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JPMorgan Chase Spends $500 Million On a Data Center
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.'"
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!
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.
What about the billions in non-TARP loans which were hidden from congress and the public, uncovered by Bloomberg two years after the fact via freedom of information act? http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html
Note this 2nd round of loans was given in addition to TARP. One has to wonder why big banks would double dip if they didn't need public bailouts the first place. Banks CEOs pretended to be private capitalists, but really survive through public handouts.
Dimon is "sorry", yet pretends that he did "good things"? WTF!!! That's a joke, right?
Perhaps he's sorry that, as one of the biggest crooks in the world, he didn't go to jail? Or maybe he's sorry about the wash trading he did, and that he got only a 30k fine, for manipulating the crude oil markets? Or probably, he is sorry for JP-Morgan naked short selling on the Silver market? Or for emitting more bonds of Silver than they physically have? Or...
Come on, we all know what these data centers are for. They are for doing high frequency trading. It's been a long time that we all know such trades are destroying more wealth than it creates.
Such declaration is simply outrageous. We're tired of the financial terrorists. None have been punished, yet destroying jobs and lives by the millions, and proves of that accumulating. This one day will stop, once the general public understands what is going on. They'd better have strong necks when that day comes, because probably, their head will go off, just like in the French revolution.
In the mean time, since the people have lost their power over this disgusting "elite", everyone should play on the same game, and buy (physical) silver coins. Not only this is a very good investment, especially considering today's record low, but this also has the side effect of crashing JP-Morgan, since (as I wrote above) they did very dangerous bets, and already lost billions. As Max Keiser puts it: "GO GO! Silver liberation army!"
you're dumb