Banks running amok. Banks losing billions. Banks busted for fraud that went on for over 20 years. Banks overcharging customers. The hits just keep on coming. One would think, at this point, the business suit would be more a symbol of jailbirds than a uniform of respectability. Yet on and on it goes and with that we overview the latest adventures in Mafia style Banksterdom.
The headlines blare JPMorgan Chase Revives Markets when they announced a $5.8 billion dollar loss on their derivatives trades.
The largest U.S. bank tried to demonstrate Friday that the worst of the problem was in the rear-view mirror, reporting a $4.96 billion profit for the second quarter, down 8.7% from a year ago.
That's almost three times larger than the originally reported $2 billion loss and that loss could climb to $7.5 billion. What does Wall Street do with this news, why reward the bank of course!
Meanwhile new investigations against JPMorgan Chase are popping up with the bank refusing to release emails about manipulating the electricity market.
We seldom hear pertinent, nor factual news, anymore, but when we do the stories are fed to us as discrete events, having no connection or bearing with one another.
Throughout this post I intend to fill in the back story and elaborate the connections between these various news bytes.
Sometimes the information provided may appear circumstantial, but courtroom convictions occur on such evidence, and when there is an overwhelming amount of circumstantial evidence, the conclusion becomes glaringly obvious.
Banks running amok. Banks losing billions. Banks busted for fraud that went on for over 20 years. Banks overcharging customers. The hits just keep on coming. One would think, at this point, the business suit would be more a symbol of jailbirds than a uniform of respectability. Yet on and on it goes and with that we overview the latest adventures in Mafia style Banksterdom.
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