GOLD 0.51% $1,391.7 gold futures

To Elm and Buggold -All I can say is read the Chernow book on JP...

  1. 551 Posts.
    To Elm and Buggold -

    All I can say is read the Chernow book on JP Morgan...

    Yes there is lots of greed in the tale - and some evil too. But I think it's important to try to see things from their perspective.

    In particular... do some research on the Pujo hearings and JP morgan's testimony. His replies became the creed of the bank and banking ethics as a whole, and while the philosophy enshrined therein is outdated to some degree now - it's still ingrained within wall street mentality and is invoked by JP morgan chase to this day as the pinnacle of ethical thinking in banking.

    It's absolutely essential to understand this - if you really want to know the people you are betting against. Just saying that everyone knows that bankers are evil (or that people are evil in general) - just doesn't intellectually cut it!

    I could on about the greed vs risk management issue... but I really should do some work. Short story though is that it's even quite simplistic to just claim bankers - even the worst of them at Lehman Brothers were greedy. It's just so much more complex than that...
 
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