Thank you @Value Hiker!
I really appreciate knowing I am not alone. I was beginning to feel like George Gobel when he said he felt "that the world was a tuxedo and he was a pair of brown shoes."
Re: mind boggling thought
Value Hiker
5/15/2012 1:31:13 AM
I am just speechless. Any investor who in his right mind won't let his property sitting idle, especially when he is deeply in debt. Our government is trillions of dollars in debt, but still wastes tax payers' money like this. It is just outrageous.
Well, in my opinion John Q Public knows little about MF Global because less attention was paid to it by a media that wanted to protect Corzine, the ex-Governor of New Jersey, from scrutiny.
It's no different from the minor attention paid to a terrorist massacre at Fort Hood versus the massive attention paid to a massacre by a marine in Afghanistan, but then I digress from the more important problem, the loss of $2 billion dollars by JP Morgan which was a $2 billion dollar windfall for some unidentified investor who took the other side of the trade. I just have to learn to get my priorities straight.
MF Global got less attention because John Q Public didn't know what the heck it was. Everyone knows JP Morgan Chase -- and Dimon was the golden boy of the industry. The perception, rightly so, is that JPM should have done better.
Okay @Noreen, I find myself once again in the wrong place with information judged acceptable for a different venue.
It's a pity though because so many of the posts are one-sided. They support practices that increase government debt rather than reduce it. The Volker Act will do more to reduce taxation of businesses than increase it because implementing it will divert funds of business from activities that produce income to activities that produce nothing. Glass Steagall will accomplish the same end at much less expense.
Perhaps we should occasionally focus on reckless government activities like government support of Solyndra and 14,000 empty buildings rather than on regulations of entities outside government that after all have to support it.
But if you want to stick to nasty business rather than government, please comment on the fact that the MF Global/Governor Corzine scandal has gotten less coverage than the JP Morgan scandal even though it has been around for many weeks rather than a few days. Could it be that those who prosecute have favorites they protect? They are calling for Dimon's head, but they are not calling for Corzine's.
Yes @ValueHiker, here's a video that describes the situation in detail.
U.S. Senate candidate Elizabeth Warren, D-Mass. -- who already called for Dimon's resignation, is now calling on Congress to revive 1933's Glass-Steagall Act, which kept commercial banks out of the investing business from the Great Depression until the 1990s. Warren launched an online petition that claims
It's time for Congress to put Wall Street reform back on the agenda. We support passing a new Glass-Steagall law to prevent too-big-to-fail Wall Street banks from taking huge risks with people's life savings -- and then expecting taxpayer bailouts.
Re: mind boggling thought
Value Hiker
5/14/2012 8:51:29 PM
@Fred, interesting, any details about the 2B waste on empty building?
I think it's a valid issue Fred and one worth discussing...but not in connection with the JPMorgan Chase Scandal.
Care to comment on the $2B/year waste by the government because they are holding 14,000 empty buildings?
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