May 12th, 2012 8:10 PM by Eric Fang
We got the news at the Thursday earningsconference call that JPM Chase lot 2B on the bet of credit default swaps. I thoughtthe CEO Jamie Dimon was better than Sandy Weill(Former citi CEO) and other CEOs of thebig financial institutions. But apparently he still made some big mistakes, like thisone which brought the whole market,especially the financial sector.
We all knew that he did not like mortgagebrokers. Chase is the first mega-bank stoppedthe HELOC in wholesale channel, and oneof the first banks who stop the wholesalemortgage business. I think you made thewise decision then. That's why Chase fared pretty well in the financial turmoilof the last 4 years.
Like someone said, financial stocks are poison.I did not know until Friday. But still I havefaith in this Jamie boy and the wholesector.