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| JP Morgan (Photo credit: Thomas Hawk) |
“The constitutions and political settlements in the southern periphery, put in place in the aftermath of the fall of fascism, have a number of features which appear to be unsuited to further integration in the region……. Political systems around the periphery typically display several of the following features: weak executives; weak central states relative to regions; constitutional protection of labour rights; consensus building systems which foster political clientalism; and the right to protest if unwelcome changes are made to the political status quo. The shortcomings of this political legacy have been revealed by the crisis.” Source: http://fr.slideshare.net/zappullagaetano/jpm-theeuroareaadjustmentabouthalfwaytherePromethea Via Olympia
While JP Morgan has the nerve and hypocrisy to place the blame for financial deficits on the constitutional protest of Labor rights and essentially the right to free speech – essentially on the lack of sufficient governmental fascism – they conveniently omit the fact that their irresponsibility and worse, intentional lies to investors, the public and federal regulators, cost America 6.2 Billion dollars in 2012 alone, using American taxpayer dollars, and the future of citizens and their families as “poker chips in JPMorgan’s casino”, as was quite aptly stated by the U.S. Senate Permanent Subcommittee on Investigations, after nine months of investigations which resulted in a three hundred page report on JPMorgan’s brand of proper business.
“WASHINGTON – Following a nine-month probe, the U.S. Senate Permanent Subcommittee on Investigations will hold a hearing tomorrow entitled, 'JP Morgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses,' and release a 300-page, bipartisan report with new information on the credit derivative trades that lost at least $6.2 billion last year.
"The whale trades were conducted by traders in the London office of the Chief Investment Office (CIO) of JPMorgan Chase & Co., America’s biggest bank and largest derivatives dealer. The Subcommittee’s investigation has determined that, over the course of the first quarter of 2012, the CIO used its Synthetic Credit Portfolio (SCP) to engage in high risk derivatives trading; mismarked the trading book to hide losses; disregarded multiple indicators of increasing risk; manipulated risk models; dodged regulatory oversight; and misinformed investors, regulators, and the public about the nature of its risky derivatives trading.”Source:
http://www.hsgac.senate.gov/subcommittees/investigations/media/senate-investigations-subcommittee-holds-hearing-and-releases-report-on-jpmorgan-chase-whale-trades
Full Senate report:
http://online.wsj.com/public/resources/documents/JPMWhalePSI.pdf
Of course one cannot possibly expect any kind of remorse for the fallout of JPMorgan’s lies and irresponsibility, namely a massive addition to the US budget deficit and unemployment, since according to their views, or should I say their manifesto, the public shouldn’t have the right to labor protection or to protest for the destruction of their rights anyway. Screwing the public wasn’t by mistake or deviation from their principles of dubious factual existence. Screwing the public is the very core of their manifesto.
And now we have Mr. Samaras going to these crooks for advice? Now that is a truly terrible prospect, whether it be for financial or political advice.
Or are we expected to ignore the fact that these JPMorgan crooks who have been in Greece since 1968, being patsy with the licensed-by-law mega-tax-evader shipping tycoons, helped, along with their ilk Goldman Sachs to engineer the conditions that led to the collapse of the Greek economy.
Sources:
(JPMorgan and Goldman Sachs contribution to Greek economic collapse.)
http://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=all
shipping industry connection)
http://www.jpmorgan.com/pages/jpmorgan/emea/local/greece
(JPMorgan and Goldman Sachs contribution to Greek economic collapse.)
http://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted=all
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