Quote of the Day: Other Bankers are Even Dumber Than Jamie Dimon

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From JPMorgan CEO Jamie Dimon, on whether his bank’s $2 billion trading loss suggests that bank trading ought to be more closely regulated:

Just because we’re stupid doesn’t mean everybody else was.

Dimon is digging himself an even deeper hole here. Here’s the thing: JPMorgan really does have a sterling reputation. So does Dimon. By consensus, he’s probably the best big bank CEO around. But even so he managed to lose $2 billion in a few weeks.

Luckily, no big harm was done. JPMorgan has a solid balance sheet, the banking system is on solid ground these days, and the loss means little more than a hit to earnings. But think about this: If even JPMorgan can lose a colossal amount of money on stupid trades. If even JPMorgan has lousy controls in place. If even Jamie Dimon allowed himself to be lulled to sleep by a star trader. If all that happened, what are the odds it’s not going to happen to a less well managed bank in the future, and happen at a time when it turns into another Lehman Brothers and shorts out the entire financial system? The odds are way too short for comfort, I’d say.

Would even Jamie Dimon take that bet?

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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