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83 Million Reasons We Should Break Up JPMorgan Chase

Europe District hosts Easter Egg Hunt for USACE employees, familiesThis is the big story today. Expect lots of the same news, hand wringing about what to do and repeats of the “too big to fail” meme. Don’t expect a lot of swift action. The bank will be given lots of leeway with the truth.

I’ve worked with some computer software security firms. It’s a very complex world and people don’t like to talk about successes or failures. That is why when something is revealed it’s a really big deal. They give as few details as possible. Not only aren’t they telling the media the real story, odds are they aren’t telling the regulators the whole story either. The media and their regulators don’t need to know. To the banks it’s an internal proprietary problem. It’s “their” money, not ours, at least until they lose it. Then it’s our job to “make them whole” for their incompetence

Boy, it’s a good thing we didn’t break up these big banks! Now all the data is in one safe place instead of distributed in many smaller institutions. It would be so inconvenient for bad guys with a computer to access all the accounts. 

Interestingly they finally came clean when they had to file a report to the SEC. Damn regulators! If only they would get out of the way of business! We might never have even heard about this at all if there weren’t a few regulations they haven’t taken off the books.

Reading between the lines their, “JPMorgan said that there was no evidence that account information, including passwords or Social Security numbers, had been taken. The bank also noted that there was no evidence of fraud involving the use of customer information.” This is pretty much bullshit.

There is no evidence YET. What if there was? Would there be a run on the bank as people try and withdraw all their money and transfer to other banks?

BTW, my friends at New York Communities for Change had a program to help communities move their money out of JPMorgan Chase for a number of reasons, this is yet another reason communities should leave JPMorgan Chase. I’ll bet there are some happy towns in and around NY today.

As you watch the story unfold and you listen to experts and pundits talk, see how much time they spend addressing breaking up the bank. Most of the energy will go into, “how to protect your money and what Chase can do to fix it.”

Floating this idea might happen, but more likely there will be demands for “better security.” 

More after the jump

CommunityMyFDL Front Page

83 Million Reasons We Should Break Up JPMorgan Chase

Hackers’ Attack on JPMorgan Chase Affects Millions


This is the big story today. Expect lots of the same news, hand wringing about what to do and repeats of the “too big to fail” meme. Don’t expect a lot of swift action. The bank will be given lots of leeway with the truth.
Europe District hosts Easter Egg Hunt for USACE employees, families
I’ve worked with some computer software security firms. It’s a very complex world and people don’t like to talk about successes or failures. That is why when something is revealed it’s a really big deal. They give as few details as possible. Not only aren’t they telling the media the real story, odds are they aren’t telling the regulators the whole story either. The media and their regulators don’t need to know. To the banks it’s an internal proprietary problem. It’s “their” money, not ours, at least until they lose it. Then it’s our job to “make them whole” for their incompetence

Boy, it’s a good thing we didn’t break up these big banks! Now all the data is in one safe place instead of distributed in many smaller institutions. It would be so inconvenient for bad guys with a computer to access all the accounts. 

Interestingly they finally came clean when they had to file a report to the SEC. Damn regulators! If only they would get out of the way of business! We might never have even heard about this at all if there weren’t a few regulations they haven’t taken off the books.

Reading between the lines their, “JPMorgan said that there was no evidence that account information, including passwords or Social Security numbers, had been taken. The bank also noted that there was no evidence of fraud involving the use of customer information.” This is pretty much bullshit.

There is no evidence YET. What if there was? Would there be a run on the bank as people try and withdraw all their money and transfer to other banks?

BTW, my friends at New York Communities for Change had a program to help communities move their money out of JPMorgan Chase for a number of reasons, this is yet another reason communities should leave JPMorgan Chase. I’ll bet there are some happy towns in and around NY today.

As you watch the story unfold and you listen to experts and pundits talk, see how much time they spend addressing breaking up the bank. Most of the energy will go into, “how to protect your money and what Chase can do to fix it.”

Floating this idea might happen, but more likely there will be demands for “better security.” 

Cyber crime

The concentration of wealth and money makes the institutions and people more powerful, but also a bigger target and point of failure.

What if the current scariest terrorists decided to just scramble that data? Bit of a disaster wouldn’t you say? With smaller banks we would have a smaller disaster. That is part of the notion behind the internet. It is one of the reason it’s robust. Having a mono culture in food is bad because without diversity you are vulnerable to plagues and viruses. Its the same with computers. 

When all of your eggs are in one basket you shouldn’t have a fox guarding that basket. 

 

Angus Kingston and U.S. Army Corps of Engineers Europe District Follow Europe District hosts Easter Egg Hunt for USACE employees, families both Creative Commons License a

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