
Hey remember that thing a couple of years ago where Wall Street bankers gambling like horse racing-obsessed winos at the OTB with all of your money almost caused the American economy to collapse? So then the taxpayers had to fork over billions of dollars to clean up the mess and yet no one outside of Ponzi schemers went to jail and little to nothing has been done to reform a system that’s so obviously broken? Yeah, that.
Well if you’ve been paying attention you know that it’s all still happening — last month JP Morgan lost somewhere between $2-7 billion, depending on who’s doing the estimating, on the same sort of mind-bogglingly retarded bets that brought the country to its knees a few years ago? And how does this continue to happen? Just watch this Daily Show segment from last night on JP Morgan CEO Jamie Dimon’s recent trip to Washington to explain himself before the Senate Banking committee. It’ll tell you all you need to know and may also make you want to slam your face into your screen upon being reminded that our political system is royally f*cked.
Here’s part one…
And here’s part two…



Corker is the worst.
I feel like Craig Kilborn would have understood the intricacies of portfolio hedging, synthetic CDOs, and the dangers of having insufficient float or liquidity in a hedged position, but he probably wouldn’t have been as whimsical.