Allow me to take a moment to thank one James “Jamie” Dimon, the chairman, president and CEO of JPMorgan Chase.
Before Dimon disclosed last week that his bank had lost — that is, lost as in “holy crap!” not as in “misplaced” — roughly $2 billion on risky trades, Americans were at risk. With the “Occupy” movement now officially boring, we were at risk of forgetting just what it is we hated about Wall Street and the big banks in 2008.
Back then, the world as we know it, was busy collapsing, and Americans were outraged to discover that the global banking system was actually one giant casino, only the high rollers at the craps table were backstopped by Uncle Sam. Banks were no longer just making loans and replacing tellers with ATM machines. They were gambling on risky securities; credit default swaps (most people still don’t know what those are), and securitized subprime mortgages.
I think we all know how that worked out.
Read the whole thing here.
By the way, shareholders are now suing.