Saturday, May 19, 2012

JP Morgan's $2bn Losses

...and counting. Here Jim Rickards explains why he thinks what JPM have done is a disgrace and that derivatives should be banned. As he explains, however, JPM are backed by the Fed, so their funds (or losses) are unlimited, backed as they are by the US taxpayer. I apologise for the voice of the RT Presenter - she obviously thinks a lot of herself:

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