The Dismal Political Economist does not believe that the news part (as opposed to the editorial part, or what is known as the ‘Fantasy Division) of the Wall Street Journal has much of a sense of humor. So he assumes that this report on J. P. Morgan winning an award for its handling of its huge trading loss (($6 billion or so and counting) is a serious story.
The latest moniker for the "
whale" affair: award-winning. London
J.P. Morgan Chase & Co., the nation's largest bank by assets, added another notch on its belt Thursday night, winning an award for "best crisis management," the second time in three years it has taken the prize.
Yes, it would appear to be that the investment industry has honored J. P. Morgan for sustaining a massive trading loss. Yes we know the award is for managing the problem, but the only way J. P. Morgan had a chance to manage the problem was because they created the problem in the first place.
The massive banks in the
United States through greed,
mismanagement and just plain stupidity helped created the worst economic mess
since the great depression. Millions of
Americans, none of whom had any responsibility for the problems suffered
greatly. To the banks though, this is
just one great big joke.
"J.P. Morgan Chase is winning for its handling of the $6.2 billion trading loss by the
whale last year," said the event's host, CNN anchor Ali Velshi. "I
would say that's what you call making lemonade out of lemons." Kathy Hu,
an executive director in J.P. Morgan's investor-relations department, accepted
the award and quipped: "Can I just say, 'Crisis? What crisis?' " London
Gosh Kathy, nice comment. And maybe next year you can win for your handling of being named one of the biggest and most insensitive assholes on Wall Street.
And lest anyone think that the industry is lacking compassion, there is this.
The bank beat out fellow nominees Chevron Corp., which struggled with a refinery fire last year, and St. Jude Medical Inc., which battled problems with a heart device.
Well folks at Chevron and St. Jude, there’s always next year. Maybe your inept, incompetent and avaricious management can manage to kill a few thousand people and then get an award for a great PR job explaining it away. We’re rooting for you.