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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.'"

2 of 275 comments (clear)

  1. Re:I am not responsible for the financial crisis by kraut · · Score: 1, Troll

    No one person is. The financial crisis was built by a huge number of people.

    But he did contribute

    So did everyone who leveraged up to buy a big house...

    Part of the financial crisis is the lack of regulation in the industry.

    I don't think there's another industry (apart from possibly medicine) that is as regulated as finance.

    So lack of regulation per se clearly isn't the problem.

    Bad, or badly enforced regulation? Yes, that could well be the case.

    Remember the Madoff case? People reported him to the authorities years before it blew up... and nothing happened.

    The London Whale incident proved we're not quite past it.

    The London Whale incident proves nothing, apart from the fact that trades lose as well as make money. Yes, it was a big loss, and they should have had better internal controls, but they only lost money they could afford to lose.

    --
    no taxation without representation!
  2. Re:Oh, shut up, but Remember by BoRegardless · · Score: 0, Troll

    The wonderful cleverly named "Community Reinvestment Act" was passed by Congress in the early 70s and banks nationwide were virtually told they must lend to poor credit risks in undesirable areas or face losing their banking charters.

    So if you were a banker back then, what would you do, sell out, find a way around the coming bad loans or look for a method (read Fannie Mae and Freddie Mac) to offload the low quality loans.