Daily Lessons from Life 13 May 2012 - JPMorgan CEO says bank reacted badly to red flags

"Sunday, May 13, 2012 Reuters - JPMorgan CEO says bank reacted badly to red flags: NBC

JPMorgan Chase & Co CEO Jamie Dimon said his bank reacted badly to warning flags last month that it had large trading losses in complex financial derivatives, according to a transcript of an interview broadcast on Sunday on NBC's "Meet the Press" television program.

Dimon said bank executives were "completely wrong" in public statements they made in April after being challenged over the trades in media reports.

"We got very defensive. And people started justifying everything we did," Dimon said. "We told you something that was completely wrong a mere four weeks ago."

On Thursday Dimon announced that the bank, the biggest in the United States by assets, had lost $2 billion (S$2.5 billion) or more mishandling a portfolio of derivatives."

Mr Dimon was hailed as the BEST CEO in the banking industry. The CEO with the Midas touch. The CEO that can do no wrong!! How laughable! How sicked can this be!!

Lessons for me are:

1. we need to be honest and begin to, AGAIN, go back to basic and call a Spade a Spade. Let's start to call the bankers who gamble, GAMBLERS, while those who count cash or approve housing or business loans, loan officers, etc.

2. this is for the WORLD banking authorities and people who make a living in this industry: BANNED derivatives and future market. This tool has been turned into a BIG gambling game where the gamblers and their banks are making bets that are WAY BEYOND their means, beyond their betting capital, to the detriment of the WORLD 99% of honest working people!! Why is this insanity allowed to go on? Why is the minority holding the rest of the world ransom and BEING ALLOWED to do so?;

3. it is a sad day to see highly intelligent people in authority NOT doing anything to admit this is a BIG SCAM by some people to screw the rest of the world as they may be benefiting from this scam too.

Wealth distribution mechanism in the capitalist world has gone astray. Can someone in position of power to change these have the courage to do so? FED Chairman? US Treasury Secretary? World Bank? IMF? etc? A long line of possible candidates BUT who has the integrity to do the right things? I wonder ...