JP Morgan Chase announced its long-awaited second-quarter earnings today, but also admitted that its first-quarter statements were completely wrong, because some of their employees were deliberately trying to hide their losses......And that's what's called good news in American high finance these days.
The bad news is that it exposes their oversight and risk management operations to be shoddy and ineffective. No one seems to have had any grasp of who was trading what or how much money was involved in a significant portion of their business. That's a serious problem that must be corrected. The good news is that for top executives like CEO Jamie Dimon, it looks less like the giant losses are the result of their incompetence and more like they were duped by bad actors.
I used to read a crime blog to find stories about sociopaths. It's really superflous anymore. The most spectacular pathology is being exhibited on the front page above the fold every day.
