Courtesy of Lee Adler of the Wall Street Examiner
The three directors who oversee risk at JPMorgan Chase & Co. (JPM) include a museum head who sat on American International Group Inc.’s governance committee in 2008, the grandson of a billionaire and the chief executive officer of a company that makes flight controls and work boots.
What the risk committee of the biggest U.S. lender lacks, and what the five next largest competitors have, are directors who worked at a bank or as financial risk managers. The only member with any Wall Street experience, James Crown, hasn’t been employed in the industry for more than 25 years.
“It seems hard to believe that this is good enough,” said Anat Admati, a professor of finance at Stanford University who studies corporate governance. “It’s a massive task to watch the risk of JPMorgan.”
via JPMorgan Gave Risk Oversight to Museum Head Who Sat on AIG Board – Bloomberg.
Yep. “The best managed bank in America, in the world!” they said. People buy into this conventional wisdom crap without ever giving it a second thought.
Folks, this isn’t just JPM Morgan. It’s endemic throughout the corporate structure– do nothing, incestuous boards of directors, the same old people in each other’s yards, scratching each others backs, and grooming one another, telling themselves how wonderful they smell while standing knee deep in piles of shit.
And nobody questions it. Not the public, not the media, just a few old cranks in the financial wackosphere.
We are in deep squat.
But you knew that.
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