What am I missing?
JPMorgan Chase blew about $2 billion, or what California calls "chump change" when it comes to paying for long-retired state employees or in planning a "high speed" rail project nobody but union leaders and consultants will benefit from.
Unless some fraud or embezzlement is going on, nobody at JPMorgan wanted to blow that money. They wanted to grow the money.
At least two federal investigations are underway to make sure it wasn't some sort of criminal activity.
But that doesn't stop the Leftist politicians from calling for more power to be ceded to government and centralized in the federal government; more laws, more regulations, more programs, more staff... in some lame attempt to prevent this from happening again, even though losses are a normal part of business and nobody at the company wanted this to happen to begin with. Never mind that JPMorgan is full of financial and business experts who know more than legislators and government bureaucrats will ever know about banking and investing. Never mind that the federal government blows much more money all of the time – money that, unlike the money JPMorgan was handling, is taken from people by force.
The customers, employees, and investors in JPMorgan can decide whether or not they want to continue in those capacities with the company. We have don't have a choice about whether or not we pay taxes.
A new federal law, program, or bureaucracy will do more harm than good, and is likely to ends up costing much more money than it ever "saves".
JPMorgan Chase blew about $2 billion, or what California calls "chump change" when it comes to paying for long-retired state employees or in planning a "high speed" rail project nobody but union leaders and consultants will benefit from.
Unless some fraud or embezzlement is going on, nobody at JPMorgan wanted to blow that money. They wanted to grow the money.
At least two federal investigations are underway to make sure it wasn't some sort of criminal activity.
But that doesn't stop the Leftist politicians from calling for more power to be ceded to government and centralized in the federal government; more laws, more regulations, more programs, more staff... in some lame attempt to prevent this from happening again, even though losses are a normal part of business and nobody at the company wanted this to happen to begin with. Never mind that JPMorgan is full of financial and business experts who know more than legislators and government bureaucrats will ever know about banking and investing. Never mind that the federal government blows much more money all of the time – money that, unlike the money JPMorgan was handling, is taken from people by force.
The customers, employees, and investors in JPMorgan can decide whether or not they want to continue in those capacities with the company. We have don't have a choice about whether or not we pay taxes.
A new federal law, program, or bureaucracy will do more harm than good, and is likely to ends up costing much more money than it ever "saves".
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