History is full of non-repayments, and creditors sent for a walk, like Russian loans !!!
But blows of sticks in return for loss of confidence of the rich investors who take revenge, behind the banks !!
Economic collapse, huge crises, suffering of the poor, etc ...
We are constantly grazing it, since 2008, and
even Goldman Sachs announces today 2 to 3 billion losses in random speculations, failed !!!
A very large Spanish bank Bankia is bankrupt, taken over by the Spanish State, which rushes without knowing the risks? "4,465 billion euros injected by the public fund for assistance to the financial sector (Frob)"
http://www.lepoint.fr/economie/national ... 183_28.php
http://www.france24.com/fr/20120509-ban ... -partielle
Constant cracking announcers of worse ????????????????
http://www.rfi.fr/ameriques/20120511-et ... rgan-chase
http://www.france24.com/fr/20120511-fin ... mie-dimon-
By dint of scamming, she loses her power.
http://ladettedelafrance.blogspot.fr/20 ... ldman.html
* Http: //www.courrierinternational.com/article/2012/03/14/pourquoi-je-quitte-goldman-sachs
AFP - US bank JPMorgan Chase announced on Thursday that it had recorded a loss of $ 2 billion in brokerage over the past six weeks, which could increase due to the risky positions of credit derivatives, products behind the 2008 crisis.
On a surprise conference call, CEO Jamie Dimon spoke of "litigation losses of around $ 200 million" and "pre-tax brokerage losses of over $ 2 billion", offset by "a billion dollars in sales of debt hedging products.
He added that the portfolio of offending assets still exhibited "a lot of volatility". "We will manage it as much as possible" but "it could cost us up to a billion dollars or more" and "the risk will persist for several quarters".
The group launched a study on how these losses came about, but there were "a lot of mistakes, lack of rigor and poor judgment," commented Jamie Dimon.
This loss arose because the group wanted to hedge its credit exposure, which represents "the biggest" risk for the financial group, whose core business is to issue loans.
For this he bought on a massive scale credit derivatives, "credit default swaps" (CDS), which are kinds of insurance contracts intended to protect against a possible default by an institution.
"By covering this portfolio of assets again, there was a bad strategy, badly executed, it became more complex and was poorly followed," Mr. Dimon further lamented.
This poor performance would therefore be linked to the kind of complex derivative products that were at the origin of the 2008 financial crisis, and targeted by the "Volcker rule", one of the flagship measures of the 2010 financial reform, and which planned to limit investments in bank derivatives.
Dimon has repeatedly opposed financial reform and any tightening of banking regulations.
"It's unfortunate, there are going to be a lot of commentators" who are going to criticize JPMorgan on this, "but we're going to have to live with it," said Mr. Dimon, when asked about it.
He clarified that the offending brokerage operations did not "violate Volcker's rule but Dimon's principle".
US Senator Carl Levin, co-author of the Volcker rule in the legislation, also immediately condemned "the enormous losses of JP Morgan" which are for him "the latest proof to date that what the banks call + a risk hedging +, it is often risky bets that systemic banks do not have to take ".
Dimon admitted that this problem was discovered following an article in the Wall Street Journal in early April describing the astonishment of London's financial center at the very risky and massive positions of a French broker from JPMorgan, Bruno Michel Iksil, in CDS.
Jamie Dimon soon after called the information a "storm in a glass of water".
JPMorgan "hopes that this will not be a problem by the end of the year" but insisted it would depend "on the markets and our positions".
Mr. Dimon concluded by saying that banking is "not a business where you don't make mistakes."
JPMorgan Chase released results significantly higher than expected for the first quarter last month, although net earnings of $ 5,38 billion were down 3%. Turnover had increased by 6% to 26,71 billion dollars.
The action plunged 6,73% to 38 dollars in electronic trading after the close of the New York Stock Exchange.
