This is pretty big so I thought it deserved its own thread. Former FDIC Chairwoman Sheila Bair calls for the break-up of JP Morgan Chase in the June 11 issue of Fortune Magazine, comparing Jamie Dimon to a chicken cornered in the coop and being pecked to death by the other chickens:
http://finance.fortune.cnn.com/2012/05/25/jp-morgan-chase-breakup/
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Eddie,
While I dislike Shelia Blair, I do think that she is right here - breaking up JP Morgan wouldn't be a bad thing. I do think that she's on to something with how she wants to have everything on hand and easily accessible in the event that JPM is either broken up or goes bankrupt. I'm not going to lie here but having a full list of reporting entities, operating partners, etc. makes far more sense especially for a firm of that size. The one thing that I'm surprised about though is that Shelia Blair didn't ask for Glass Stegal to be reinstated. You'd figure that this would be the first step to protect people from a potential JP Morgan breakup/bankruptcy.
Frieds, Patrick and I are on Gchat saying the same thing right now, lol.
Not shocked at all man. Not shocked at all.
Election year rhetoric.
Moving along...
Brian Moynihan is somewhere with a shit eating Grin on his face....Its JPM turn to be in the headlines for the next 3 months. The key is who is next
Birth Certificate LLC after that....again
I for one support our new bank overlords
Glass should be reinstated
All wall street does is pull bright people from top schools to jobs that barely if at all benefit the economy and advancement of the human race
The same should be done to shittygroup.
This will actually benefit the departments that are making $... and the taxpayers won't have to potentially bail out the firm because of a loser unit. Finally we would practice capitalism.
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