JP Morgan next in line for big layoffs

when there is little trust between financial institutions in lending each other money,which they themselves have recieved from the Fed, as a stimulus to revive the flagging economy and credit system. then we know that their greed has overcome their rational thought process and we are in the pits of a financial tsunami.

That is the shape of things to come. Here's what I had written on November 12th
.....
So when the dawn breaks it will be the biggest, strongest institutions that would be expected to still be there and come out stronger, leaner (read fewer toxic assets) and meaner from the experience.
..... on
http://tickertoday.blogspot.com/2008/11/jpmorgan-chase-jpm.html

-Sam
http://tickertoday.blogspot.com

Extolling the virtues of greed.

Billions of dollars are paid in bonuses and bailouts to the “wonder boys” on Wall Street. Precisely what have these self-proclaimed Masters of the Universe been doing for billion dollar year-end paydays?

Yesterday we found out.

In recent years “the brightest and best” have perfected the rule-making governing the manipulation of ‘free’ markets and the institutionalization of fraudulent financial instruments and business models.

What still mystifies me is this: What have these heirs of Ozymandias done in 2008 to merit this self-enrichment? More manipulation and more fraud for more ill-gotten gains, I suppose.

What can done for the benefit of the human community to put right this massive wrongdoing?


Steven Earl Salmony
AWAREness Campaign on The Human Population,
established 2001
http://sustainabilityscience.org/content.html?contentid=1176

i hope they go to jail for their short positions in gold and silver.the need to go down with this government,and to jail.

Sorry, but I don't think JP Morgan will weather the storm. This is the idiot bank that brought Bear Stearns back in March. Wells Fargo and Bank of America should be cautious regarding their future. The first lesson of buying others is that acquired company shouldn't have that much debt, and all three acquired mega-tons of it.

Personally I think we should just let the entire banking system implode, rape the federal reserve out of existence, go back to the gold standard, and start all over with the banks where they only get to hold $500 million in max checking deposits, but have to offer savings with a minimum interest rate at 5% (can't go any lower or bank will have to pay a huge fine).

JPMC is positioning itself to land on top of the pile after the collapse, and I think there is a good chance that it will do exactly that. If that means shrinking its workforce, that's what it will do. It is curious that they bought WAMU -- I assume they got a really good deal, because otherwise, their new share of the credit card market is going to hurt when that implodes (which is the next big coming shock). Fortunately, I no longer work for JPMC, and I have no CC debt, so there is some chance that I'll opt out of the next big implosion. At least I have some hope.

Although I do feel a bit like a chump for not spending to the absolute limit, buying more house than I can pay for, getting myself laid off, declaring bankruptcy, and just sitting back to wait for Barack Hussein Obama to bail me out. I suppose I will just have to suck it up and accept my punishment for being frugal and fiscally conservative.

Some businesses actually flourish in hard times -- for instance, my Texas Concealed Handgun License (CHL) classes have been filling up more than 2 weeks ahead of time, so I'm adding more of them to my schedule to meet the increased demand. I understand that companies selling handguns and ammo are doing a land-office business right now.

Yes. I can speak from a first hand observation point. I was laid off Wednesday after three years of employment. I was one of three that were let go from a team of nine. One other person from a different department was also canned.

I'm not aware of any others but they pretty much shuffle you out of the office after the hammer drops, so you don't get much of an opportunity to hear anything. By the way, I was in the Kansas City Asset & Wealth Management Division.