Sorry?

kwoods(Cold z7 Long Is)June 13, 2012


"my bad... kinda, but not really..."

"JPMorgan Chase chief executive Jamie Dimon is slated to apologize for the bank�s $2 billion or more in trading losses as he faces a congressional lashing Wednesday morning, but he also will defend the bank against accusations that it is wildly irresponsible.

In prepared testimony, Dimon is contrite about the bank�s errors but provides only a general overview of what went wrong and does not take personal responsibility for the losses, which occurred in a JPMorgan unit that was supposed to protect the bank from risk."

So.... this is personal responsibility?

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david52_gw

Your pay package is $23,000,000 a year, and your PAC has contributed several hundred thousand bucks to all the members of the inquiring committee.

So yea, you just loosen your tie, throw up your hands, and blame the fickle winds of fate - Responsibility? nah, an just act of nature.

    Bookmark   June 13, 2012 at 11:09AM
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kwoods(Cold z7 Long Is)

This spectacle is on CSPAN right now for anyone who is actually interested in seeing how personal responsibility works.... boy, he sure looks uncomfortable, NOT!

Here is a link that might be useful: What a JERK!

    Bookmark   June 13, 2012 at 11:14AM
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pnbrown

How is it surprising that the rich and powerful enjoy wealth and immunity from recrimination?

    Bookmark   June 13, 2012 at 11:17AM
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inkognito

The company makes a profit, this guy gets a bonus, the company makes a $2bn.loss, this guy gets a bonus. What's your prollem kwoods it's a win/win.

    Bookmark   June 13, 2012 at 11:36AM
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mrskjun(9)

Following in the footsteps of Corzine, Raines, Howard, Johnson? Must be a job for him in the Obama administration somewhere lol.

    Bookmark   June 13, 2012 at 12:02PM
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Embothrium(USDA 8 Sunset 5 WA)

As opposed to a Republican administration, during which of course there wouldn't be any of this kind of thing going on.

    Bookmark   June 13, 2012 at 12:25PM
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labrea_gw

ROTFL MrsK that was a real yucker & he will probably be a major donor to Rommney in spite of any job he may get in the next Obama Administration.
Directors & Officers are heavily insured but the Bank itself isn't hmmn?

Whos investigating what?

Daniel K. Akaka (D-HI) Eaton Vance Growth Fund $15,001 to $50,000
Michael F. Bennet (D-CO) Eaton Vance LARGE CAP Core Research Fund $1,000,001 to $5,000,000
Michael F. Bennet (D-CO) Vanguard 500 Index $50,001 to $100,000
Michael F. Bennet (D-CO) Vanguard US Growth Fund $15,001 to $50,000
Sherrod Brown (D-OH) Fidelity Magellan Fund $1,001 to $15,000
Sherrod Brown (D-OH) JPMorgan Chase & Co $1,001 to $15,000
Bob Corker (R-TN) American Growth Fund of America $3,003 to $45,000
Bob Corker (R-TN) MFS Value Fund $1,001 to $15,000
Bob Corker (R-TN) Nuveen Tradewinds Value Opportunity Fund $3,003 to $45,000
Mike Crapo (R-ID) American Growth Fund of America $5,996
Kay R. Hagan (D-NC) JPMorgan Chase & Co $2,002 to $31,000
Kay R. Hagan (D-NC) JPMorgan High Yield Fund $15,001 to $50,000
Michael O. Johanns (R-NE) American Growth Fund of America $50,001 to $100,000
Michael O. Johanns (R-NE) Fundamental Investors Fund $50,001 to $100,000
Tim Johnson (D-SD) Vanguard Value Index $1,001 to $15,000
Mark Kirk (R-IL) Fidelity Contrafund $15,001 to $50,000
Herb Kohl (D-WI) First American Prime Obligation Fund $0 to $1,000
Herb Kohl (D-WI) JPMorgan Prime Money Market $15,001 to $50,000
Jeff Merkley (D-OR) Allianz Growth Fund $15,001 to $50,000
Jeff Merkley (D-OR) Fidelity Blue Chip Growth Fund $16,002 to $65,000
Jeff Merkley (D-OR) Fidelity Contrafund $16,002 to $65,000
Jeff Merkley (D-OR) Fidelity Growth Co Fund $1,001 to $15,000
Jeff Merkley (D-OR) Fidelity Spartan 500 Index $50,001 to $100,000
Jeff Merkley (D-OR) Fidelity Value Fund $1,001 to $15,000
Jerry Moran (R-KS) Capital Income Builder Fund $101,002 to $265,000
Jerry Moran (R-KS) Fidelity Growth Opportunity Fund $2,002 to $30,000
Jerry Moran (R-KS) Income Fund of America $2,002 to $30,000
Jerry Moran (R-KS) Investment Co of America Fund $16,002 to $65,000
Jack Reed (D-RI) American Amcap Fund $50,001 to $100,000
Jack Reed (D-RI) American Growth Fund of America $50,001 to $100,000
Richard C. Shelby (R-AL) TIAA-CREF Teachers Retirement $100,001 to $250,000
Pat Toomey (R-PA) JPMorgan Alerian MLP Index $3,003 to $45,000
Pat Toomey (R-PA) SPDR S&P 500 ETF $1,001 to $15,000
David Vitter (R-La) Fidelity Growth Co Fund $0 to $1,000
David Vitter (R-La) JPMorgan Chase & Co $1,001 to $15,000
Mark Warner (D-VA) Gateway Fund $15,001 to $50,000
Mark Warner (D-VA) JPM Strategic Income Opportunities Fund $1,001,002 to $5,015,000
Mark Warner (D-VA) JPMorgan Asia Equity Fund $1,065,003 to $5,150,000
Mark Warner (D-VA) JPMorgan Cash Deposit $1,001 to $15,000
Mark Warner (D-VA) JPMorgan Chase/Checking $16,002 to $65,000
Mark Warner (D-VA) JPMorgan Euro Deposit $100,001 to $250,000
Mark Warner (D-VA) JPMorgan High Yield Bond Fund $1,001 to $15,000
Mark Warner (D-VA) JPMorgan Intrepid Growth Fund $0 to $1,000
Mark Warner (D-VA) JPMorgan Leveraged Loans LLC $0 to $1,000
Mark Warner (D-VA) JPMorgan Mid Cap Value Fund $1,001 to $15,000
Mark Warner (D-VA) JPMorgan Prime Money Market $1,001 to $15,000
Mark Warner (D-VA) JPMorgan Strategic Income Opportunities $15,001 to $50,000
Mark Warner (D-VA) JPMorgan Tax Aware Real Return Fund $16,002 to $65,000
Mark Warner (D-VA) JPMorgan Tax Free Bond Fund $300,002 to $600,000
Mark Warner (D-VA) JPMorgan Tax Free Money Market $51,002 to $115,000
Mark Warner (D-VA) JPMorgan Tax Free Resv Sweep Fund $100,001 to $250,000
Mark Warner (D-VA) JPMorgan US Equity Fund $500,001 to $1,000,000
Mark Warner (D-VA) JPMorgan US Large Cap Core Plus Fund $150,002 to $350,000
Mark Warner (D-VA) JPMorgan US Real Estate Fund $15,001 to $50,000
Mark Warner (D-VA) Washington Mutual Investors Fund $1,500,002 to $6,000,000
Mark Warner (D-VA) X-10 Capital Partners $5,000,001 to $25,000,000
Roger Wicker (R-MS) Investment Co of America Fund $1,001 to $15,000
Roger Wicker (R-MS) Putnam Growth & Income Fund $15,001 to $50,000

The suggestion of a partisan free Wall Street Corporation is just plain
unthinking, ridiculousness, silly even!
Still I'm sure both side will keep flinging it in hopes that something may stick.

Here is a link that might be useful: but what does it say

    Bookmark   June 13, 2012 at 12:43PM
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labrea_gw

I forgot the obvious those are all functionaries of truth justice & the Usian way & their stake in that being investigated.

    Bookmark   June 13, 2012 at 1:13PM
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vgkg(Z-7)

He's sorry that he's the fall guy....if tripping over an ant can be considered a fall.

    Bookmark   June 13, 2012 at 3:35PM
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david52_gw

NEW YORK: Seeking to mollify critics over its role in the global financial crisis, Goldman Sachs announced Friday the hiring of junior analyst Greg Kohler, who executives said is the investment bank's first and only employee to possess a clear set of morals or a basic understanding of right and wrong.

Officials confirmed the upstanding Kohler, 24, will be based out of the company's Lower Manhattan headquarters, working from within a small cubicle strategically located in a remote corner of the building where he is unlikely to have contact with his morally bankrupt coworkers.

"We are very pleased to welcome Mr. Kohler, who will be adhering to the letter of the law in a workspace physically detached from the rest of our firm's operations," public relations chief Richard Siewert said during a press conference. "He'll be joining a select group of 33,000 talented individuals at Goldman Sachs as our sole employee not motivated purely by the pursuit of obscene wealth at the expense of society."

"While Mr. Kohler won't be attending a single meeting or influencing any of our business decisions, we're confident his acute sense of professional integrity will prove a valuable asset," Siewert continued. "He will technically be on our staff, collecting a paycheck, and that's really all that counts."

According to Siewert, Kohler's unique values of fairness, honesty, and social responsibility will be put to the test immediately, with daily tasks that include not searching for SEC loopholes to exploit, not deliberately misleading clients into unwise investments and then betting against them, and not taking massive risks at the expense of American taxpayers.

Working in the seclusion of his 16-square-foot office in a seldom-traveled hallway adjacent to the office cafeteria's dishwashing facility, Kohler will report to a vice president of private wealth management who will be barred from communicating with him in person, by phone, or over e-mail in the event Kohler accidentally hears about, and thus has to report, any instances of duplicitous behavior.

In a recent letter to shareholders, CEO Lloyd Blankfein stressed that the firm has taken every precaution to ensure Kohler has no influence on Goldman's culture of rampant amorality, writing, "Trust me, no one here is going to be listening to [Kohler]. He'll only be allowed to access our building through the freight entrance."

"Unlike the numerous members of our organization who have brazenly done so in the past, Mr. Kohler will be prohibited from ever taking a high-ranking position within the U.S. government, as that would present a serious conflict of interest," Siewert told reporters. "Nor will he be allowed, as our lone ethically minded employee, to draw upon those dubious connections to secure favorable treatment for Goldman Sachs or any of its global interests."

"Our plan is to ask for his advice on strategy and then immediately abandon anything he believes to be a good idea," he added.

Despite the official announcement welcoming Kohler, several employees voiced concerns that Kohler's hire represents a shift away from the firm's long-standing commitment to making as much money as possible, as quickly as possible, without any regard for human decency.

"On a certain level, I'm not worried about having him on board - he's just one guy, after all - but the mere fact that we'll be sharing an office with someone who plays by the rules is extremely depressing," said a managing director who spoke on condition of anonymity. "At the end of the day, you just want to cut loose with a few of your coworkers and expense a $2,000 meal without having to think that someone's back at the office doing his job with professionalism and character."

"It's just that I value the tradition we've all worked so hard to create here," he continued. "I wouldn't want one virtuous person to ruin that."

In addition to Kohler, Goldman Sachs also announced the hiring of 10 unscrupulous profit-mad sociopaths as a hedge against any of his moral convictions actually costing the company money.

Here is a link that might be useful: on a related note

    Bookmark   June 13, 2012 at 7:36PM
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ohiomom

.....thank you David, your 2 links have actually helped me to climb out of the rabbit hole.

(^_^)

    Bookmark   June 13, 2012 at 8:05PM
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mylab123(z5NW)

I second what pnbrown said.

This stuff has always gone on with the rich and powerful - I don't believe it has been so deep and widespread as it has been in the last decade and a half and I don't think that the rich and powerful have ever been so publically nonchalant in their reactions to the damage they have done.

It's mostly all in the family when it comes to what is acceptable and what is not acceptable. The majority of the rich and powerful protect their own because someday, they know they might need some protecting.

Why the not rich with no power defend them is beyond me. Maybe they think they are one lottery ticket away from being rich and powerful themselves and might need protection of all sorts?

As if the typical lottery pay off these days will keep a family from the poor house if they are fairly young and never work again. The times, they have a'changed thanks to people like this person AKA hard worker, job creator.

    Bookmark   June 13, 2012 at 8:35PM
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PRO
Brushworks Spectacular Finishes(5)

According to a reliable source, Mr. Dimon is one of the smartest and best bankers in the world. Even the best make mistakes.

And, he wears presidential cufflinks!

    Bookmark   June 13, 2012 at 10:13PM
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haydayhayday

"Your pay package is $23,000,000 a year, and your PAC has contributed several hundred thousand bucks to all the members of the inquiring committee."

....

"Whos investigating what?"

Well, you've finally convinced me. We need to give these government officials more power over our lives.

Hay

    Bookmark   June 13, 2012 at 11:09PM
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terriks

All I can think of when I hear his name is "shine on you crazy Dimon".

    Bookmark   June 13, 2012 at 11:30PM
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jmc01

"The company makes a profit, this guy gets a bonus, the company makes a $2bn.loss, this guy gets a bonus. What's your prollem kwoods it's a win/win."

Explain this, please.

    Bookmark   June 14, 2012 at 12:04AM
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david52_gw

Pretty funny take on the inquiry session in the WaPo, where Dimon tells them to raise taxes and that the new regulations are fine.

"If we had done something remotely like Simpson-Bowles," Dimon said in response to Sen. Michael Bennet (D-Colo.) at the end of the hearing, "you would have increased confidence in America. You would have shown a real fix of the long-term fiscal problem. I think you would have had . . . a more effective tax system that is conducive to economic growth."

In fact, he said, not enacting such a plan "helped cause a downturn last year."

Ostensibly, Dimon went to Capitol Hill to be grilled about his bank's loss of more than $2 billion on an investment strategy that amounted to a glorified game of craps. Members of the Senate banking committee were to determine whether stronger financial regulations would be needed to prevent such gambling. But tougher regulation is unlikely, given Wall Street's bankrolling of panel members' campaigns, and lawmakers acted as though they were wholly owned subsidiaries of JPMorgan.

Here is a link that might be useful: link

    Bookmark   June 14, 2012 at 8:15AM
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esh_ga

Even the best make mistakes.

So you give him a "pass", brush?

    Bookmark   June 14, 2012 at 8:23AM
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labrea_gw

The committee was a joke he was fawned over! The Dems were soft & the Republicans wanted to know how deep to stick the tongue.
Corker blew so much smoke up Dimons rear I'm surprised if doesn't get rectal cancer.
"Sen. Bob Corker (R-TN) told Dimon he is "obviously renowned, rightly so I think, as being one of the best CEOs in the country for financials institutions."

Corker added that the $2 billion loss was no big deal. "You missed this, it's a blip on the radar screen," he said. (The Romney line)

"We can hardly sit in judgment of you for losing $2 billion," Sen. Jim DeMint (R-SC) offered. "We lose twice that everyday here in Washington." another wet wipe!

Sure about that job K that sound like a trial balloon to me.

"We're here quizzing you," Corker said. "If you were sitting on this side of the dais, what would you do to make our system safer than it is, and still meet the needs of a global economy like we have?"

    Bookmark   June 14, 2012 at 8:29AM
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