In this video Jim Rikards discusses the resignation of Jamie Dimon of JP Morgan Chase. He says the trade under his watch that was made is a disgrace. Jim says he could show a little decency since he benefits tremendously from the zero interest rate of the Federal Reserve and the money fueled by tax payers who hold money in their institution.
The banking industry is unstable at best always acceptable to a bank run. In addition the now 3 billion loss is probably going to be more. The strategies used to do the trade is so complicated and proprietary. There is no morality in trading!Jim Rikards says there should be some morality in banking in which he is right.
There is no free market in banking.
Only time will tell how big the lost will get.
