Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Thursday, October 11, 2012

JPMorgan Chase's Bear Stearns Buy Lost Bank $10 Billion, CEO Jamie Dimon Says

WASHINGTON, Oct 10 (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon said his company has lost up to $10 billion as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis.

"I'm going to say we've lost $5 billion to $10 billion on various things related to Bear Stearns now. And yes, I put it in the unfair category," Dimon said, speaking at a Council on Foreign Relations event.

Dimon said the losses come from litigation and writedowns, among other expenses.

Last week, JPMorgan was hit with a fresh civil lawsuit from the New York attorney general, seeking to hold the bank accountable for allegations that Bear Stearns deceived investors buying mortgage-backed securities.

"Would I have done Bear Stearns again knowing what I know today? It's real close," Dimon said.

Original Article
Source: huffington post
Author: Reuters
Topics: , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)