It would be a “moral disaster” if the United States were to default on its debts and become unable to pay its obligations, Jamie Dimon said at an appearance in Colorado Thursday evening. The U.S. is the financial linchpin of the world, and the economic effects of the U.S. defaulting could be “potentially catastrophic,” he said at a dinner for the University of Colorado Denver Business School. “It will dwarf Lehman,” Dimon said. [HP]
dwarfs
As you’ve likely heard, today marks the first day of the historic Raj Rajaratnam trial, the government’s biggest insider trading case to date. Jury selection kicked off this morning, and while we wait for a few hundred people to answer questions designed to reveal whether or not they have prejudices toward everyone from hedge fund managers, to Wall Street in general, to Sri Lankans to the big-boned, we thought it best to come with a list of character witnesses we’d like to see take the stand. Rajaratnam has already said he’ll speak on his own behalf and Goldman Sachs CEO Lloyd Blankfein is slated to make an appearance as well. But there are some lesser-known names who could probably tell an even richer tale about Raj and we’re just going to put their names out there and hope the universe does the right thing. Some of them would work in his favor and some not but all would add a certain je ne said quoi to the proceedings. They include: Continue reading »
Today alone we’ve received two bad pieces of news re: bonuses. Expectations at JPMorgan are that they’ll be down 10-15% and at Morgan Stanley, nearly 30%. But! Employees at some firms– be they Goldman, hedge funds, whoever– must be expecting to fare better based on a little word from a little fella. Continue reading »
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