The nation’s biggest bank by assets, JP morgan, has lost more than $22 billion in shareholder value and $28 billion in market value since the London Whale was made public in April 2012 according to Bloomberg. Much reported and demonstrative of just how well the TBTF CEO’s up-on-high have it, Dimon originally called the reports of a London Whale a “tempest in a teapot,” but had to go back on that phrase as the firm reported a 2$ billion loss a month later. For some, not enough quarters for laundry is a tempest in a teapot, let alone a loss of money unimaginably in excess of their lifetime earnings down in the basement. Since the loss, JP Morgan has grown accustomed to regulatory and legal proceedings on numerous fronts. Perhaps this is Washington’s way of breaking the stubborn Jamie Dimon into the incoming new maze of Soviet styled regulation the once touted risk manager fears so totally?
“As always, the company has fully cooperated with all regulatory and governmental requests around this matter,” Joe Evangelisti of JP Morgan said of recent Senate investigations regarding the London losses. You see, an MO seems to be developing over at JP Morgan. Operate with flagrant disregard of law and ethics, and then cooperate completely with the authorities thereafter. “Our smug smiles and celebredom will do the rest in the face of public servants,” says TBTF while uttering in a whisper of stale, reptile breath: “Do more than scrape us, and we will pull the plug.” On the economy, of course, TBTF means.