Monday, May 14, 2012

JPMorgan Chase and Dodd-Frank - Remember the Titanic

Jamie Dimon's iron grip on JP Morgan Chase will be tested tomorrow when shareholders vote on whether to split his role as chairman and chief executive just days after the bank stunned Wall Street with a $2bn trading loss.
Jamie Dimon - looking surprisingly cheerful after reporting $2B in company losses.
Jamie Dimon (he's the head of JPMorgan Chase)
Has revealed a problem, I think, makes the Dodd-Frank case.
Hedging on derivatives; $2 Billion, plus, in losses.
His solution to the crisis? Firing 3 bosses.

Took a while for him to see that something wasn't right.
Wonder if the folks at Chase are wishing that they had
Got behind the Volcker Rule before things got so bad.

Seems to me this news is proof that Wall Street hasn't changed.
Drive into an iceberg? Get the deck-chairs rearranged!
Have to shift their current course; stop fighting tooth and nail.
Europe's looming up ahead...  We're not too big to fail.

Bankers and Republicans and major CEOs
All agreed to stall on legislation they oppose.
Think it's time we got together; implement Dodd-Frank.
Don't forget; the last time something couldn't sink...?  It sank.

"Untergang der Titanic" by Willy Stöwer, 1912 (artist's conception)

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