Take Your Money Tuesday

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If you want to understand what’s wrong with the US financial system, start by asking this question: why does Jamie Dimon always get his way?

Dimon is the charismatic chief executive of the nation’s biggest bank, JP Morgan. JP Morgan has $2.5tn in assets and holds more than 10% of all the savings deposits in America. As a result, Dimon has a lot of financial firepower. This week, Dimon was one of the forces in an argument that nearly caused a government shutdown over how much power Wall Street should have. Barack Obama also backed the bill, but even Democrats are defying the president on this one.

By all indications, Dimon’s phone calls to lawmakers made the difference. As he has in many other showdowns with Congress, Dimon won.

This is not unusual for Dimon. Two years ago, his bank’s traders managed to lose $6bn in the notorious “London Whale” trade, during which it came out that JP Morgan had created a $350bn “chief investment office” that did nothing but speculate on its own behalf for profits with customer deposits. Dimon showed up for hearings on Capitol Hill with not a drop of fear, wearing cufflinks given to him by President George W Bush. (For a time, Dimon was also Obama’s favorite banker). Instead of a grilling, it became “Dimopalooza”: he was lavished with adoration as some members of Congress asked him to help advise them on future financial legislation.

@ THE GUARDIAN

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About Den

Always in search of interesting things to post. Armed with knowledge and dangerous with the ladies.
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11 Responses to Take Your Money Tuesday

  1. Den says:

    You want to know who owns OUR government now? Read the above story. Thye took it over without firing a shot, nice huh. Think we will ever rid ourselves of them? Not as long as money exists. They have bought and paid for all three branches of government but it time, with greed being king, there will be imbalance in the country and it will collapse upon itself and there will not be enough ‘taxpayer dollars’ to put Humpty Dumpty back together again.

    Rain, rain, rain, non-stop since last week, another major dumping heading here tonite. A couple weeks more of this and the flatlands will get saturated, the flooding and levee-busting will start, I NEED SUN DAMMIT! Starting to sprout mushrooms and asstd. fungus. 😦

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  2. David B. Benson says:

    Some have the gold at the end of the rainbow.

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  3. David B. Benson says:

    Try not to try.

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  4. David B. Benson says:

    Two errand day. Cloudy.

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  5. Den says:

    He with the most gold wins the booby prize! Prize boobys and a bimbo to have them on hand.

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  6. Tim Hodges says:

    There are takers at the top and the bottom. The producers are wearing thin and are fast becoming outnumbered. I predict it will take one more generation before the majority of Americans do not know what it is like to grow up in a family that earns a living.

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  7. º¿carol says:

    Shopping for groceries today, dropped Bob at the doctor before I did that, than we ate out, hooray! Didn’t have to fuss with food here today. A break for me.

    Couldn’t score any good movies at the video store and I didn’t go there for two weeks. I guess we’re pretty up to date. What we both really want to see is “Into The Storm.” Tornado chasers, LOTS of special effects. Airliners on the tarmac, tossed into the air. It’s still a one day rental, wish they’d drop it to 5 already. They drop them to 5 days, I pick them up for a dollar on Tuesdays.

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  8. Den says:

    There is no reason we should not attach a surcharge to all imported Chinese goods to offset the loss of American jobs. No free rides.

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