Other Peoples' Money
"I know prop trading has grown enormously in recent years, but is JP Morgan so rich that $6 billion does not hurt? That it does not cause the chief executive to go nuclear, rather than dismiss it so casually? The latter may be true, in which case it confirms the suspicion that banks increasingly function on a different plane, one divorced from ordinary people, where $6 billion is a mere trifle. It does not seem right. What if, though, the Whale's stake money was not the bank's at all, not a client's or clients', but someone else's -- namely, the U.S. taxpayer."
— Chris Blackhurst, The Independent
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio