$2 Billion is Nothing!
Jamie Dimon, CEO of JP Morgan apologized for the $2 billion trading loss this past week. He went on to say that social equity should be at the heart of the banking system and that banks should not be protected if they fail. On February 15, 2012 Dimon was quoted as follows:
I’m worried about how much capital is going to build up in the system in the U.S. In 12 months we’re looking at a lot of capital we can’t use. That may make people do stupid things.
The stupidity is obviously taking form. These derivative trading losses are a preamble to what could take place with the U.S. $725 trillion derivative bubble. The global derivative ditch is in the quintillions of dollars. Losing $2 billion is like losing the Canadian penny – it means absolutely nothing. It just heightens the financial drama enough to make people start doing stupid things. Jamie Dimon went on to say in February:
......J.P. Morgan is ready for higher interest rates. An immediate increase of 100 basis points would lift revenue by $1.5 billion, according to a presentation slide distributed by the bank Tuesday. We will make more money if short and long-term rates rise,” Dimon said. That probably wasn’t the case six months ago.This due to the increased capital requirements imposed on banks.
This is one in a series of events which will ignite the collapse of the financial markets and introduce the global banking cartel’s one world currency – most likely the IMF’s SDR.