Hereistheity is running something sent in by a JPMorgan staffer. 'It came out of nowhere. It rocked the
markets, discredited our CEO, and hit most of our employees right between the
eyes. The trouble is, we thought we
were invulnerable. For years, everything we touched (or avoided) seemed to have
turned to gold - we dodged the subprime bullet, picked up Bear Stearns for a song,
took advantage of WaMu's woes and sat back while CEO Jamie Dimon accepted the
plaudits on our behalf, and became a cheerleader for Wall Street.
So now we have egg on our faces - big time. Our risk
management processes have been revealed as just about as good as everyone
else's - and that's no accolade.....
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