The JPMorgan debacle ASSHOLES, BASTARDS & CRIMINALS, BATTLE OF COMMUNICATIONS, CORPORATE OWNED PARTIES, FINANCE CAPITAL, GOVERNMENT CRIMES, GREAT HYPOCRISY Comments Off May 152012 Andre Damon and Barry Grey, WSWS.ORG Dimon: "What me worry?" The economic and political fallout from JPMorgan Chase’s sudden announcement last Thursday night that it lost more than $2 billion from speculative bets on credit derivatives continued to grow on Monday. The biggest US bank announced the forced retirement of Ina Drew, who headed up the bank’s London-based Chief Investment Office, which placed huge bets on the creditworthiness of a collection of US corporations. Other top executives and traders are expected to be sacked or demoted. Continue reading » Did you like this? Share it:
OpEds: Andrea Mitchell interviews smooth-talking hack ASSHOLES, BASTARDS & CRIMINALS, BATTLE OF COMMUNICATIONS, COMMENTARIAT, CONSERVATIVES & REACTION, INDECENT SLIMEBALLS, PUTRID CORPOMEDIA Comments Off May 152012 By George Milton, Hipographia Just a post to show my readers a classical (and all-too-common) example of smooth apology for capitalism, with the media, in this case, MSNBC’s Andrea Mitchell, hardly raising any objections to the verborrhea of lies. (The time for polite is over, media people. Help the public or get the fuck out of the way.) Observe this guy’s schtick. His name is Kevin Madden. And don’t be fooled by his “dreamy” looks (so I’m told by my girlfriend). Evil more than often appears in bland or appealing ways. This is a guy who comes fully armed with the usual spiel used by “conservatives” over and over again. A script riddled with lies, cynical lies at that. But artfully finetuned to fit the current circumstances. Of course, as we might expect, this pezzo di merda, as they say in the ole country, is a Romney advisor. So with the typical audacity of a trained disinformer (see below a bioblurb on him) he attacks Obama for supposedly hampering our poor capitalists in the pursuit of profits…is that a laugh or what? Continue reading » Did you like this? Share it:
JPM Chase Chairman, Jamie Dimon, the Whale Man, and Glass-Steagall ANNOTATED NEWS, FINANCE CAPITAL, GREAT HYPOCRISY, HUMBUG CENTRAL, INDECENT SLIMEBALLS Comments Off May 152012 By Nomi Prins, NomiPrins.com(Note: All comments and captions by TGP editors. not the author) George Clooney: Cherleader for the Hollywood brigade supporting Obama. They should be doing something else, but such things never occur to rich liberals. It was fitting that while President Obama and his Hollywood apostles broke fundraising records at a sumptuous $40,000 per plate dinner at George Clooney’s place, word of JPM Chase’s ‘mistake’ rippled through the news. Not long ago, Dimon’s name was batted about to become Treasury Secretary. But as lines are drawn and pundits take sides in the Jamie Dimon ego deflation saga – or, as I see it – why big banks should be made smaller and then, broken up into commercial vs. speculative components ala Glass Steagall – it’s important to look beyond the size of the $2 billion dollar (and counting) beached whale of a trading loss. Yes, $2 billion in the scheme of JPM Chase’s book and quarterly earnings is tiny, a ‘trading blip’ as it’s been called by some business press. But that’s not a mitigating factor in what it represents. In this era dominated by a few consolidated and complex banks, the very fact that it’s a relatively small loss IS the red flag. Continue reading » Did you like this? Share it:
How Wall Street Killed Financial Reform ASSHOLES, BASTARDS & CRIMINALS, BATTLE OF COMMUNICATIONS, CLASS STRUGGLE, GREAT HYPOCRISY, HUMBUG CENTRAL, INDECENT SLIMEBALLS Comments Off May 152012 It’s bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it – with a big assist from Congress and the White House. Obama: slickest of the slick. The backdoor stab his specialty. by Matt Taibbi Two years ago, when he signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, President Barack Obama bragged that he’d dealt a crushing blow to the extravagant financial corruption that had caused the global economic crash in 2008. “These reforms represent the strongest consumer financial protections in history,” the president told an adoring crowd in downtown D.C. on July 21st, 2010. “In history.” This was supposed to be the big one. At 2,300 pages, the new law ostensibly rewrote the rules for Wall Street. It was going to put an end to predatory lending in the mortgage markets, crack down on hidden fees and penalties in credit contracts, and create a powerful new Consumer Financial Protection Bureau to safeguard ordinary consumers. Big banks would be banned from gambling with taxpayer money, and a new set of rules would limit speculators from making the kind of crazy-ass bets that cause wild spikes in the price of food and energy. There would be no more AIGs, and the world would never again face a financial apocalypse when a bank like Lehman Brothers went bankrupt. Continue reading » Did you like this? Share it:
