Wall Street Rushes To Jamie Dimon’s Defense

[Cali_Democrat]

JPMorgan (JPM) CEO Jamie Dimon is slated to appear on the Hill Wednesday in a much-anticipated hearing before the Senate Banking Committee to answer questions about the firm's shocking $2-$3 billion trading loss which came to light May 10.

Even before Dimon testifies, Wall Street is rushing to his side in defense of what he has himself called a "self-inflicted" wound.

Blackstone CEO Stephen Schwarzman says "occasional losses are inevitable," reports Bloomberg. "Publicly excoriating JPMorgan serves no purpose except to reduce people's confidence in the financial system."

According to the same story, former Goldman Sachs (GS) Co-Chairman Bill Archer says of the trade: "I kind of shrug [at the loss]…. That's just the way the world is."

http://finance.yahoo.com/blogs/daily-ticker/wall-street-rushes-jamie-dimon-defense-144649603.html

So what happens if their companies completely tank again because they took on too much risk yet again in an environment where regulation is relatively minimal? What are the CEO's of the banks gonna do then? They're gonna go to the tax payers, hat in hand, asking for hundreds of billions in bailout money. Wall Street has learned nothing from the financial crisis they created.

FYI, Stephen Schwarzman is a big time Romney backer.

[leftyohiolib]

1. "JPMorgan serves no purpose except to reduce people's confidence in the financial system"

it says that in the article and i agree! finally someone is telling the truth. asif anyone not in on the game had any confidence in w.s. anyway