One more comment on the JPM trading loss, and what we do not know
While everyone speculates about what happened, one thing is clear. The media in all of its formats has no real idea. They talk and write extensively with no knowledge, just hearsay and bias.
Once I worked for a Vice Chairman who clearly was a highly, very highly, functioning Asbergers victim, a math genius and a talented speaker at events and on CNBC. Strange though, he almost always looked at the floor or ceiling when talking, sometimes even closing his eyes. He was brilliant at many times, emotionless at most times, had no interest in anyone really(other than his children that he often did not see) and had the fatal flaw of his obsequiousness to those few above him. He could have been CEO and a much better one than we inheritied after Shipley despite his limitations.
The reason for this prologue is one comment he made to me on a business trip. We had been through the LTCM crisis, the internet craze bust, and now it was Enron. His comment was, roughly speaking, "why do we read the financial press and know that most of what they write is just factually incorrect and based on rumor and pure fabrication, and then we read the rest of the NYT and WSJ business sections and tend to believe what they write?"
That is the danger now. The recent years have produced the 24/7 news cycle, and idiots like Simon Hobbs on CNBC, due to his British accent I guess, are allowed to comment on things they know nothing about. All news reports about what really happened at JPM are suspect, and generally I would guess not even accurate.
It is unclear whether even JPM and Jamie Dimon have really begun to understand how this happened.
The earlier May 12 comment here on ENS and the one earlier this morning are maybe the best one can know at this point. That's not meant to seem arrogant. Nuggets of interesting information can be found in many print new articles, as long as they stay away from writer's opinions. As always, almost anything by Gretchen Morgenson is just pure poison fed to her by hedge fund operators with agendas.
Once I worked for a Vice Chairman who clearly was a highly, very highly, functioning Asbergers victim, a math genius and a talented speaker at events and on CNBC. Strange though, he almost always looked at the floor or ceiling when talking, sometimes even closing his eyes. He was brilliant at many times, emotionless at most times, had no interest in anyone really(other than his children that he often did not see) and had the fatal flaw of his obsequiousness to those few above him. He could have been CEO and a much better one than we inheritied after Shipley despite his limitations.
The reason for this prologue is one comment he made to me on a business trip. We had been through the LTCM crisis, the internet craze bust, and now it was Enron. His comment was, roughly speaking, "why do we read the financial press and know that most of what they write is just factually incorrect and based on rumor and pure fabrication, and then we read the rest of the NYT and WSJ business sections and tend to believe what they write?"
That is the danger now. The recent years have produced the 24/7 news cycle, and idiots like Simon Hobbs on CNBC, due to his British accent I guess, are allowed to comment on things they know nothing about. All news reports about what really happened at JPM are suspect, and generally I would guess not even accurate.
It is unclear whether even JPM and Jamie Dimon have really begun to understand how this happened.
The earlier May 12 comment here on ENS and the one earlier this morning are maybe the best one can know at this point. That's not meant to seem arrogant. Nuggets of interesting information can be found in many print new articles, as long as they stay away from writer's opinions. As always, almost anything by Gretchen Morgenson is just pure poison fed to her by hedge fund operators with agendas.
posted by John Borden at 7:52 AM
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