I have been rather surprised that there has not been more public outrage over the recent performance of J P Morgan that resulted in a loss of over $ 2 billion. But the more I think about it, its highly questionable actions didn’t just happen overnight. The risky business practices by this huge bank have been going on for a long time. Perhaps the American People have heard and read so much about the big banks and their questionable activities, that JP Morgan losing $2 billion was just another day at the office for them.
The explanations before Congressional panels last month by CEO Jamie Dimon were neither inspiring nor adequate. One thing apparent from the hearing was that many in Congress are so connected to the banking industry they are forced to handle big bosses from the industry with “kid gloves” when they appear before Congressional panels. This should have been a time for tough questions and a demand for real answers that would have led toward meaningful solutions. I got the impression from media reports that nothing of substance happened during the hearings.
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