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Oops .. JP Morgan made a big error & lost $2 Billion. MF Global couldn't find $2 Billion, while the former Governor of NJ was at the helm.
I just read that the 55-year old CIO of JP Morgan is "retiring" & being replaced, and a statment made that 30 years of service to the company shouldn't be overshadowed by this one incident. How about paying back all the bonuses paid over the past 5 or 10 years?!
Jon Corzine stepped down frm MF Global too.
Seems to me that "stepping down" or "retiring" doesn't come close to penalizing these people appropriately, who've lived high on the hog for years, and whose poor judgement & oversight have lost other people large portions of their nest eggs.
What do you think?