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Economy
In reply to the discussion: STOCK MARKET WATCH -- Monday, 21 May 2012 [View all]Demeter
(85,373 posts)7. Romney Defends JP Morgan’s $3 Billion Debacle After Collecting Millions From the Financial Industry
http://www.nationofchange.org/romney-defends-jp-morgan-s-3-billion-trading-debacle-after-collecting-millions-financial-industry-13
2012 presumptive Republican presidential nominee Mitt Romney this week defended JP Morgan Chases $3 billion trading debacle as just the way America works. He denied that the episode makes the case for stronger regulations to rein in banks risky trading.
Overall, of course, Romney has shown little interest in diagnosing or addressing the causes of the 2008 financial crisis, and the role of the nations biggest banks in nearly sinking the global economy. And the banks surely appreciate it, considering that employees of the biggest financial, as the Boston Globe noted today:
The Globe actually got it a bit wrong: the top six donors to Romney come from the biggest banks Goldman Sachs, JP Morgan Chase, Bank of America, Morgan Stanley, Credit Suisse, and Citigroup. And the finance/insurance/real estate industry is far and away the largest donor to Romneys campaign, giving him $18 million. Of course, banks also throw money at the Democrats, but in this cycle, theyve clearly favored the GOP.2
2012 presumptive Republican presidential nominee Mitt Romney this week defended JP Morgan Chases $3 billion trading debacle as just the way America works. He denied that the episode makes the case for stronger regulations to rein in banks risky trading.
Overall, of course, Romney has shown little interest in diagnosing or addressing the causes of the 2008 financial crisis, and the role of the nations biggest banks in nearly sinking the global economy. And the banks surely appreciate it, considering that employees of the biggest financial, as the Boston Globe noted today:
When the head of JPMorgan Chase met with shareholders to answer for a trading loss of more than $2 billion Tuesday, it was against an evolving political backdrop: Donors from big banks are betting on Mitt Romney to defeat President Obama and repeal new restraints on risky, large-scale investments.
The top five donor groups in Romneys campaign are individuals and political action committees associated with large financial institutions, led by Wall Street giants Goldman Sachs and JPMorgan Chase, according to information compiled by the Center for Responsive Politics, a nonpartisan research group that tracks campaign donations.
The top five donor groups in Romneys campaign are individuals and political action committees associated with large financial institutions, led by Wall Street giants Goldman Sachs and JPMorgan Chase, according to information compiled by the Center for Responsive Politics, a nonpartisan research group that tracks campaign donations.
The Globe actually got it a bit wrong: the top six donors to Romney come from the biggest banks Goldman Sachs, JP Morgan Chase, Bank of America, Morgan Stanley, Credit Suisse, and Citigroup. And the finance/insurance/real estate industry is far and away the largest donor to Romneys campaign, giving him $18 million. Of course, banks also throw money at the Democrats, but in this cycle, theyve clearly favored the GOP.2
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