Jamie Dimon and The Unmitigated Disaster

"It's Been an Unmitigated Disaster"

- Jamie Dimon, July 14, 2011

BLOOMBERG - JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said clashes over faulty mortgages may drag on as investors and regulators demand compensation for soured loans issued at the peak of the housing market.
"There have been so many flaws in mortgages that it's been an unmitigated disaster," Dimon said during a conference call on July 14. "We just really need to clean it up for the sake of everybody. And everybody is going to sue everybody else, and it's going to go on for a long time."
How can anybody not like Jamie Dimon? He shows the resilience and common sense of a captain who can weather the storm. JPMorgan disclosed about $2.5 billion in second-quarter costs tied to faulty mortgages and foreclosures. The bank added $1.27 billion to litigation reserves, mostly for mortgage matters, and incurred $1 billion of expenses tied to foreclosures. While millions of families are being thrown out on the streets, lawyers working for the banks are making billions! Maybe all that money will trickle down as the lawyers buy cocktails, and golf clubs, and thousand-dollar suits.

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I'm back from a much needed break, two days till deadline for JPMC, ofcourse, we aren't holding our breath are we? Not really.

There are fines for non-compliance
There are fines for non-compliance
There are fines for non-compliance