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Wayne Rogers & Co. chairman Wayne Roger weighs in on J.P. Morgan's loss and what it means for the rest of the sector.
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-- toxin about at all right JP be able -- let's get a little more perspective on all of us right now and you know what it means for the rest of the sector and everything else from Wayne Rogers who joins us chairman -- -- Rogers.
And company.
Your thoughts weighing just as an open question when you make of this whole JPMorgan messed.
Well I kind of like they get that you can figure no I you have Charlie Gasparino say you know this happens all the time it happens all the time.
Well it happens all the time because it's a terrible business in the sense that they you've got people making.
Decisions Jamie -- diamond is making a decision about an enormous.
Think that he has no idea what he's doing ever is always a great by visas that have no idea what's going on down there that this what synthetic.
Trades that work.
And allegedly hedges that were hedges it all they will risk that was a big risk it's like it has signaled they -- and they know and I don't it is.
If not specific to men and and we try to get it to this earlier because I don't get the sense -- talking to banking analysts and the beyond all day and I'm sure as most said dot double went on.
In an -- to I don't get the sense -- and people really know what's happening in some of these obscure markets and that's the bigger picture problem now.
Well not only do they not know the people who are actually doing making the markets don't know what they knew what they would doing that wouldn't have this -- Jamie Dimon has no idea -- traders have no idea.
These guys might as well be -- -- signal -- -- last think that's.
They'll ask the banks are too big that's the problem that all too big -- can't be managed by one -- they can't be managed by a board.
You gotta break a mop you gotta go back and get rid of that get -- investment banks and the and the -- merger thanks.
You're -- this topic again -- I know you're you're -- go back before Glass-Steagall act kind of guy that's -- that is correct yeah.
That is correct not only a -- it work then it worked for sixty years why why did they have to do it -- differently.
That's the conversation -- that's a it's a -- -- Charlie was talking about.
When everybody knows that this is the road we're leading down and there's not much of a leg to stand on some people's view now that this happened that.
JPMorgan anyway when we have to run now but we'll keep talking about this -- is obviously a big picture issue.
