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

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Real Estate Agent with Maui Life Homes / Metro Life Homes RS-78439 / BRE #01708344
https://activerain.com/droplet/Blv

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

This just BURNS me up!

After only a matter of just a few years since our mortgage crises they are engaging in this kind of activity?

REALLY?!!

Do we have a vaccination for greed at our pharmacies?  If so, I think every single one of those executives responsible for this need to be rounded up like cattle and given a shot in the a$$ with the ANTI-GREED medication!!

HONESTLY!!

Enough is enough!!  We spent HOW MUCH of our hard-earned taxpayers money to bail them out?  For WHAT?

They're like crack addicts with who need to go to detox for the greed habit that they can't seem to kick.

 

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Ambassador
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Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

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!

May 19, 2012 01:14 AM #1
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Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

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

May 19, 2012 01:14 AM #2
Ambassador
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Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA
It's so easy to gamble with someone's money...
May 19, 2012 01:23 AM #3
Rainmaker
177,562
Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

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. 

May 19, 2012 01:40 AM #4
Rainmaker
177,562
Erv Fleishman
Realty Associates - Boca Raton, FL
Luxury Prop Specialist Realty Associates

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

May 19, 2012 01:41 AM #5
Rainmaker
796,857
Liz Wallace
Century 21 Sherlock Homes - Rockville Centre, NY
Broker C21 Sherlock Homes, Rockville Centre, LI, N

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.

May 19, 2012 04:46 AM #6
Rainmaker
795,352
Cindy Edwards
RE/MAX Checkmate - Johnson City, TN
CRS, GRI, PMN - Northeast Tennessee - 423-677-6677

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.

May 19, 2012 08:18 AM #7
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Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (800) 591-6121

Erv,

I really can't possibly see how you can tie this being publicized because our government want to "control" us.

That is ridiculous.

The only ones doing the manipulation here are these greedy executives that allow the shareholders of this company to be put in a compromising position for "that little bit more" of a return on their investment that obviously took more risk.

THERE'S NOTHING WRONG WITH SLOW AND STEADY GROWTH!!  WHY GET GREEDY AND PUT EVERYONE AT RISK?!

May 19, 2012 01:31 PM #8
Rainer
278,100
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

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.

May 19, 2012 10:30 PM #9
Rainer
321,406
Jack Mossman - The Nines Team at Keller Williams in Stockton
The Nines Team At Keller Williams - Stockton, CA
The Nines Team at Keller Williams in Stockton

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!

May 20, 2012 03:36 AM #10
Rainer
247,691
Doug Bullwinkel
Envoy Mortgage, NMLS 6666 - Roseville, CA
Mortgage Loan Originator NMLS #281609

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. 

May 20, 2012 05:35 PM #11
Rainer
163,254
Ryan Case
SCA Real Estate - Anaheim, CA
877-828-0710

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

May 22, 2012 12:51 PM #12
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Hawaii and California Real Estate (800) 591-6121
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