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View Diary: JP Morgan Pulls an Enron (9 comments)

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  •  Take it up with Bloomberg Business Week (1+ / 0-)
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    shypuffadder

    this is the exact quote:

    To be precise, JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fund and our own analysis of bank balance sheets. The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy.
    Even IF the $14 Billion is meant"only"  as a backstop to help JP Morgan with their stupid wall st. casino betting, WHY are we the sappy taxpayers on the hook?

    again, it's one more example of NO CHANGE under president Obama.

    It's still private investment/high risk-- with public money there for the bailout if it all goes south-- as it just did with their absurd betting out of their London office.

    This is not "free market" economics.

    FAIL.

    http://www.bloomberg.com/...

    "A civilization which does not provide young people with a way to earn a living is pretty poor". Eleanor Roosevelt

    by Superpole on Tue Jul 03, 2012 at 09:53:56 AM PDT

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