We saw it in the financial press only today.
Bear Necessities
Jamie Dimon, JPMorgan's chairman and chief executive, told a banking conference organised by UBS that the higher costs were driven by the losses suffered by Bear this year and the larger-than-expected amount of bad assets on its books.
Of course it had billions more crap than we expected.....
JPMorgan executives say the final figure will depend on what else they find on Bear's balance sheet
...and there's more to come as all the JPM crap quietly morphs into Bear Stearns crap, is gradually "brought to light" and sorted out by the JPM geniuses.
Grand Theft IV?. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
Chomsky's definition of "unworthy victims" now includes home owners who have a crap mortgage, ---and even encompasses Bear Sterns shareholders.
Just a whiff away from cannibalism. Maybe they'll eat each other?
Thanks for this, Chris. An incredible detective story. How can we get real investigation? Do you agree with those who see it as a Never Happen? Capitalism searches out the darkest corners of human potential, and mainlines them.
Do you agree with those who see it as a Never Happen?
I think that within a few months - once we get well into Phase Two of the ongoing Credit Crash - we will see the politicians looking for scapegoats.....
A few financiers dangling from the Senate lamp-posts will go a long way to allowing the politicians who allowed it to happen to pass the buck... "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
