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The JP Morgan mess
May 12, 2012 - Harry Eagar
I highly recommend two commentaries on the JP Morgan Chase losses by Bloomberg's Jonathan Weil and William Cohan.
On May 5, RtO said regulation is good for banks, citing Canadian experience. Jamie Dimon, head of Morgan, says not.
Problem is, he also said news reports that his London "hedge" operation was out of control were wrong.
I would not recommend bank regulation if banks would hire competent management, but the history of US banking going back to the 1830s shows they won't.
Weil asks if Dimon could really be as clueless as he sounded. Sure he could.
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