Discord At JPMorgan Investment Office Blamed In Huge Loss

www.nytimes.com:

Ever since JPMorgan Chase disclosed a multibillion-dollar trading loss this month, the central mystery has been how a bank known for its skill at risk management could err so badly.

As early as 2010, the senior banker who has been blamed for the debacle, Ina Drew, began to lose her grip on the bank’s chief investment office, according to current and former traders. She had guided the bank through some of the most rugged moments of the 2008 financial crisis, earning the trust of Jamie Dimon, JPMorgan’s chief executive, in the process.

Read the whole story at www.nytimes.com

Comments

[ponderingtoo]

10:28 AM on 05/21/2012

And where was Dimon during all of this infighting regarding risk assessments of which he conveniently professes a lack of knowledge?

If he wasn't aware of it, he stinks as CEO and needs to be fired for cause. If he was, he is complicit and needs to be fired for cause. You pick the rationale.

[spinotter11]

08:15 AM on 05/21/2012

It is so sad that these talented people, who could be making life more meaningful and beautiful for the human race, are instead engaged in multi-billion dollar enterprises to cheat one another for thirty pieces of silver.

[Siebenstein]

01:54 AM on 05/21/2012

"Bank Heist USA: an iniriative by dilettantes. True profis start up a bank."
Bertolt Brecht

[LivToSki]

12:24 AM on 05/21/2012

Glass Stegal and Dodd Frank. Stop allowing Rep party to devalue and delete the methods required for oversight and regulation; both and NOT dirty words!

[dzieczko]

11:07 PM on 05/20/2012

Big egos are not so much the problem as is the *vision* those egos pursue - President Teddy Roosevelt and President John Kennedy used power to make interesting things happen - harnessing the resources in their time and place to do grand projects.

All we've had since then are EPIC FAILS.

[spinotter11]

08:16 AM on 05/21/2012

I agree with you, but I think that the spunk and initiative of true innovation has left the United States for places like China and Brazil. Every nation has its upward arc, its plateau, and then its descent.

[dzieczko]

09:40 AM on 05/21/2012

Is that what we should be teaching the kids? Your assessment of USA timeline, "well, kids, according to spinotter11 on Huff and Post, you are on a descent".

Heck, maybe one billion people in China might finally come up with what 150 million (and less) did in USA 50 years ago...as for Brazil, don't make me laugh...

[garymc8]

04:53 PM on 05/21/2012

Due to thegop party of GREEDIA(R)$

[cheepseat]

10:47 PM on 05/20/2012

One bank should not have $1.5 Trillion in their holding. Period. They did not earn the right to possess that much money in the sense that you and I would earn ours through a sale, service , or making a product. No, they made and accrued such wealth through shrewd manipulation of laws and practices that enabled them to accumulate the wealth created by others. Lately I read that there are 5 such banks that hold more than 60% of the country's wealth that was created by others. Wealth Distribution and concentration is there business with the help of Wall Street and the U.S. government. The next time I hear some republican congressman talk against breaking these big banks up using wealth distribution as their argument should be reminded that wealth distribution has already taken place.

[medicontheedge]

09:06 PM on 05/20/2012

So, to summarize:
While mommy was out sick, her kids created a big mess while having a contest to see who has the bigger pen is.
Unbelievable. These people are managing our life savings, houses, retirement, etc.

[spinotter11]

08:18 AM on 05/21/2012

There's no mommy. There are all a bunch of ill-bred, rabid, squabbling kids.

[Genosse Joe]

08:51 PM on 05/20/2012

CHASE had lost 1% of their own annual profit in one week. It is bad.
It is like if you (as an average US worker) would loose $400 in one week.
You would be upset.

But cheer up. Look at Obama.
He wastes $1.5 trillion dollars of our money and he is happy.

[Elyriaohio]

05:06 AM on 05/21/2012

Which one did it for greed & which one is trying to help the Country?

[spinotter11]

08:18 AM on 05/21/2012

Thank you. Perfect. Fanned.

[Matt12]

08:40 PM on 05/20/2012

Isn't it obvious that we need Glass Steagall back? Like NOW!!!

Is JPMorgan's Loss a Canary in a Coal Mine?
http://www.huffingtonpost.com/bill-moyers/whats-the-ultimate-price_b_1522397.html

[sfsoma]

07:42 PM on 05/20/2012

It's become to big to manage. One key person not performing at 100% capacity for a few months and the employees lose $2-3B, fight like children and generally mess up a highly respected department. Positions are so huge and transparent can't be managed properly.

[spinotter11]

08:19 AM on 05/21/2012

That's because all they are doing is cheating and conniving, so of course the worst rises to the top.

[Almondo]

07:19 PM on 05/20/2012

"My greed is bigger than yours."..."No, my greed is bigger than yours."..."No, ..."

[IDIOTA]

06:20 PM on 05/20/2012

But greed had nothing to do with it. Nothing at all. Ignore my drool -- it's a reflex.

[IDIOTA]

05:22 PM on 05/20/2012

Bernie Maddoff stole tens of billions. But the derivatives bubble is hundreds of trillions. Everybody knows about Maddoff, but no one can price or liquidate a derivative, it seems.

[spinotter11]

08:39 AM on 05/21/2012

This is the money addiction phase of human history. Before we have seen the religion addiction phase. This one is much worse. It places humanity in such a harsh light.

[IDIOTA]

05:19 PM on 05/20/2012

Near topic -- focusing anger on Bernie Maddoff allowed what to go undetected?

[IDIOTA]

05:17 PM on 05/20/2012

Had we not focused on Martha Stewart a decade ago, then might have avoided much of the malfeasance that has occurred since. Bad deeds on the Street are not new, but corporate media can sweep such under the rug or distract us with Martha Stewart, whose only crime was lying to a federal agent, not Wall Street "hijinks".