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Showing posts from September, 2013

"Upsetting the system"

Joe Nocera's column takes a look at Jamie Dimon's "very long day." It was a "terrible, horrible, no good, very bad day" ( LOVE that book ! ) for Dimon because it included fines of more than $1 billion - $920 million to appease for overwhelming splash of the London Whale, and $389 in fines and restitution for "selling bogus services" to its credit card customers. FINALLY, a bank is forced to pay for its criminally foolishness behavior! But it's 2013 - banks have long been acting criminally foolish - why have there been no real fines up to now? (I simply cannot accept the $550 million fine $GS had to pay for the fraudulent Abacus deal as being a serious and significant fine for a company with $13.4 billion in profit that very same year.) So why so long before seeing a relatively serious fine for extremely serious infractions? Nocera attributes this to "unfortunate timing." Had the Whale flopped in 2009, the government would h