77% of JP Morgan’s Net Income Comes from Government Subsidies

welfare cheat

and stop the meddlesome governmental meddling.

to lazy to click the link.

The JP Morgue pays dearly for that money.

It's called campaign contributions

how can this seem far fetched to you?

The game of "telephone" continues.

JPM holds money. It pays interest on that money. It's considered a low risk investment, so it pays a interest rate. That's normal: If you're not likely to default, you pay lower interest.

Now, JPM could default. It's possible. But everybody knows that if JPM is close to defaulting it'll get a loan from the US government. Yeah, it'll have to repay the loan, with interest, but it won't default. A bank could be insured against default, and pay a lot of money; in this case, JPM's "insurance payment" is the damaged reputation that would happen, the oversight that would come into play, and the interest they'd pay on the money. For now, that's pretty much $0.

Then again, it also costs the US government pretty much $0. Perhaps, in a different time, the inherent risk of dumping billions of dollars in JPM, coupled with the US government's near-inability to pay its own debt, could cause a jump in US government interest rates (like what's been going on in Europe), but we're not there. At least not yet.

Somebody estimated what JPM would have paid in interest last year if investors said, "If JPM gets close to default, the US government won't bail it out." The interest rate goes up. Therefore profits are lower.

And they declared that the difference between their hypothetical profit level and JPM's actual profits was a kind of "virtual subsidy."

Those who don't understand that no money actually traded hands, no check was cut, etc., have decided that this was a real cash subsidy, one that takes place year after year. It feeds their outrage and easily slips past their critical thinking filter.

There is so much to fix... Mostly, we need to fix the $ = power and buys govt pluse the enforcement.

Clearly, they lack sufficient motivation.

board, as a Class A director.

Pretty much sums up the systemic control that the banksters' industrial-central bank-military-media-energy-health care-agribusiness-corporate-fascistic government complex holds over the world's citizens.



http://www.motherjones.com/kevin-drum/2012/06/what-do-jamie-dimons-cufflinks-tell-us-about-financial-industrial-complex

JPMorgan Chase CEO Jamie Dimon testified before Congress today about his bank's gigantic trading losses a few weeks ago, and the gist of his testimony was — well, something or other. Basically, nobody laid a glove on him, and Republican senators in particular practically genuflected in his presence. No sir, nobody's thinking about regulating you any more than you already are! Wouldn't dream of it!

Or something like that. But the real news that has the chattering classes chattering was Dimon's fashion accessorizing. It seems that he was wearing presidential cufflinks, and nobody thinks this was just an offhand decision as he dashed out of his mansion this morning. But the question is, what message was he trying to send? There are several possibilities:

■Don't fuck with me. The president has my back.
■Give it up, GOP. I still support Obama no matter how much you suck up to me.
■Hey Obama. See these? Don't take them for granted.

But maybe he meant something else entirely. We need to engage in some Dimonology here. Help me out.

snip