Ned's tale today concerns Jamie Dimon, former Golden Boy of Sandy Weill at Citigroup (you remember Citi--the stock price was $53 a share in '07 and it's $2.90 today), and now "CEO" of JP Morgan Chase. Ned's friends will recall Ned's love for Chase, as the FDIC stole his Washington Mutual stock, along with that of hundreds of thousands of other innocent people, and gave it to Chase. Well, today Dimon announces that Chase has lost upwards of $2 billion during the last month or so trying to outsmart the market; in other words playing blackjack at the House Table. If they lose, well naturally the Feds will bail them out with our money (money added to the money they stole in the Wa Mu deal, but let that pass), because they are "too big to fail."
Ned's take on outfits like Chase, and Dimon too for that matter, is that these companies are engaged in legalized theft and they use their gains to pay obscene salaries to people like Dimon, who has made hundreds of millions since he was given the job at Chase. But even though Ned's contempt and disgust for these people is nearly boundless, how much more is his contempt and disgust for their rentboys, toadies, lickspittles and stooges in the Congress, mainly members of the GOP, which never met a Sneering Plutocrat's ass they weren't desperate to kiss (or worse). And who are striving tirelessly to cut their already low taxes to the bone.
Ned wishes his friends a very good day.
Ned's take on outfits like Chase, and Dimon too for that matter, is that these companies are engaged in legalized theft and they use their gains to pay obscene salaries to people like Dimon, who has made hundreds of millions since he was given the job at Chase. But even though Ned's contempt and disgust for these people is nearly boundless, how much more is his contempt and disgust for their rentboys, toadies, lickspittles and stooges in the Congress, mainly members of the GOP, which never met a Sneering Plutocrat's ass they weren't desperate to kiss (or worse). And who are striving tirelessly to cut their already low taxes to the bone.
Ned wishes his friends a very good day.
No comments:
Post a Comment