Chase Takes $2 Billion Dollar Loss On Bad Investment - Have they not learned ANYTHING?!!!

When I read the title of this - I thought to myself that was my question when I first heard this news.  I think Chase and many more do not think fat is greasy!  or that hot grease don't burn ya!

They have the same worldview as teenagers, "bad things happen to others, not me".

OK, OK, let's get it right.

First, It is JP Morgan Chase and JP Morgan really is the involved entity.

Second, the loss may turn into a profit. The deal is not closed out. It is like owning a home in 2009 and the price is down. In 2013 the price may be up.

Third. The on paper loss represents less the 2% of the assets they have on hand. 

Fourth, it was the banks money, not clients.

Weep not, the salary of the one person they let go was $15 million a year. She will recover. Perhaps, she needs to buy a new home. 

One additional comment. It is being politicized, because the administration wants to pass more regulations. Think that is good? More government involvement?

At the end of the day banks want to make money and they will do whatever, even some sleazy stuff to do it.  They gave mortgages out to anyone.  You could shave a gorilla and he would get a mortgage and then sold this crap as A loans.  We bail them out and now it's almost impossible to get a mortgage through.

Hi Ralph-

Banks are just......I don't even know what to say...other than, I've been switching all my money to credit unions.  Nice post.  My sentiments exactly.

They did learn.  they learned that they are "too big to fail" and they learned that there are no consequences for risky behavior because the government will take care of them. It is not surprising that this happened....again.

Ralph - the hard part to understand is the "loss" was on a series of transactions ... not on the profit line of the Bank.  If they can absorb those kind of losses and still show a profit bottom line .... where are they making their money?  They are a major player in the foreclosure market, presuming that is a loss to them .... then that's a lot of NSF charges!

You really said what just about everyone is thinking.  These idiots never learn.  Of course now they will qualify to be politicians so they can really waste other peoples money. 

I heard the actual loss is closer to 7-8 Billion... PRETTY CRAZY!