'JPMorgan Runs The World's Largest Gambling Operation'

Ever notice how the irresponsible financial decisions that got us into this economic disaster are always compared to Gambling and Gambling Addiction?

Leadership

5/23/2012                            

Mo. Prof.: 'JPMorgan Runs The World's Largest Gambling Operation'

JPMorgan Chase Chief Jamie Dimon: Addicted to gambling?

A law and economics professor at the University of Missouri-Kansas City is blasting JPMorgan Chase and its top executives for making huge gambles on risky derivatives, which resulted in the bank’s recently revealed $2 billion-plus in trading losses.

Writing on the “The Big Picture” blog of Barry Ritholtz, a financial columnist and former lawyer who often takes provocative positions, Prof. William K. Black says that JPMorgan has admitted its gambling addiction in stories it has told to the mainstream press, including a front-page piece in last Sunday’s New York Times that I wrote about yesterday.

http://www.forbes.com/sites/susanadams/2012/05/23/mo-prof-jpmorgan-runs-the-worlds-largest-gambling-operation/