Saturday, May 12, 2012

Crooked and Lax Republican economic policies help JP Morgan blow $2,000,000,000 gambling

"And that trading book was the first of it's kind, certainly, anywhere on - with any of the banks." - JP Morgan Chase Derivatives trader Terri Duhon 1994-2002.

"You're either in possession of a very new human ability -- or a very old one." Terri seems to think she and her conscienceless banker buddies invented gambling.
JPMorgan Chase announced a surprise $2 billion loss by one of its trading groups. James Dimon, CEO of JPMorgan Chase & Co., told reporters “There were many errors, sloppiness and bad judgment.” See no need to worry. It's just the result of honest mistakes and poor management of a well-intentioned strategy, not at all the result of an inherently evil, flawed, rigged system designed to swindle hundreds of millions of people out of Billions of dollars.

Meanwhile, Faux News jumps in and blames... President Obama.
"If He's The President, He's The President Of The Banks, Too." - Steve Doocy.
Everything bad is Obama's Fault! It's unbelievable the amount of cognitive dissonance the Right-Wingers allow themselves. But, Steve Doocy is just performing his role as obsequious yipping lap dog for the Rich.

Mitt Romney and the Republican economic policies of the last 30 years, of deregulation, privatization, the Repeal of Glass-Stegall empowered Wall Street and the Banking Industry to engage in profligate gambling and directly resulted in these situations where Billions of dollars vanish. Of course, Romney himself profited mightily from these gambling schemes and betting, when he "worked" at Bain Capital, which provided no jobs, products or services to people but were nothing more than legerdemain.

Because Republicans serve as dutiful Guard Dogs for their Plutocratic Masters, they receive kickback scraps from the Rich.

Meanwhile, the Piss Down your Back and Tell You It's Raining Economic Model and The Beast created by servile Republican Dogs has allowed Wall Street and hundreds of Corporations to become the biggest moochers in history.
From 2008-2010, 78 corporations had at least one year where they paid no federal income tax at all, while 30 corporations paid ZERO over the entire three years. Even though those 30 Corporations made $160 billion in profits over that period.
Halliburton and their subsidiaries received Billions in No Bid Contracts from their Moocher buddies under the Bush Administration.
Boeing ($644 Million), Northrop Grumann ($410 Million), and Lockheed Martin ($61 Million) admitted to stealing $1.1 Trillion via fraudulent contracts through the DoD.
Multi-National Oil Corporations, Chevron, Shell, BP, ConocoPhillips and Exxon Mobil receive Billions in Tax Payer dollars from the US Government via subsidies some of which were crafted as early as 1916.
The Rich have succeeded brilliantly in returning the US Government into their private plaything. A massive Beast which protects and succors them while transferring debt and risk onto 99% of the American People, while it transfers Trillions of Dollars into the coffers of the falsely entitled and privileged Plutocratic Bastards.

And just so there is no confusion, the disgusting Mitt Romney, Dauphin of the Chicken Hawks, Scion of the 1%, wants to further relax regulations on Wall Street Thieves and Banking Casinos, “The extent of regulation in the banking industry has become extraordinarily burdensome following Dodd-Frank. I’d like to repeal Dodd Frank.” - Mitt Romney in 2011.


Tom Harper said...

I sure hope JPMorgan's $2 billion "oops I crapped my pants" moment will demonstrate the need for tighter banking regulations.

Grung_e_Gene said...

No Tom! Just like Mitt Romney sadi, We need less scrutiny! If we didn't know about this JP Mprgans stock wouldn't have dropped and we all could be blissfully pouring more money into their banks for them to do what they need to!

Capital belongs to the Capitalists!

Poverty belongs to the Poor!

I'm voting Romney!

Patricia said...

There's not going to be any tighter banking regulations. I greatly fear that the Fox noise machine will convince stupid people to vote for Romney.The president isn't doing himself any favors by not prosecuting.Then again, the banks own him too.

Silverfiddle said...


Jamie Dimon Derivatives Fiasco Highlights Obama Failure

Faux Nooz? No

Drudge? No

Huffington Post

Dimon and Obama have been locked in a sweaty bromance for years. Obama owns it.

Grung_e_Gene said...


What is wrogn with you? Your arguments get more ludicrous with each post.

The critical moment on the Oct. 17th call came when someone asked “Chase recently received $25 billion in federal funding. What effect will that have on the business side and will it change our strategic lending policy?”

"I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way and obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop.”

That would be 2008, when the flight-suit-god-king was President.

Ha ha ha ha ha ha ha!

the yellow fringe said...

But, how could this happen? Big business knows best, they, unlike dirty ole governments, have our best interest in mind, always concerned for safety and fairness.

Grung_e_Gene said...

Oh yellow fringe, this is an easy answer for conservatives. Barack Obama the kenyan marxist socialist has for the first time in our nation's history ushered in an era of corporatism.

Republicans believe in the Free Market and hands off to business, because if Government wasn't poking around and none of this had been revealed then for conservatives it wouldn't have happened!

Sarge said...

We The People seen the affects of Bush's "No Rules" crap. JP Morgan is more of the same.
The Republicans are out to protect their rich fat can bank donors. They think Bernard Madoff was a genuis - to steal that much money...

Fuck em...


Silverfiddle said...

Gene: You know I am strongly opposed to government handing money to corporations, including Bush's gang of pirates looting the treasury for the benefit of Wall Street. Nothing has changed under Obama.

We disagree, but at least be intellectually honest about it. I heap scorn upon government-corporate "partnerships" at every turn. They screw us all.

Open the other eye.

Grung_e_Gene said...

"Dimon and Obama have been locked in a sweaty bromance for years. Obama owns it"

Cast the hyperbole out of thine own mind first...

The financial rules which allow this level of theft were mainly put into place by republicans (yes some democrats helped) but that Party which is owned wholly by the Rich are the republicans.

And this current recession is the entirely the fault of Bush and the Republican controlled Senate and republican controlled House and their policies, deregulation, tax schemes and accounting tricks with the wars. The defiecit and recession where born and raised by Republicans.

No amount of blaming Barney Frank, poor people, teachers and public unions can change it, although it can keep the minds of conservatives comfortably tethered to their republican party and their bodies shackled as wage slaves to their Plutocratic Owners.

Anonymous said...

Wake up! Don't you know who is in the white house? The guy who gets credit for everything good who has been spiking the football over shooting Osama. Jamie Dimon is his pal and was a huge contributor to his campaign.