JP MorganChase threw its clients under the bus so the bank itself could profit from the collapse of one of its investment vehicles.* The banksters running JP Morgan Chase knew that their clients, mainly pension funds, would lose hundreds of millions of dollars. But the only thing the banksters did was set up a team to take advantage of the fire-sale prices when those investment vehicles broke down.
The bank's "chief risk officer" said, in essence, "fuck our clients, as long as we make money from this,it's all good."
Nobody will go to jail, of course, because as long as crimes are confined to minor details like financial misdealing, political trickery and, of course, torture, the Obama Justice Department "looks forward".
_____________________
*An "investment vehicle" is far more costly than a car and far less useful.
Subscribe to:
Post Comments (Atom)
2 comments:
Regulations are to corporations as laws are to people.
Do you think Republicans would allow bank robbers and burglars to lobby against laws regarding theft and violent crime? Yes, if the criminals were wealthy enough to begin with.
So we can add another set of words to the Dinosaur Lexicon of Extinct Meanings - Fiduciary Responsibility.
Post a Comment