JP Morgan Records Largest Profit Ever-Community Devastated By Predatory Lending Sheds 1000 Workers

[kpete]

Source: Think Progress

JP Morgan Records Largest Profit Ever, While Community Devastated By Its Predatory Lending Sheds 1,000 Workers

By Zaid Jilani on Jun 13, 2011 at 7:00 pm

One of the many tragic stories of the Great Recession involves Jefferson County, Alabama. As Matt Taibbi explained in an article in Rolling Stone last year, mega bank JP Morgan Chase used a predatory refinancing deal on sewer bonds to reap billions while the local area was financially devastated.

Now, Jefferson County, still reeling from the effects of JP Morgan’s dirty deals, is moving to place nearly 1,000 public workers on administrative leave without pay, as the state Legislature failed last week to come to the municipality’s aid with any fiscal support. In doing so, the county hopes to save “just over $12 million.”

Yet while the public workers of Jefferson County will soon face the prospect of losing their wages and livelihoods through no fault of their own, JP Morgan Chase continues to rake in lavish profits. In 2010, the mega bank posted a profit of a whopping $17.4 billion; during this past quarter, the bank “reported the biggest quarterly profit in its history,” with a 67 percent rise in net income.

ThinkProgress has assembled the following graph laying out the bank’s net income in the first quarter of 2011 — $5.6 billion — next to the paltry $12 million Jefferson County cannot find to pay nearly a thousand of its hard-working public employees:

Read more: http://thinkprogress.org/economy/2011/06/13/243390/jefferson-county-jp-morgan/

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[Enrique]

1. picture of the actual J.P. Morgan

[Wilms]

2. Looks like a large knife in his left hand. n/t

[UpInArms]

4. I am drawn to his demonic eyes

n/t

[EvilMonsanto]

3. Sorry To Have To Mention This But

JP Morgan got a $12 Billion Bailout did they not?
President Bush asserted that we must go slow in helping the millions of struggling American homeowners. He stated that “we got to be careful and mindful that any time the government intervenes in the market, it must do so with clear purpose and great care.”
http://dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/

But i'm not going to one-side this only on Bush
Obama Returns to Wall Street For Campaign Donations
Nearly $1 million from Goldman Sachs (GS), over $700,000 from Citigroup (C), $695,132 from JPMorgan Chase (JPM) and $514,818 from Morgan Stanley (MS)

Obama is, after all, the president who reserved positions in his cabinet to members of the American financial elite like Larry Summers as Director of the White House National Economic Council, General Electric (GE) CEO Jeffrey Immelt as head of the Council on Jobs and Competitiveness and William M. Daley, former banking executive with service to JPMorgan Chase, as Chief of Staff
http://www.minyanville.com/businessmarkets/articles/obama-economy-wall-street-campaign-financing/6/13/2011/id/35133

Just giving the entire story that's all
I don't know... I think it's important not to be too one-sided.

[defendandprotect]

6. K/R -- Obama has made more than clear his is a corporate presidency --

From the MIC to Gold Sachs and Wall Street --

from Big Pharma to the private H/C industry which contributed so grandly to his campaign.

[defendandprotect]

5. What about all the companies that used to exist that have been put out of business by JP Morgan?

Shouldn't some capitalists/elites also be upset with raw capitalism?

[hadrons]

7. For years Jefferson County was a fairly purple county ....

Repukes tend to win, but by much smaller margins than other areas in Alabama (though I'm not sure about the recent elections) ... hopefully this will wake people up on how American finance works.