Wednesday, May 16, 2012

And just how do you define "blunder"

I was watching ABC World News Tonight, and Diane Sawyer was talking about J.P. Morgan’s 2-billion dollar blunder. I got to thinking about that. 

I handle the finances in the house, and I am sure that if I made a misjudgment that caused a loss of 200 dollars in my account, I would be mortified, upset and worried. But I think I could rightfully admit that a 200-dollar loss would be considered a blunder, an error, a mistake. I would also be relieved that my “blunder” hurt no one but me.

Calling a 2-billion dollar loss a blunder is an egregious gaffe. A 2-billion dollar loss is a grievous and catastrophic misuse of other people’s money. It is not an error and it is not a mistake. It is another example of the greedy bankers mishandling money that they have been charged with protecting.

Until we start making those same said greedy ones pay back every dime from their own ill-gotten gains, it will continue.