A Billion Dollar Banking Blunder!

Imagine if you made a mistake at work so extensive that it cost your company thousands of dollars? You’d probably have an uncomfortable meeting with the boss. What if your error cost the company hundreds of thousands of dollars? You’d be looking for a new job, right?

The recent mistake made at J.P. Morgan Chase was so severe it cost billions of dollars – yes, that is billions with a “b”.

It’s complicated, involves a guy dubbed “The London Whale” and hinges on major mistakes made on a strategy so bad, the Morgan Chase CEO calls it “flawed, complex, poorly reviewed, poorly executed and poorly monitored.”

In all, the mistake cost the bank more than two billion dollars. I won’t go into the multi-million dollar bonuses the people responsible for the errors received.

It’s no wonder that people are fed up with the so-called financial experts who hold our money, but treat it like Monopoly money. People are sick and tired of the games.  In June, the CEO of J.P. Morgan was heckled and called a “crook” by people who listened while he answered questions for Congress.

Needless to say, this financial firestorm adds fuel for regulators who are already coming down on banks in an effort to curb risky trading.  If big banks are messing up, who can we trust?

What can we learn from the latest economic blunder? Put your money in places that are secure! Yes, there are ways to maintain and grow your nest egg without worrying about which shyster in a three-piece suit will mess around with the money you spent a lifetime earning. Look for solutions where your money is secured, insured and in the hands of people who want what is best for your family. These solutions exist. In fact, these are the only kind of solutions that I work with because who can afford to have their lifesavings be at risk because of a miscalculation or a dim-witted mistake? Not me!