“This was not a loss to the taxpayers of America; this was a loss to shareholders and owners of JPMorgan and that’s the way America works. The $2 billion JPMorgan lost, someone else gained.”
— Mitt Romney defends JP Morgan’s $3 billion loss (number revised from $2 billion).
I don’t know whether or not trading is absolutely a zero-sum game, and I don’t care what Mitt Romney thinks of JPMorgan’s trading loss. I do know, however, that now would be a great time for everyone who is invested in a big bank to demand proof they’re not on the hook for a billion-dollar trading blunder, too.
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I don’t know whether or not trading is absolutely a zero-sum game, and I don’t care what Mitt Romney thinks of...
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