Big story in the Times this morning . JP Morgan admits to a trading loss of $2 "billion ". [Billion you say? ]. You know what's great? It's always some "rogue trader in Europe " trading on risky derivatives. Or some " wildman on the "Delta Desk". Yeah, you know the same guys the bank patted on the back and gave huge bonuses last year when " things were good ".
What struck me though about the losses is the bank's "ho hum " attitude . Yes, it is true that JP Morgan made $19 billion last year.....But there goes $2 billion right out the door. "Easy come, easy go! We'll make it up somehow on our customers next year."They'll hardly notice.
So while "Morgan " is shaking off this huge trading loss , I have to stop and ask myself : Will they be so nonchalant the next time a customer has a whopping $82 overdraft on his checking account ? Or will they dunn and harass him until the cows come home?
Ah, the "rich get richerrrrrrr!
JP Goldman reporting.
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