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Wall Street loves socialism for bankers but not for ordinary people
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)


The Guardian (One of the UK's leading newspapers), April 8, 2019
Posted: April 22nd, 2019
https://www.theguardian.com/commentisfree/2019/apr/08/wall-s...

In his annual letter to shareholders, distributed last week, JPMorgan Chase CEO Jamie Dimon took aim at socialism, warning it would be a disaster for our country, because it produces stagnation, corruption and often worse. Dimon should know. He was at the helm when JPMorgan received a $25bn socialist-like bailout in 2008, after it and other Wall Street banks almost tanked because of their reckless loans. Dimon subsequently agreed to pay the government $13bn to settle charges that the bank overstated the quality of mortgages it was selling. According to the Justice Department, JPMorgan acknowledged it had regularly and knowingly sold mortgages that should have never been sold. To state it another way, Dimon and other Wall Street CEOs helped trigger the 2008 financial crisis when the dangerous and irresponsible loans their banks were peddling on which they made big money finally went bust. But instead of letting the market punish the banks (which is what capitalism is supposed to do) the government bailed them out and eventually levied paltry fines which the banks treated as the cost of doing business. Call it socialism for rich bankers. Americas five biggest banks, including Dimons, now control 46% of all deposits, up from 12% in the early 1990s. But, of course, Dimon isnt really ... concerned about socialism. Dimons real concern is that America may end the kind of socialism he and other denizens of the Street depend on bailouts, regulatory loopholes, and tax breaks.

Note: The above was written by former US secretary of labor Robert Reich. For more along these lines, see concise summaries of deeply revealing financial industry corruption news articles from reliable major media sources.


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