Apparently the Department of Justice has launched an investigation into JP Morgan’s $2 Billion trading loss at the hands of the London Whale. Thankfully the US government will be on watch to prevent all future trading losses in our “free market”. To keep America open for all future socialistic programs for the benefit of the voting public. We can all sleep more soundly at night to know that the antiquated system of open market will be brought to a grinding stop by government intervention, regulation and yes possibly even prosecution. Gone will be the worries that an investor may take risk of loss. No need to worry about selling your stock or bonds of JP Morgan if you are unhappy with the management or performance, Uncle Sam will have your back.
Funny thing happens with losses on a bilateral derivative contract there tends to be a winner as well. Now we are talking Tax the winner and prosecute the loser. It’s a win win.
I just hope that people who work on Wall Street do not wake up to the fact that the risk of prosecution for taking Market Risk is just not worth the effort. Maybe if we regulate and prosecute everyone off Wall street there will be ample space for the occupiers to occupy. Think how many votes that would bring. Not sure who will pay to keep the lights on and toilet paper in the bathroom but there’s always McDonald’s.
The rest of the country will probably be better off without the greedy wall street crew. Although with no way to fund bridges or roads or build stadiums cities may suffer a bit but we can get by. A few corporations may find it difficult to fund their day-to-day operations, build infrastructure, expand their businesses or pay employees. It will probably work out ok.
But sorry where was I yes JPM. When the DOJ is done I was hoping just maybe they could go after the weatherman. They seem to be wrong all the time. As a tax paying, voting citizen there is nothing that gets me madder than carrying around an umbrella on a sunny day or cancelling a barbecue when it was not supposed to rain.
To hope, perchance to dream.
onepercentorbust 