JP Morgan Chase is the best
Obama has about US$1m deposit in JP Morgan Chase. And he is so confident of the bank to praise it as one of the best managed bank in the US. If JP Morgan Chase is one of the best and losing US$2b due to a flawed risk management formula that they have relied on, how many lesser well managed American banks are waiting to implode? Or is this a case of American is best, even when they can fouled up to such an extent?
How many high net worth private investors are licking their wounds for their blind faith in American financial wizardry? How many Sinkies are still staunch believers while privately cursing at the money they have lost from listening to American bank advisers?
Come to think of it, like Obama said, what is US$2b? There are many very well run funds losing tens of billions or hundreds of billions and still crowing how well their funds are being managed. Losing US$2b is chicken feat, a great achievement really, seriously, honestly. Just don’t check my books. The American banking and financial system is the best. They have exported this great formula of success to the world. The last port of call is China, before curtain’s up.
Blessed are the believers.