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Many hands busy in Uncle Sam’s pocket
— tales of Wall St. bankster love and lust

dollar grabIf you or I get laid off from a job, or if we have a business that gets knocked for a loop when certain Masters of the Universe collapse the economy in their quest for ever more billions, we must get by as best we can on unemployment checks or whatever a bankruptcy court leaves us.

But those same Masters of the Universe who periodically wreck the ecomony for millions of others — a.k.a. Wall Street banksters such as Jamie Dimon, J.P. Morgan Chase chairman and CEO — not only can get by but quickly reap even greater rewards because of their unique ability to call on Uncle Sam to clean up their messes with taxpayer dollars.

It’s a match made in greedmonger heaven.

They’re just loans, you say? True, but gigantic ones made at interest rates so low they qualify as charity.

Even between financial-industry-caused booms and busts these wonderfully wealthy masters and their peers in corporate America get to reach into Uncle Sam’s deep pockets in ways that make them even more wonderfully wealthy.

Get a load of this, the first of 18 brief but eye-opening items that detail who’s been getting what from the rest of us, and how.

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Jamie Dimon Is Not Alone

During the financial crisis, at least 18 former and current directors from Federal Reserve Banks worked in banks and corporations that collectively received over $4 trillion in low-interest loans from the Federal Reserve.

1. Jamie Dimon, the Chairman and CEO of JP Morgan Chase, has served on the Board of Directors at the Federal Reserve Bank of New York since 2007. During the financial crisis, the Fed provided JP Morgan Chase with $391 billion in total financial assistance. JP Morgan Chase was also used by the Fed as a clearinghouse for the Fed’s emergency lending programs.
In March of 2008, the Fed provided JP Morgan Chase with $29 billion in financing to acquire Bear Stearns. During the financial crisis, the Fed provided JP Morgan Chase with an 18-month exemption from risk-based leverage and capital requirements. The Fed also agreed to take risky mortgage-related assets off of Bear Stearns balance sheet before JP Morgan Chase acquired this troubled investment bank.

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Isn’t that special? Don’t you just love a love story about fat cats and sweetheart deals?

You might think this well-researched, eye-opening report comes to us via some major newspaper, magazine or TV news operation, but you would be wrong. It’s the work of the General Accounting Office, updated by America’s senator, Bernie Sanders, I-Vt., to include the names of those with a clear conflict of interest.

For some reason a direct link to the report doesn’t work, so instead click here, then click on “Sanders today released the names” to read the rest (it won’t take long). Finally, please share your thoughts in a comment.

We’re too ticked to add our thoughts right now. Grrr!

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8 Comments

  1. Tom Harper says:

    The Tea Party claims they’re against this cozy symbiosis between government and Big Business. And yet everything they actually do seems to be directed only at the safety net, the infrastructure and environmental protections.

    If the teabaggers were seriously appalled by corporate bailouts, they’d team up with the Occupy Movement. Together these two groups would have a lot more impact than either group separately.

    I didn’t click on the Bernie Sanders link yet; I’ll check it out later. Thank God for Bernie Sanders.

  2. S.W. Anderson says:

    Tom, tea partyers are the radical-conservative core of Bush’s base with a conveniently timed new name, nothing more. They’re freemarket religion zealots who worship at the altar of corporate and Wall Street money and power — the masters who paid, and pay, their way.

    Randal, is that some kind of Food Channel competition, like Skilleter 2012 misspelled?

  3. Jolly Roger says:

    I absolutely LOVED how Jamie arrogantly denied that the GUBMINT did him any favors.

    At that moment, he reminded me of every spoiled little brat I’ve ever seen, who acted however they pleased because they knew Mommy and Daddy would indulge them.

  4. Jack Jodell says:

    I have only contempt for Jamie Dimon and all the like-minded crooks and manipulators on Wall Street. Their greed has ruined the lives of many innocent people all across the globe. They are economic criminals, plain and simple, and they must pay for their selfish crimes!

  5. Did you know that the Fed even bailed out Canadian banks? And don’t believe all the talk that the Canadian government didn’t rescue their ass.
    http://viableopposition.blogspot.com/2012/06/canadas-healthy-banking-system-fact-or.html

  6. S.W. Anderson says:

    J.R., this probably sounds like raw prejudice, but given the history I find it hard to believe anyone capable of feeling and expressing genuine gratitude could get to the top of J.P. Morgan Chase, Goldman Sachs or any of the top Wall St. banks and other outfits. I would like to be proven wrong but I’m not holding my breath.

    Jack, in a better world they might be made to pay. Here and now, it’s out of reach. I’m reminded of something Sen. Dick Durbin, D-Ill., said a few years ago in a moment of disgust and frustration: “The banks own this place.”

    Blog Fodder, I do vaguely recall that some TARP money went to Canada and banks in other countries. Thanks for the link.

  7. Demeur says:

    The real kicker is that none of the rules have changed and the action of the Fed to lower interest rates yet again only making more money for the fat cats.

    Anyone want to take bets on when this house of cards is going to fall?

    A short while ago I saw a bond that paid a -.25%. Think about that for a minute.