Relevant:
- Banks Lose $836 Million in First Annual Loss in Derivatives
- Argentina tango lessons: Europe's turn for financial danse macabre?
- Bailout a 'flawed plan' forced on Irish people
- JPMorgan Chase Has Lost $20 Billion On Its Bad Trade, Taking Into Account Share Price
- Gorbachev: US Pulled Russia Into New Cold War That Could Turn 'Hot'
2012-05-16 — econintersect.com
In 2007, the banks gambled on mortgages and lost, causing the largest global recession since 1929. They then gambled on European sovereign debt and lost. And now we hear J P Morgan Chase (JPM) just lost $2 billion on a derivatives' bet. Should this not be the last straw?
There are important lessons to be learned from all this, lessons the bank lobbyists don't want anyone to hear.
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