

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.

Myrtle Blackwood said...

$2 billion? I heard it was something like double that (revised figures). But that was yesterday.