I have just read a paragraph in the Treasury Committee report based on the comment of Andrew Crockett who is the President of JPMorgan Chase International, former General Manager of the Bank for International Settlements, and a former Chairman of the Financial Stability Forum (!!).
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242. Andrew Crockett accepted that banking had utility aspects and therefore warranted regulation and protection, but he said that the synergies between the basic utility of providing a secure payment system and that of providing other financial services were “substantial”. Rather than separate out the different aspects of banking into different entities, he suggested that the “utility” function be protected by more effective regulation. He made the important point that when large financial institutions got into trouble and created a risk of losses to customers, public sector assistance was almost always provided, regardless of the nature of the bank. In his view it was “best to accept this as a fact of life and regulate all financial institutions accordingly”.
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J P Morgan Chase has the largest exposure to these demonic derivatives than anyone else. The Office of the Comptroller of the Currency statistics on derivatives show this.
What Crockett and others who provided evidence to the Treasury Committee said is this;
risk is here to stay so let the big guys spread it around and if it goes AOT the public will always bail 'em out coz the big banks are too big to fail.
So no change to come. They will continue to gamble with your money and if it goes AOT then you'll pay.
For the love of sweet baby jesus, stop the fakers!
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