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JPMorgan Chase Spends $500 Million On a Data Center

Posted by samzenpus on from the first-class-center dept.

1sockchuck writes "JPMorgan Chase spends $500 million to build a data center, according to CEO Jamie Dimon. That figure places the firm's facilities among the most expensive in the industry, on a par with investments by Google and Microsoft in their largest data centers. Dimon discussed the firm's IT spending in an interview in which he asserts that huge data centers are among the advantages of ginormous banks. Dimon also offered a vigorous defense of the U.S. banking industry. 'Most bankers are decent, honorable people,' Dimon says. 'We're wrapped up in all this crap right now. We made a mistake. We're sorry. It doesn't detract from all the good things we've done. I am not responsible for the financial crisis.'"

11 of 275 comments (clear)

  1. Line Item by Galactic+Dominator · · Score: 5, Insightful

    It doesn't detract from all the good things we've done.

    Can I get a line item listing of these "good things"?

    --
    brandelf -t FreeBSD /brain
    1. Re:Line Item by jhoegl · · Score: 4, Insightful

      1) Then why did so many get sub-prime loans, ending up in people still losing houses today because their payments have continuously gone up? Risk.... none to bank, all on person.
      2) So then with this argument you just refuted your previous one... GG there AC... GG
      3) How did the Fed create an artificial market when the market was based on supply/demand? Demand went up because people were buying houses, people were buying houses due to sub-prime loan offers not understanding the full implications
      4) Yes they did, but they were thinking about the people paying them more, not walking away from the house or bankrupting themselves. The banks actually won out because they are still owed that money by the initial person, they resold the house at auction, and they can get in on the auction loans.
      So yes... they do own these people for the rest of their lives or until they pay it off. Wasnt it once said, discover a way for people to keep paying you and you will be rich?
      Guess what...
      Oh and dont come on here all AC and spout your gibberish.

    2. Re:Line Item by timeOday · · Score: 4, Insightful

      1) Nobody makes money making sub-prime loans. It's trivial for any idiot to understand that loaning money to people who can't pay it back is a dumb idea.

      False! Extending a loan (or owning a mortgage-backed security) to anybody is a great idea so long as I get my commission (or sell it at a markup) and no longer own it when it goes kaboom.

      In your imagination, the only party willing to buy those bad loans was the government. In truth, most everybody bought them. Partially this is because the ratings agencies gave these mortgage-backed securities the highest ratings. But the notion this was a wholly government-created situation is just libertarian wishful thinking. Nations in which banks were deregulated the most did worst (see also Ireland), and those where time-tested regulations were preserved did best (see Canada - where average net worth is now higher than in the US).

  2. "I am not responsible" by TimHunter · · Score: 4, Insightful

    Don't piss on my leg and tell me it's raining.

  3. Oh, shut up by realmolo · · Score: 5, Insightful

    'We're wrapped up in all this crap right now. We made a mistake. We're sorry. It doesn't detract from all the good things we've done. I am not responsible for the financial crisis."

    Actually, it *is* your fault, and it *does* detract from everything you've done.

    It's like a daycare provider saying "Sorry that we sold your kids' organs. It seemed like a good investment. But it shouldn't detract from the great job we were doing before that!"

    Banks are supposed to MAKE money, not lose it. And they lost money on a MASSIVE scale due to incompetence and especially greed. Everything they do is tainted, forever.

    1. Re:Oh, shut up by Anonymous Coward · · Score: 5, Insightful

      Also, it wasn't a mistake... it was premeditated fraud.

  4. Riiiiight by Nerdfest · · Score: 5, Insightful

    I am not responsible for the financial crisis.

    No raindrop feels it's responsible for the flood.

  5. Really. by rickb928 · · Score: 5, Insightful

    "I am not responsible for the financial crisis."

    No, but the people who work for you were. And you're supposed to be in charge.

    --
    deleting the extra space after periods so i can stay relevant, yeah.
  6. Talking of blood by Taco+Cowboy · · Score: 4, Insightful

    That $500 million price tag tells me one thing - someone is making a killing !

    --
    Muchas Gracias, Señor Edward Snowden !
  7. Uhhhhh by manaway · · Score: 4, Insightful

    "(they didn't get into subprime stuff)"

    According to Reuters, in 2007 JPM was involved in subprime lending: "JPMorgan's first-quarter subprime mortgage originations, through Chase Home Finance, jumped 11 percent to $3.02 billion, according to Inside Mortgage Finance." So your knowledge may be more personal than reliable. And as of 2012, according to other sources, is still involved in Credit Default Swaps so there is reason to continue distrusting banks.

    Do you hear of any US banks that want Glass-Steagall reinstated? No? Banks want regulations that protect them with a facade of trust, not restrict them from unlimited salaries and shareholder profits. But hey, at least they'll be hiring some database and network admins.

  8. Re:Dimon should go to jail! by Enigma2175 · · Score: 4, Insightful

    This one day will stop, once the general public understands what is going on.

    Have you met the "general public"? You seem to have a much higher opinion of them than they deserve. As long as there is bread and circuses the public is NEVER going to understand what is going on. These banks own the politicians and regulators - they are never going to be punished.

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    Enigma