“Matt Taibbi gives his play by play commentary of CNBC’s demented interview with Alex Pareene and why anybody could do Jamie Dimon’s job…”
This interview was quite fun to watch and this might be the quote of the year:
“Any time you’re looking at the greatest fine in the history of Wall Street regulation it’s worth asking, ‘Should this guy stay in his job?’ I can’t think of any other industry — If you managed a restaurant and it got the biggest Health Department fine in history and people would say, ‘It’s making a lot of money, only a little poison in the food.”
What’s more, if Jamie Dimon and JP Morgan continue to have troubles with managing their trades, as in London Whale trade where they lost billions of dollars (a trade Dimon was said to be unaware of) the bank could create another financial crisis if it led to a panic between a number of too big to fail banks when a trade went wrong. While JP Morgan may mint money now, they could also lose all that money quite quickly.