Wall Streat Weak 0
At Bloomberg, Jonathan Weil considers J. P. Morgan Chase’s gambling losses and Jamie Dimon’s statements about them. A nugget:
Don’t bother asking JPMorgan how it accumulated all these losses. That information is proprietary, as if the taxpayers who bailed out the bank in 2008 don’t have any business knowing. Here’s an idea for a new rule: If a too-big-to-fail bank can’t disclose what its trading desk is doing for fear of blowing itself up, then the bank shouldn’t be allowed to do it.