Also in this playlist...
This transcript is automatically generated
The -- -- story that JPMorgan Chase story giving some people feel flashbacks to the battle days the panic of 2008.
Joining us now is Ed towns.
Head this is really a very distant soft echo of the panic about wages and it.
-- in the knows no question about I mean if it does bring up a lot of really bad memories.
But at the same time this is absolutely not 2008 this is one rogue trader one guy.
Who represent about 50%.
Of the assets over in Europe of my numbers are right.
And he made a mistake -- mean you know Stewart it's it's very similar.
To having a seven year old little referral pool party you know someone is.
And I got to tell you I'm Jamie Dimon.
Has done -- -- magnificent job it's very tough to find out what every trader is doing -- you should the West -- should -- that oversight I've got to say at a I disagree with you to some degree.
There -- -- -- products in place today which monotone risk.
And I can tell you with the second by second how much risk exposure any bank has to any investment -- group of investments anywhere in the world.
I guess they must've missed the signals.
All they got the wrong signals which is even bigger problem -- but some weren't any Jamie -- used to be the best risk -- on the planet now this.
-- first call -- -- from a PR perspective should get a standing -- he's doing exactly what any CEO should do but -- there's a lot of generals underneath Jamie Dimon and I'm not -- Jamie Dimon you know put it put it -- and it's not.
You know an issue that he needed to have been dealing with the head of time but there's so many traders -- so much money.
That this one gentleman whoever his general is that -- -- -- -- shot I'll tell you that right now because that guy that was doing his job and there are risk controls our software programs but also these these these derivatives trade so quickly and the magnitude in the in this ripple effect is so quick that it's very difficult to get your hands around and that's why -- -- -- I'm not yeah.
-- with all due respect -- -- Because the only city county -- traders coming out of want -- make it happen -- Morgan Stanley it happened with you yes.
Mean there isn't it a problem with trading across the pond.
Yeah you know the -- it's when he said because -- number and many years ago there was an enormous bad trade over in Europe been brought down an entire bank -- what -- -- and Barkley is but it.
I can -- the name of the bank but.
I thought about that -- I don't know what's going on over -- what they're drinking in the water over there that's why I'm over here at my house again thank you very much indeed for joining -- very interesting perspective and we appreciate it thank you.
Filter by section