JP Morgan Chase & Company (NYSE JPM) held its annual shareholder meeting with Jamie Dimon, chief executive officer holding court.
Among his jabs against the Administration he complained that the rules against hiring foreigners was a "complete and utter disgrace." We might ask Mr. Dimon if he plans to hire another Chinese mathematician such as David X Li, whom JP Morgan Chase hired in 2000. Mr. Li developed a formula that created a single number from which traders bet billions of dollars in the past decade in derivatives which eventually brought the country to its knees when the housing bubble burst. This may help to explain why JP Morgan Chase has $87.7 trillion of derivatives "off the books." We might ask Mr Dimon to disclose the exact position in derivatives that he holds "off the books." Wouldn't that make fascinating reading?
When asked why JP Morgan was still paying bonuses, Mr. Dimon said that he hadn't received a bonus this year. We might remind Mr. Dimon that this in only May and perhaps we should ask the same question on December 31st. Our guess is that Mr. Dimon will receive some kind of bonus before year end.
Should Mr.Dimon disclose the bank's position in derivatives?
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Reader Comments (Page 1 of 1)
5-22-2009 @ 3:27PM
Jonathan said...
How is this not criminal to reports earnings like this, but have $87 trillion off the books?