1. The KillerFrogs

OT-Business Owners

Discussion in 'Scott & Wes Frog Fan Forum' started by tcufrogprince1, Mar 19, 2020.

  1. FWIW...

    I worked for JPM and one of the guys in our group ran a scheme to game the electrical markets in California. He basically found a loophole in the system, so it wasn’t technically illegal, but it was unethical for sure. He got caught and our group got fined a ton of money.

    Jamie had no way of knowing what was going and can’t be held accountable for that. It was one quant nerd who hatched the scheme and a trader who pulled it off IIRC.

    Also, in regards to your post about JPM taking bailout money. I might have some of my facts wrong here, but I believe all of the major banks were forced to take the money. JPM didn’t need it and paid it back quickly. Again, I could be wrong about that, but that’s the way I remember hearing it back then.

    I never met Jamie, but I was always under the impression that he was one of the good ones (at least as far as giant banking CEO’s go). Again, could be wrong about that too.
     
  2. i don't expect the ceo to know what is going on inside their firm at each level and if there was just one issue that would be one thing, but as i pointed out there have been multiple issues.

    it is why i linked the forbes article, linked the vanity fair article, and i haven't even mentioned until now how chase supposedly forgiving mortgages they didn't own anymore to gain credit for the 4+ billion in fines they were supposed to pay for their role in the 2008 market crash or their relationship with bernie madoff for which they got hammered.

    https://www.fool.com/investing/gene...rnie-madoff-case-is-so-dangerous-for-jpm.aspx

    https://www.forbes.com/sites/kotlik...hases-20-years-of-watching-madoff-commit-crim

    simply why i said he was the barry switzer of banking/ finance. apparently a very likable guy, has success, but during his tenure the law has been ignored or skirted multiple times.
     
  3. So they rounded off the remainder and dropped it into a separate account? Genius.
     
  4. Shoot me an email. Gonna reveal my identity here. Lol Joshua.Perrella@wellsfargo.com
     
    Eight likes this.
  5. All banks have had some shadiness in their past. These are huge companies with thousands of employees with truly damaging capabilities if they wanted to. We talk about mitigating risk every day. You do your best. I love my company, but we definitely had some bad apples driving unethical programs in the past. Especially out in California so I can't really talk bad about Chase. Banking is a small world as well. Many of my team of executives were former Chase or other banks.
     
    Eight likes this.
  6. [​IMG]
     

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