Tag Archives: pt banksters

  banksters

Jamie Dimon Gets Well-Deserved Raise

A year after an embarrassing trading blowup led to millions of dollars being docked from Jamie Dimon’s paycheck, the chairman and chief executive ofJPMorgan Chase is getting a raise. Of course he is, because share prices have increased and this is the only thing that really matters. Did JP Morgan, under Jamie Dimon’s watch, preside over a global financial crisis, enable Bernie Madoff to conduct a years-long pyramid scheme, and rack up billions of dollars in fines due to a multi-billion dollar trading fiasco executed by the so-called “London Whale,” along with earning what may be the largest fine in the history of American financial regulation? Did it also engage in reckless manipulation of energy prices and silver prices, launder money for drug cartels, and break securities laws in mortgage deals? Yes, it definitely did many of these things and probably did most of them, but this just means that Jamie Dimon was able to see the bank through “a difficult period” and thus deserves a raise: Read more on Jamie Dimon Gets Well-Deserved Raise…
  banksters

Amercia, Where You Are Free to Take On Crushing Lifelong Debt

Wonketteers are all latte-drinking Prius-driving libruls, so they are all probably avid New York Times readers who are very familiar with the Times’ ongoing series on income inequality, “The Great Divide.” But just in case! Today’s installment is a cheery essay by Joseph Stiglitz, titled “Student Debt and the Crushing of the American Dream.” Doesn’t that sound like a fun read? According to Stiglitz, Amercia is being ruined forever by student loan debt, because Poors have the audacity to think they can improve their socio-economic statuses by taking on crushing debt and getting an education. This, of course, is a myth: a law passed in 2005 made it basically impossible to discharge student loan debt, and so it stays with you always like herpes, or a bad tattoo, except worse because you still have a chance at happiness of you have herpes or a bad tattoo. Also, going to college and taking on a bunch of crushing debt may not necessarily get you a good job, since almost half of all college graduates have jobs that do not require a college degree, but they still have to make payments on these debts with their meager salaries, so they can’t afford to go out to eat or go on frivolous shopping excursions, so our economy suffers, so there are no jobs for college grads, and round and round we go! Here, let Joseph Stiglitz explain all this at you in fancier language and using more “facts.” Read more on Amercia, Where You Are Free to Take On Crushing Lifelong Debt…
  banksters

Banks ‘Pleased’ To Be Paying Pittance To Poors Whose Homes They Stole

Remember that elderly disabled veteran that Wells Fargo wrongfully foreclosed on and then billed to death over a typo? Well too bad he dropped dead in court, because he otherwise would have (maybe) been entitled to a cool $300 – $1000 to compensate him for his time and inconvenience. No, really: this is what his time and inconvenience (and also, his house) is worth according to federal regulators. DON’T SPEND IT ALL IN ONE PLACE OK? Read more on Banks ‘Pleased’ To Be Paying Pittance To Poors Whose Homes They Stole…
  banksters

Banks Might Like White Men Just as Much as the GOP Does

Are you STILL capable of being surprised by structural inequality, including but not limited to women and minorities’ inability to take advantage of various financial opportunities? Eh, us neither, we are used to it by now, but just in case we accidentally become inoculated, let us learn about the current instantiation of redlining in Chicago. Read more on Banks Might Like White Men Just as Much as the GOP Does…
  banksters

Banks Joining Up With Payday Lenders To Find Creative Ways To Screw Poors

Hello, are you interested in hearing something horrible about banks? Of course you are, big banks are possibly one of the worst things that have happened to the American people in the last decade or so, which is why you will not be surprised to learn that they have started partnering with small, internet-based payday lenders in order to siphon even more money from the bank accounts of Poors. To be clear, these are MAJOR banks we are talking about, including the ones that take around $83 billion in your tax dollars every year (for reals): Read more on Banks Joining Up With Payday Lenders To Find Creative Ways To Screw Poors…
  banksters

Bernie Sanders Will Pogrom Capitalism By Not Letting Banks Regulate Themselves

Hey remember when you lost your job and all your assets, or maybe took on tens of thousands dollars in school loans so you could pay for an education that would help you get a part-time job in retail? Remember that? That was fun, right? As you claw your way out of the hole created for you by this crisis, console yourself with the fact that the architects thereof sit on the boards of regulatory institutions charged with deciding if banks, say, get taxpayer dollars. There, don’t you feel better now? Read more on Bernie Sanders Will Pogrom Capitalism By Not Letting Banks Regulate Themselves…
  banksters

If You Liked Too Big To Fail, You Will Love Too Big To Indict

Did you know that there is now such a thing as “too big to indict”? This generally refers to institutions that are so big and so central to the entire economy of the whole world that there is nothing anyone can do to punish criminal activity and specifically refers to HSBC, a multinational banking conglomerate that laundered money for Mexican drug cartels and conducted business on behalf Iran and Sudan in spite of international sanctions. My, that sounds fun! Read more on If You Liked Too Big To Fail, You Will Love Too Big To Indict…
  banksters

In Shocking Move, Banks Pocket Cash Meant For Homeowners

In a move that your Wonkette finds SHOCKING, just SHOCKING, major banks have decided not to lower home loan interest rates for customers, even though the federal funds rate is hovering at around zero and banks are making a killing on mortgages. JPMorgan Chase and Wells Fargo, the nation’s largest mortgage lenders, said Friday they won’t make home loans much cheaper for consumers, even as they reported booming profits from that business. Those bottom lines have been padded by federal initiatives to stimulate the economy. The Federal Reserve is spending $40 billion a month to reduce mortgage rates to encourage Americans to buy homes. Instead, its policies may be generating more benefits for banks than borrowers. WHAT A SURPRISE that QE3 and similar policies just benefit the banks at the expense of homeowners and Poors, as predicted by such venerable institutions as the Bank of England, the Bank of Japan, and Wonkette. Read more on In Shocking Move, Banks Pocket Cash Meant For Homeowners…
  banksters

Wells Fargo Even Sorrier After Second Time It Foreclosed on Wrong House

Remember that nice couple we told you about last week — the Tjosaas family, whose home in Twenty-Nine Palms was “accidentally” foreclosed upon by Wells Fargo even though the couple didn’t even have a mortgage? Turns out: this was the SECOND TIME that Wells Fargo had “accidentally” foreclosed on that house by mistake, but it’s cool because Wells Fargo remains “deeply sorry” about both “unfortunate situations.” The good news is that the Tjosaas family can now “accidentally” rob a Wells Fargo bank of their choice (twice) and issue a statement that they are “deeply sorry about this unfortunate situation” and then all will be forgiven. Ha! Ha! Ha! This, of course, is not true — Incorporated Americans are somehow not people when they are committing crimes, but non-Incorporated Americans are always people. Read more on Wells Fargo Even Sorrier After Second Time It Foreclosed on Wrong House…
  banksters

Wells Fargo Accidentally Forecloses on Wrong House, Throws Away Couple’s Precious Memories

Hello, would you like to hear a heartwarming story about banks? Oh good, because last week, a bank accidentally foreclosed on the wrong house and a nice middle aged couple lost everything that wasn’t nailed down and can never get it back, ever again. Sorry, precious memories, about going to the wrong address and all. Hindsight is 20/20, etc! Read more on Wells Fargo Accidentally Forecloses on Wrong House, Throws Away Couple’s Precious Memories…
  banksters

Romney’s London Money Party Imperiled By Impending Enron-Style Disaster

What is LIBOR, you might be wondering? And who has messed with it? And how exactly will a banking scandal in London have something to do Mitt Romney? Well, what wouldn’t it have to do with Mitt Romney? First things first: LIBOR stands for the London Interbank Offered Rate, and according to the BBC, it is one of the “most crucial rates in finance” because it underpins trillions of dollars in loans and financial contacts, including (OF COURSE!) American mortgages and student loans. And because a bunch of derivatives traders at Barclay have been playing around with this rate and trying to rig it since 2005, your mortgage payments or student loan payments might have been affected this entire time. (Evidence for this rate rigging includes the message “”duuuude… what’s up with ur guys 34.5 3m fix… tell him to get it up!” sent via one trader to another via unknown means. Yes, apparently they talk like this in the U.K. too.) Anyway, this scandal MIGHT (but probably won’t, knowing how these things usually go) lead to the resignation of Barclay’s CEO Bob Diamond, but in the meantime, it has led him to pull out of a Romney fundraiser.  Because surprise surprise, the corrupt CEO of a disgraced financial institution was such a big Romney fan that he was going to host a London fundraiser for the candidate. But it’s cool, Romney understands. Also, lots of other Barclays bankers have donated craploads of money to his campaign and even served as his policy advisers, so it’ll all work out. Read more on Romney’s London Money Party Imperiled By Impending Enron-Style Disaster…
  banksters

JP Morgan Exec Given Parting Gift of $21.5 Million After Overseeing $9 Billion Loss

Being in the upper echelons of management at a bank must be better than being a rock star, really, because no matter what you do, people will still fall all over themselves to fellate you and shower you with cash. Like, for example, the billions and billions of dollars that the government gives to JP Morgan every year, for no clear reason. Or  the time Jim DeMint treated JP Morgan CEO Jamie Dimon to a tongue bath when he appeared before the Senate Banking Committee to explain why his bank lost $2 billion dollars in a single trade. Except HEY it’s going to be a lot more than $2 billion dollars, more like $6 billion. Or maybe $9 billion. Who knows! It’s complicated. You probably wouldn’t understand, because it’s just so complicated. But you know who would understand is Ina Drew, the CIO who presided over this $2 billion $6 billion $9 billion loss. And! And! Although she has resigned from her position with JP Morgan due to her responsibility for this multi BILLION dollar loss, she is getting a parting gift of $21.5 million because JP Morgan apparently could not find “cause” to terminate her. Read more on JP Morgan Exec Given Parting Gift of $21.5 Million After Overseeing $9 Billion Loss…
  banksters

Who Will Rescue the Banks From these Anti-American Assaults on Their Freedom?

Remember a long, long time ago, WAY back, when the economy was ruined, possibly forever, along with life as we know it? Remember how this was all caused by a handful of banks but then this somehow got turned around and blamed on bunch of Poors? And then, remember how we gave them a bunch of money (the banks, not poor people) with absolutely no strings attached and just asked them nicely if they would pretty please not do anything bad again? And then, remember how the government implemented a couple tepid rules that the banks might get to rewrite, because they don’t like them? Think hard now, do you remember all of that? Because the banks remember, but it’s cool because they TOTALLY HAVE IT UNDER CONTROL, you guys. No need to step in, these are the best and brightest, they know exactly what they’re doing, and they most definitely aren’t going to put up with these “anti-American” efforts to make sure that they have enough liquidity to cover their obligations to investors. Where do you think this is — France? Read more on Who Will Rescue the Banks From these Anti-American Assaults on Their Freedom?…