The biggest bank in the USA, JPMorgan Chase, together with other lenders, managed to take a big slice of the Corona-virus relief program pie through fees, while reporting record profits.
The banks managed to get such a large cut of the funds, having made a fortune in the last financial crisis after the government bailed them out. Professional banks enjoy almost zero risks by using hedging strategies, and at the end of the day, get bailouts sponsored by the “losers in retail trading.”
That’s where the capital comes from in America…it comes from the losers, comparing the US economy to a casino. During this depression, the government prints a lot of money and gives it to [JPMorgan CEO] Jamie Dimon, and then he buys expensive toys with it.
These funds can even be spent the tax payers money on buying the company’s own stocks. “So, people in America look at that and say, ‘Wait a minute – this is the most corrupt scheme I’ve seen, ever!’”
A repeat of 2008 financial crisis. Some entities are just immune to crisis… in fact they profited and get richer for that. Corruption and cronyism at their best.
It’s not immunity, it’s simply legalized fraud. Ever since it turned out WWII didn’t change things for the better, the people should have decorated the streets with bankers and politicians. 75 years on – the people are still in a state of hypnotic trance.
After WW II, JP Morgan in cooperation with the US government went around to many third world countries and convinced them to store their gold from their treasuries with JP Morgan.
It was sent to Switzerland and then to the USA. Later and to the present day if a representative of any of these governments try to get it back they are told the documents are forgeries and they will be charged with fraud for pursuing it. Its true also that the CIA flooded the underworld with actual forgeries of similar documents to help with this scam.
What happens when the inmates run the asylum: since 2008, JP Morgan Chase paid out $US 44 billion in fines, none of the executives went to jail, while making $US 237 billion in profits, and they all lived for another round using the regulators they own.
I suspected that during this pandemic there would be a ‘reset’ and the usual suspects would have all debts wiped out and acquire money and assets through many medium-sized competitors going to the wall.
Printing all this money for the bankrupt banks and business will fall on the tax payer, your taxed the minute your born and work all your life to end up with nothing, tax tax tax.
RT. com / ABC Flash Point Bribery & Extortion News 2020.