Did you hear about the "brilliant" bank CEO who allowed his traders to make a bet on credit default swaps with a downside of $2 billion ... in 2012?! Yes, it's our favorite whining banker, Jamie Dimon, Chase CEO. The guy who lied to investors in April:
The trading losses, revealed by Mr. Dimon in a surprise conference call after Thursday's closing bell, stemmed from trades in the bank's chief investment office, where a single trader—dubbed the "London Whale"—reportedly took massive positions in credit-default swaps.
Mr. Dimon, who in April had described news reports of the trader's leviathan market exposure as a "tempest in a teapot"....
That, my friends, looks very much like securities fraud—a lie told to keep stock in Chase falsely inflated in value. We should tell Obama,
Now that you're showing some spine, arresting Mr. Dimon would be the perfect example.