I'd look it up, but I'm too lazy, I know it was in the tens of BILLION$.
Now, are we going to be on the hook again to do *something* to bail them out of this $2 billion trading loss they gave themselves this month?
Because, just like the first time this is what happed--again:
The bank's strategy was "flawed, complex, poorly reviewed, poorly
executed and poorly monitored," Mr. Dimon said Thursday in a hastily
arranged conference call with analysts and investors after the
stock-market close. He called the mistake "egregious, self-inflicted,"
and said: "We will admit it, we will fix it and move on," he said.
Hey, they gotta pay out those executive bonuses with someone's money, even better if it isn't theirs......
ReplyDeleteI'm sure his words describing their egregious, self inflicted error will regain the trust of their stock holders and customers.
ReplyDeleteIf I remember correctly.... JP Morgan-Chase got around $25 billion in TARP funds. In mid to late 2009, they paid back the $25 billion, plus somewhere around $800 million in divends and/or interest (give or take)that accrued during the time they held the funds.
ReplyDelete1. I oppose TARP anyway, for exactly the reasons we're seeing now. Even thought they paid the money back with interest/dividends, they obviously didn't learn their lesson. TARP rewarded reckless behavior and poor judgment.
2. Even though JP Morgan Chase and some of the other banks have repaid their tarp bailout funds, don't look for a little something extra in your paycheck. Those billions are already shuffling their way through the kickback/slushfund/government meddling accounts and are gone forever.