As I reported yesterday JP Morgan’s CIO group lost $ 2 billion. Jamie Dimon JP Morgan was quick to blame himself which considering he is a committed psychopath begs a few questions. For one psychopaths don’t usually take responsibility for their failures unless it solves other problems such as what will happen to the bank and the source of his huge wealth if he didn’t.
When a psychopath takes the blame for something he could just as easily blame on a trader it means for starters he does not foresee the chance he will actually have to bear any consequences of his mea culpa and considering he is actually on the board of the Federal Reserve of new York and probably knows were a lot of skeletons are I think it is safe to say he will be drinking Martinis into the sunset of the rest of every day of his life even if he were not appointed as the next secretary of Treasury.
He will not go to jail, he will not be fined and he will probably get a huge pay out if he has to leave JP Morgan.
But what will be the upside of his self confessed guilt?
By doing so he has avoided at least for the time being an in depth investigation as to why traders in the biggest gambling den in human history were able to take positions big enough to manipulate the entire global derivatives market (If you want to know more about moving entire markets you might want to read about how Andrew Krieger with the help of John Key manipulated the entire money supply of New Zealand in 1987 with the help of the then newfangled Derivatives products) and while Fitch is downgrading JPM, its stocks are tanking and there is according to Jamie “the tape worm” Dimon more bad news to come, chances are that with the blame absorbed by the one person who won’t be prosecuted (Can’t fault a man for being fallible now can we?) a possible new bailout because we can’t let the bank fail he will have assured the survival of JPM for the time being.
By the way JPM Chase the overall bank of which JPM is the “public” investment arm and which loves open cast mining and other destructive extraction methods opened a private wealth management branch in October 2007. A year before their pro mining Prime Minister banking boy Johnny “derivatives” Key took office.