<p>“In 2009, the units net income peaked at $3.7 billion, up from $1.5 billion the previous year. The jump in earnings in 2009 resulted from large purchases of mortgage-backed securities guaranteed by the United States government, according to a company filing. Net income for last year totaled $411 million.”</p>
<p>You would think Dimon would be more grateful to the government. I doubt JPM would have made 3.7 billion without government guarantees of the debt and Dimon’s relationship with government officials.</p>
<p>The other thing I want to say is that the raw intelligence of these (unethical/ wild and wooly?) traders at JPM is being wasted.
These are very very smart people whose intelligence could be put to so many better uses that would BENEFIT the world economy.</p>
<p>Do you guys think that were thinking only in starry dollar signs and ignoring the risks, or that they missed how risky their trades were (so not so smart)?</p>
<p>ugh! Haven’t we all seen this before? How many times? This reminds me of AIG. I don’t have specific knowledge of what AIG was doing, but from everything I have read, my mental picture is a bunch of guys selling insurance - at the wrong price (too cheap) - and Wall Street lining up to buy it, with the AIG bigshot traders asking, “How much do you want?” I likened it to a gambler walking into a casino and discovering a broken slot machine. Every time you pull the handle money pours out. So what is a trader to do? Keep pulling the handle! JPM was doing the same thing. A “hedge” accidentally made money so they put more of it on. If more is a good thing, then more X 10 is a great thing. I have nothing but contempt for these so-called traders that think they are so smart but are extremely dangerous because they don’t know what they don’t know. Or as a friend of mine told me in high school: If you don’t know you don’t know, you think you know.</p>
<p>I think Jaime Dimon is a liar…hedge or trade?.. I think trade that blew up Bigtime…</p>
<p>The $2 billion in bad bets came from trading in credit derivatives in an effort to hedge against financial risk from the turmoil in Europe, not to make a profit.</p>
<p>Yeah, just let em go what they want to do anyway- run a hedge fund…</p>
<p>What gives? NOBODY can gamble (I mean trade speculatively) with a 100% up track record, so why are the bastions of our economy allowed to do this stuff?
I am gob-smackedly perplexed and frustrated.</p>
<p>The people leaving will have no trouble raising money.</p>
<p>It’s a little frustrating that the American taxpayers are being played for chumps.</p>
<p>The lies and lies…done with straight faces. Dimon is a great actor.
JPMorgan supplies to capital to trading firms. There is no way Dimon can control the risk of these firms. To pretend otherwise…makes him a snake oil salesman.</p>
<p>Friday I had bought some IAU options. I don’t think that gold has much further to fall if at all. Be that as it may, I have my stops set at 2atr.</p>
<p>Well iau should drop some more, but 2atr is also near support over the last 10 months. I’m a bit surprised its still dropping with what’s going on in europe. I think its clear that austerity is done and they will print money - lots of it.</p>
<p>Might also buy some q’s for a day trade near the open when the stupid money like me gets involved. If I was at home, I’d be looking at constricted bollinger bands and seeing the direction of the trade through the macd and stochastic oscillator.</p>