Looks like about $1.2 billion of JP Morgan’s $2 billion loss involved Henry Blodget’s 401k.
How else to explain his emotional outburst on Business Insider? Why else would he jump to the conclusion that our bankrupt federal government understands finances better than billionaires?
Wall Street can’t be trusted to manage—or even correctly assess—its own risks.
This is in part because, time and again, Wall Street has demonstrated that it doesn’t even KNOW what risks it is taking.