Lessons Learned: Jamie Dimon and JP Morgan’s Disaster Regarding 401k Investments

Unless you’ve been living under a rock for the past two days, you have heard about the massive debacle at JP Morgan where the bank lost $2 billion dollars, without even realizing it until it was too late. So angry were shareholders and members of the public and the government about this risk-taking behavior, especially in light of the 2008 bailout, that the bank’s Chief Investment Officer, Ina Drew, was fired immediately.  Further, there was outrage and ire directed at Chief Executive Officer Jamie Dimon because Dimon has been one of the most outspoken advocates for the necessity and importance of banking reform and regulation.  The primary problem cited as the reason the bank, widely regarded as one of the best and most well-respected economic institutions in the world, lost the $2 billion??? The investments were TOO COMPLICATED that even Dimon, who graduated from Harvard Business School, did not know what was going on!!!

How does this relate to the average hard-working American that puts money away wisely in their 401k? Well, it should encourage you that you have been making the wise decision to invest in safer retirement funds and avoid the risks of participating in super complex and convoluted trades.  The entire anecdote is another tale of banking institutions that have gotten so large and greedy that they have overlooked some basic core fundamentals of investing.  The good news is that You Haven’t.

By reading the information on 401klookup.com, you are empowering yourself through education.  Once you understand the benefits of a Roth 401k, how to use a standard IRA when you are out of work or switching jobs, and contributing as much as you can toward these retirement funds, you will never face the situation that so many Americans face, unpreparedness for retirement.

So continue to read, educate yourself, and discuss with your friends.  You are the only one looking out for your retirement, so ensure you are doing it wisely.

Best of luck and thanks for visiting our site!!!

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