JP Morgan Failure Shows the Incompetency of the Fed As Regulator And a Corrupted Government
JESSE’S CAFÉ AMÉRICAIN
11 MAY 2012
“How can we expect righteousness to prevail when there is hardly anyone willing to stand up for a righteous cause?
Such a fine, sunny day, and I have to go…”
Sophie Scholl, last words
The spin machine is revving up, and the spokesmodels are gesticulating wildly, in an effort to direct and deflect this failure of governance at JPM.
See how manfully Jamie Dimon has come clean on this. And look how well the Fed’s capital standards are protecting us from a failure at JPM because of this unfortunate but ‘manageable’ trading mistake.
Jamie and the regulators could not possibly have known (CEO defense) what was going on in their firm because the world is now so complex. They will try and work harder so don’t disturb them or bad things will happen to us and it will be your fault. But this will be a buying opportunity!
A craven Congress, dominated by a hard core of one-percenter bully boys, an Obama Administration intimately tied to Wall St. cronies, and the Federal Reserve, which is a private institution of financial establishment insiders making a weak attempt at self-regulation cloaked in secrecy, have failed the public once again.