In response to JP Morgan's much more aggressive approach to
investing the bank’s own funds than its competitors, Brian Moynihan,
Bank of America's chief executive told an investor conference this week,
that his bank did not pursue a macro hedging strategy of the type
thought to be responsible for losses at JP Morgan’s CIO. Other bankers
are questioning JP Morgan’s approach to customer deposits, and as these
banks rush to distance themselves from JP, hypocrisy reigns supreme
Of course, it would have been quite refreshing if Mr. Moynihan would have gone on to say...
"We don't put the banks money at risk. At B of A we're old school, we prefer to rip-off our customers the "old fashioned" way. We like to nick our customers to death with inflated over-draft fees, and abuse them with improper, robo-signed mortgage foreclosures. We especially enjoy taking advantage of minorities, by selling them riskier sub-prime mortgages, even though they qualify for safer fixed-rate ones. And then to top it off, we like to reward our executives whom implement these policies with inordinately high executive compensation, and keep it a secret from the shareholders. However, we are extremely circumspect and conservative, when it comes to investing the bank's capital."
However; Hell hasn't frozen over yet, so I don't think we'll ever actually hear Mr. Moynihan, utter the truth.
