Skip to main content

View Diary: Closely-Watched Court Decision Breaks Bad for Wall St. Has A Day of Reckoning Arrived? (154 comments)

Comment Preferences

  •  I wouldn't say all of it is "junk," or even... (3+ / 0-)

    ...the majority of it (perhaps), for that matter. Thinking conservatively, lets just say it's 25% crap. That's a mere $750 billion....meanwhile, if 1/4 of one percent (.0025%) of JP Morgan Chase's derivatives, (for that bank, alone) which are somewhere in the neighborhood in value equal to the entire world's annual GDP, of approximately $70 trillion (that's "notional; so let's say 5%-8% of the notional isn't netted out--there's no counterparty--at any given moment), that's a mere $140 billion...which is fully backstopped by the U.S. taxpayer...1% being $700 billion...and so forth...but, we all know that would never, ever happen with JPMC's derivatives trading skill/expertise, right? (Snark intended.)

    "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

    by bobswern on Wed Feb 06, 2013 at 01:29:38 PM PST

    [ Parent ]

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site