Wednesday, 28 August 2013

JPMorgan sold some securities by mistake and so now has to pay a $6 billion fine

How can that be fair? It was only a mistake. We all make mistakes. / JPMorgan mis-sold securities to government-backed mortgage companies in America. The Federal Housing Finance Agency wants $6 billion for its trouble. 'What trouble, Mikey?' It's hard work being a regulator, son. 'I wouldn't mind, man.'

JPMorgan is refusing to pay the fine. 'Good on them!' But they'll probably settle. 'Oh.' Maybe the bank will be willing to hand over $3 billion. 'That's still a lot of money.' If I were the boss of JPMorgan, I would tell the FHFA to whistle for it. 'And if they whistled?' I'd give it to them. I mean, fair's fair. 'We've got to be fair, Mikey.' Of course we have, Voice. We're civilized people. Well, I am ... a person, I mean.


Summer ain't going away yet. / Last September was nice. I spent a few days in Looe.

Another conceptual after lunch, No. 146. / Conceptuals? I love 'em! They scare off the creeps and philistines. Take me to No. 1,000,076!!! 'In the year 2525, Mikey?' Probably.

I've been thinking: this blog is a lot like the Fandango film. Only a few cool people are allowed to know about it. Anyone can read the big sites, but they don't touch anyone's soul, man. You dig?

I've got a luxury egg sandwich for lunch. One day, it'll be luxury egg sandwiches all the way.