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The Culture In Wall St Hasn’t Changed, And Nor Does It Have Incentive To Do So.
For those of you who thought our government was putting in place measures to stop this from happening. What is it like to be an idiot?
The too big to fail banks got too BIGGER to fail. And now, JP Morgan Chase is (if their other risks don’t pan out) going to ask us for another bailout. What would you tell them? Not that it matters, because the government has essentially guaranteed them a bailout every time they take a risk with their own money that doesn’t pan out. Privatized Profits, and Socialized Losses. Why wouldn’t you keep on making giant risky investments? The risk isn’t on them. It is on the American Taxpayer, and on the American consumer who is holding dollars in their wallet that are about to go down in value again if there is another bail out.
Sure, this is only a $2 Billion dollar loss, and it is most likely not require another bail out (this time), but it shows that the culture in Wall Street hasn’t changed, and it should be noted that the rules haven’t been changed either. The huge government sponsored “too big to fail” banks have all the incentive in the world to keep taking risks because why? Because they can never lose. Just you and I (the taxpayer) will.
And for those of you who thought the Obama administration was going to stop this while at the same time taking tons of campaign dollars from the businesses he’s supposed to regulate… I ask you to recall that old “definition of insanity” quote.
So what do you say to JP Morgan Chase or another big bank like AIG when they come looking at you Asking for another handout?
Chase lost $2 billion in “Risky Trading”. When Will We Call Big Banks as They Are – Criminal Busine 99solidarity.net
“We know we were sloppy. We know we were stupid. We know there was bad judgment,” JPMorgan CEO Jamie Dimon said Sunday on “Meet the Press” of the company’s $2-billion trad…








