The Toronto Daily Star of November 1st. reported that Jamie Dimon, CEO of JP Morgan and Chase & Co., the world's largest bank, admitted losing $20 billion for the bank. The bank is expected to pay back $11 billion in fines and restitution for " An equally unimaginable variety of misdeeds. They include allegations of money laundering, peddling deceptive mortgages, ripping off customers with faulty investment products, and manipulating world derivative markets." Yet, it is expected that Dimon will get a raise in pay because to do otherwise would, in its directors' eyes, weaken public confidence in the bank. That's something to reflect upon when a worker might get fired for losing his boss a hundred bucks! John Ayers.
The Glasgow & Edinburgh Branches Blog. Towards a better understanding of the world, in order to change it.
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