Feeling generous? You should because you are about to help pay for JPMorgan’s $13 billion fine for causing the 2008 financial crisis. According to tax experts the money JPMorgan will be paying to the government ($9 billion) and to wronged customers ($4 billion) can be written off as a “business expense.” In other words, JPMorgan may be sticking the taxpayers with the bill.
|By: DSWright Wednesday October 23, 2013 6:46 am|
|By: DSWright Monday October 21, 2013 9:50 am|
The previous fines Wall Street banks have paid have been laughable. But a $13 billion fine would be more than half of JPMorgan’s profit last year. Serious money. Though apparently JPMorgan thinks it might have to pay even more for its wrongdoing.
|By: DSWright Wednesday September 25, 2013 11:35 am|
After getting that bailout for being reckless and stupid, AIG paid themselves bonuses. An act that crystallized for the many the sociopathic and parasitic nature of Wall Street. But according to AIG’s CEO, Robert Benmosche, the banksters were the real victims.
|By: DSWright Friday February 8, 2013 8:25 am|
Tim Geithner’s first post-Treasury Secretary job will be as a “distinguished fellow” at the Council On Foreign Relations. For the uninitiated, the Council On Foreign Relations is a more or less open conspiracy to use the American government as a vessel for advancing Big Business’ interests abroad. CFR represents America’s commercial oligarchy in all its glory. And as the power has shifted within the American business community to finance capital so too has CFR come to be dominated by Wall Street’s agenda and personnel.
|By: DSWright Wednesday January 9, 2013 10:30 am|
AIG is considering Wednesday whether the company should join a lawsuit against the government that spent $182 billion to save it from collapse. If AIG decides to join the complaint, which seeks $25 billion in damages, it would pit the company against the government that in 2008 kept it from buckling under the weight huge losses on mortgage-backed securities and other toxic assets.
|By: DSWright Tuesday January 1, 2013 11:16 am|
In what borders on performance art, AIG is launching a condescendingpublic relations campaign to thank American taxpayers for letting them extort bailout money from Congress.
|By: SouthernDragon Wednesday September 12, 2012 4:45 am|
A variety of links to articles/interviews/speeches/videos on current issues that may be of interest.
|By: masaccio Sunday June 24, 2012 10:40 am|
Dimon is right to believe that derivatives are safe for JPMorgan Chase. He has the Fed and the FDIC to backstop him. And it’s really great that you get to backstop the Fed and the FDIC for him and his gambling habit.
|By: David Dayen Monday March 12, 2012 12:10 pm|
Elizabeth Warren, running for Senate in Massachusetts, today called attention to a stealth bailout of AIG through special tax breaks created for them and other bailed-out companies. Warren showed some independence from the Administration and joined a bipartisan group of her former colleagues on the Congressional Oversight Panel, the group that oversaw TARP, to assail the tax preferences for AIG, and demand that Congress change the law to end them.