Tuesday, June 19, 2012
Questions for Jamie Diamond that not one elected official thought to ask:
10 Crucial Questions for Jamie Diamond that not one single elected official thought to ask:
Question: You say you are not too big to fail. Yet you were too big to fail in 2008. What's changed?
Question: You say the recent multi billion dollar trading loss was a Hedge. A Hedge by definition defrays risk. The trading loss was off a huge position in an illiquid market: thus inherently extremely risky. How does an extremely risky position defray risk?
Question: Do you have any idea what RISK means? How can Risk and Hedging of Risk be exactly the same thing?
Question: If you, the CEO of JP Morgan Bank has no idea what Risk means, how can you manage a vast multi billion dollar trading operation?
Question: Why should a vast, enormously risky multi billion dollar trading operation be subsidized by the US Taxpayer?
Question: How is your Counterparty Risk quantified?
Question: How is your Counterparty Risk made transparent for your shareholders? How is your Counterparty Risk made transparent to the US Taxpayer who subsidizes your Counterparty Risk?
Question: If you don't even know what Risk means, how can you understand your own Counterparty Risk?
Question: If you have no understandingof Risk or Counterparty Risk why should you, a Federally Subsidized Bank, be allowed to trade at all in the risk markets?
Question: Even if you understood risk, which you obviously don't: Still, even if you did, why should you, a federally subsidized bank, be allowed to gamble in the risk markets?