Bill Black: JP Morgan’s ‘Wild, Crazy Insane Gamble’ Puts Global Economy at Risk

Our favorite ex-bank regulator Bill Black discusses why JP Morgan’s ‘wild, crazy, insane gamble‘ has put the entire global economy at risk.
Can you say $1.26 QUADRILLION in total derivatives, and $70 Trillion in interest rate swaps alone held by JPMorgan?

Black’s MUST WATCH interview below:

Comments

  1. JP Morgan are the downfall of the Derivatives Market, Banks should be loaning money not Gambling With It.

  2. JP Morgue

  3. THE GREEN SLIME!

    At 0:55 seconds, Black Mentions “The Green Slime of Toxic Mortgages”
    So I thought It Might Be Appropriate To Review What Green Slime Is:

  4. WHAT HAPPENED TO THE JPM STOCK PRICE?
    COULD IT BE THAT THE LOSSES ARE NOW AT $8,848,238,114?

  5. lol “Don’t cry like a bitch when you feel the pain…”

  6. WHAT WILL THE NEW DRACHMA LOOK LIKE?–WHY NOT USE THE SAME $1 MILLION DRACHMA NOTES FROM 1944?


    Greek Businesses Fear Possible Return to Drachma

    ATHENS — For the last couple of weeks, the phone at Tasos Ioannidis’s
    five-star hotel on the breezy island of Mykonos has been ringing
    steadily,

    “People are saying they don’t want to confirm a stay or make deposits,”
    said Mr. Ioannidis, who owns the luxurious Belvedere Hotel, perched on a
    cliff over the Aegean Sea. “They are afraid of what could happen to
    their money if Greece leaves the euro and returns to the drachma.”

    Worries that Greece might default on its debts or even leave Europe’s currency union have deepened since May 6, when Greeks voted in shocking numbers
    for a left-wing party willing to tear up Greece’s $170 billion
    international bailout agreement. These days, even though 80 percent of
    Greeks say they want to stay with the euro, talk of “drachmageddon” can
    be heard in conversations all around Athens — in executive suites, at
    mom-and-pop shops and even in nightclubs.

    “A return to the drachma would be a nightmare,” said Mr. Ioannidis,
    whose bookings began to trail off a few months ago and slumped badly
    after the election. “It would create a panic for businesses and also for
    people wanting to do business with Greece.” READ MORE

  7. Jake;

    Two weeks and JPM is down  $8,848,238,114 ? This so called unwinding, is it posable since there is another side of the bet and there not going to stop making money on it.

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