 | The definition of insanity is doing the same thing and expecting a different result. Should we really be surprised we are back here once again?
Did we think that the fluffy Dodd-Frank Act actually had any real regulatory bite? Did we expect that letting the banksters run a prop trading desk would yield anything other than complete disaster?
The $2 billion JP Morgan trading debacle comes as no surprise, even if Jamie Dimon claims it’s surprising. Jonathan Weil at Bloomberg opines in his piece “What Jamie Dimon Doesn’t Know is Plain Scary”, referring to the JPM chief complete ignorance about the trading losses. To read the full piece:
http://www.bloomberg.com/news/2012-05-11/what-jamie-dimon-doesn-t-know-is-plain-scary.html
The politicians can call for hearings and the media can claim outrage, but we all know what the end result will be.
What I find scary, is not what Jamie Dimon doesn’t know, but what he does.
And that’s of course, that JPM is been deemed too big to fail by the Fed and in the end, all of us, the American taxpayers, will be on the hook to bail them out.
Trade well and follow the trend, not the so-called “experts.”
Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846  |  Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. |
Trading Signals from the Electronic (ES) mini-SP 500 - No “Secrets” signals today.
- Algorithm positions (5)
- “Reading the Tape” positions (1) …combined Secret’s, Algo, & “Reading the Tape” total… -0.75
ES 1360.00 / 1350.00
POC... 1355.00
YM 12857 / 12783
NQ 2635.25 / 2614.75
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Keep a civil tongue.