Tuesday, March 26, 2013
JP Morgan Chase awarded 'crisis management' prize for disaster it created (VIDEO)
JP Morgan Chase receives award for creating and selling shitty toxic waste derivatives.
The London Whale trading calamity cost JP Morgan Chase and its investors nearly $6 billion in credit derivatives and last Thursday the firm accepted an award for its performance handling the situation.
Many critics feel that the bank doesn't merit an award for "crisis management" for a problem it created, including the US Senate who critiqued the financial institution for evading regulations and misleading stockholders. Comedian Dan Wilbur gives us his take.