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Restoring trust in Wall Street
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JPMorgan Chase went to Vegas, put it all on red and lost $2 billion. OK not exactly, but close enough. You may have heard this week that the country's biggest bank reported $2 billion worth of trading losses from just the past month and a half.
Traders made bets on risky derivatives -- and lost. Gee, does this sound familiar to anyone? Well, right before JP Morgan made its announcement, we talked to John Rogers of the CFA Institute (Chartered Financial Analyst) about the Institute's global campaign to "improve the investing public's trust in the investment industry." Listen to the audio for Rogers' perpsective on how trust was lost and the CFA Institute Integrity list.
Tess. I was soo disappointed that you allowed this smooth talking mouth piece for JP Morgan to evade the real solution to the problem... ENACT LAWS that put them in jail and pay heavy penalties since they haven't proven themselves to be trustworthy. I wanted to gag at all this morality blabber. You actually cited an apt comparison with medical malpractice where you can sue. But, you did not follow through and challenge Mr Slick with the obvious necessity to have congress reform this cancerous and abusive 'banking' system that is 'too big to fail' or be held accountable.
