Vicious Rants of an Angry Yellow Man

JP Morgan Chase is going to pay $13 billion to the U.S. government.  It is a bit of good news to recoup some money lost during the financial crisis from dangerous investments.  But in the long run this does nothing to deter financial meltdown as a result of risky moves by Wall Street.  A big bank like Morgan Chase can absorb such a fine and eventually pass the losses to customers and investors.  The executives will still make a lot of money.   Its chairman Jaime Dimon still made millions even after cutting his own bonus by half.  To understand that fines are of no deterrence, just witness Morgan Chase lost tons of money last year because of derivatives.  That supposedly was the work of one bad employee but you have to wonder why nobody at this big institution catch this before it got out of hand.  I bet if all executives had to pay every fine or loss out of their own pockets and that there is a great chance for criminal charges, the risky behaviors would be much less.

There is still possibility of criminal charges with this case.   But don't hold your breath.  How many people have gone to jail for the financial crisis?   You cannot tell me that practically nobody did anything illegal that led to the crisis.  So unless the government pass laws that have teeth in stopping such risky behavior and the government is willing to prosecute those responsible for endangering our economy, we will have another crisis in the near future. 

On a lighter note, I turned off the Lions football game when they turned over on downs with less than 2 minutes remaining in the game.  Then I found out they came back to win by one point!  I cannot remember the Lions ever getting a win like this before.  I wonder how Jerry Jones look after the game!