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They are called a “smallish lender” - their balance sheet is $90 billion. We are truly in an age of mega systemic banking risk.
by zakum1 7y ago
They are called a “smallish lender” - their balance sheet is $90 billion. We are truly in an age of mega systemic banking risk.
- WJW 7y ago90 billion is not systemic though. It would hurt the profits of some of the other companies, sure, but it's not anywhere near threatening the entire system.
- mytailorisrich 7y agoI believe that the figure for JPMorgan is in the trillions. $90b is not that much for the financial system of a large economy.
- HeWhoLurksLate 7y agoAt one point, JP Morgan had more money (and power) than the US government, so that is not surprising.
- miketery 7y agoMaybe it had greater assets under management, that doesn’t translate to power or direct ownership. They are custodians and facilitators. Their worth is traded on NYSE and doesn’t exceed top internet companies, who imo have more power.
- HeWhoLurksLate 7y agoSorry, I should have put a date on there. I was referring to the era right before the Great Depression.
- quintushoratius 7y agoJP Morgan, when it was owned by JP Morgan, was in the position of ordering public officials to attend meetings on and do it's (his) bidding. JP Morgan, the man, is responsible for creating the Federal Reserve. Interesting story from NPR's Planet Money: https://www.npr.org/sections/money/2015/11/11/455675540/episode-505-a-locked-door-a-secret-meeting-and-the-birth-of-the-fed https://www.npr.org/sections/money/2015/11/11/455675540/epis...