JP Morgan Chase executives have had to testify before Congress for the past several months. The Senate is investigating over $9 billion in losses stemming from bad trading practices in their overseas division. This inquiry is about nine months old, but things have really been heating up lately.
One of the biggest financial institutions in the world, JP Morgan Chase has had issues with questionable risk management practices and oversight policies. Now, they are facing accusations of misleading investors and regulators about bad trades. They are consistently deflecting blame on to Wall Street traders and insiders unaffiliated with the bank, and because of this, the Securities Exchange Commission (SEC) is getting involved as well.
Ever since the big bank bailout back in 2008 and 2009, Washington – and the rest of the country for that matter — has been super-sensitive about the big banks not acting their age so to speak. Any perceived irresponsibility is met with stiff criticism and usually some very terse rhetoric. It’s one of the few things the left, the right, the media, and the public all seem to agree on, and JP Morgan Chase has landed itself in the unenviable position of “target of the month.”
Since this is all such a mess, are THESE the people you want handling your personal loan? First of all, they seem to be hemorrhaging money, and that’s not a good sign if you ever need to renegotiate the loan terms. And what if you need a deferment or forbearance? This is probably not an option. Second, they don’t appear to be the most honest of people. As the proceedings have shown, JP Morgan Chase isn’t owning up to much in this situation, consistently deflecting blame onto the traders and Wall Street even though the record clearly indicated that their employees were involved in questionable dealings.
All this is just another reminder of why you should go for a zero down, low-interest, no credit military loan. If you’re military, then you have the option to stay out of all this mess and keep it simple. No more panicking over you loan every time you turn on the news. Just one more way to show our men and women in uniform how much they are appreciated!
