JPMorgan Chase (JPM) — the beneficiary of a $25 billion taxpayer bailout and Trillions in indirect subsidies — reported soaring third quarter profits of $3.6 billion (a seven-fold jump) on an 81% increase in revenues. Moreover, The Wall Street Journal reports JPMorgan is projected to pay $25.9 billion to the bank’s workers. Seems as though socialism is a windfall for private banks.
In this case, taxpayers took all the risk and received none of the upside when lending money to banks such as JPM. Rather than our public servants negotiating on our behalf to get a genuine capitalist deal like Warren Buffett did with Goldman Sachs (GS) and General Electric (GE), we now get to watch JPM et al swim in their profits while our broken system could have benefited from a savvy deal.
My friends Dylan Ratigan and Barry Ritholtz, author of the First Amendment Award winning Bailout Nation, offer some additional animated commentary on another chapter in “The Greatest Heist in History”:
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