Words of Advice:

"If Something Seems To Be Too Good To Be True, It's Best To Shoot It, Just In Case." -- Fiona Glenanne

"Flying the Airplane is More Important than Radioing Your Plight to a Person on the Ground
Who is Incapable of Understanding or Doing Anything About It." -- Unknown

“Never argue with stupid people, they will drag you down to their level
and then beat you with experience.” -- Mark Twain

"Stay Strapped or Get Clapped." -- probably not Mr. Rogers

"Eck!" -- George the Cat

Monday, April 11, 2011

So What Else is New; Banksters Are Thieves With Computers Edition

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".
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*An "investment vehicle" is far more costly than a car and far less useful.

2 comments:

Nangleator said...

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.

montag said...

So we can add another set of words to the Dinosaur Lexicon of Extinct Meanings - Fiduciary Responsibility.