LIBOR Scandal
It didn’t just affect high finance, but where you live. Read more at here.
Most of you probably don’t follow the financial markets closely, but I keep an eye on them.
Perhaps you remember that $2 billion bet that JP Morgan placed and lost? Well, the losses could total more than $5 billion.
But what does it matter?
And what does that matter?
Well, what happens when it’s not just a $2 billion, or $5 billion loss? What happens when it’s trillions? And we won’t even know what hit us.
And the CEO of JP Morgan, Jamie Dimon says we don’t need new regulation? Come on.
Occupy Online: Matt Taibi: Another Hidden Bailout: Helping Wall Street Collect Your Rent.
Here’s yet another form of hidden bailout the federal government doles out to our big banks, without the public having much of a clue.
This is from the WSJ this morning:
Some of the biggest names on Wall Street are lining up to become landlords to cash-strapped Americans by…
Source: abaldwin360
kateoplis: Follow the Money: Behind Europe's Debt Crisis Lurks Another Giant Bailout of Wall Street
If Greece goes down, investors start fleeing Ireland, Spain, Italy, and Portugal as well. All of this sends big French and German banks reeling. If one of these banks collapses, or show signs of major strain, Wall Street is in big trouble. Possibly even bigger trouble than it was in after Lehman…
Great post. A must read. And I learned something new. Cool.
Source: robertreich
