Morgan Chase Exec Brags Bailout Is for Takeovers Not Lending
October 31, 2008
As you read this you might be interested to know that the depression in 1929 was also caused by the bankers doing pretty much the same thing then.……….have we the U.S. citizens learned anything from the past……..well we might have if we’d been told the truth in the first place.
Oct. 26, 2008 (EIRNS)—In an internal bank conference call last week, a JP Morgan Chase executive, unaware that his conversation would be heard and published by a reporter, confirmed exactly what Lyndon LaRouche has said about the Hank Paulson bail-out: It has nothing remotely to do with extending lending to the U.S. economy, but is concerned with the Mussolini-like corporatist restructuring of the U.S. banking system, turning over the “smaller banks” to the totally bankrupt big banks, so that they can digest the smaller banks’ assets, and survive perhaps a few more weeks.
New York Times reporter Joe Nocera obtained the call-in phone number on which the Oct. 17 Morgan Chase conference call took place, only 4 days after JP Morgan CEO Jamie Dimon had agreed to take $25 billion in a U.S. government capital injection. In an article in the Oct. 25 Times, entitled “So When Will Banks Give Loans?” Nocera quoted the unnamed JP Morgan Chase executive who gave the conference call, as follows:
“Twenty-five billion dollars is obviously going to help the folks who are struggling more than Chase,” he began. “What we do think it will help us do, is perhaps be a little bit more active on the acquisition side, or opportunistic side, for some banks who are still struggling. And I would not assume that we are done on the acquisition side, just because of the Washington Mutual and Bear Stearns mergers. I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way. And obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop.” [emphasis added]
Steve Hilton
babybttrfly
Mike
November 11, 2008 at 8:19 AM
[...] this article also to see that the banks are using the taxpayer bailout money for bonuses and to takeover other banks instead of lending out the money as was planned. Here’s what Glenn Beck had to say about the [...]
November 18, 2008 at 5:52 PM
[...] I have a lot to say about this joke called a “bailout” …..The Republicans shouldn’t be outraged and be demanding transparency, when [...]
November 19, 2008 at 10:41 PM
[...] companies to pay themselves huge bonuses, buyout smaller banks that were in sound financial shape (takeovers in other words) and hoard the money that was left for themselves……then when questioned about where the [...]
December 11, 2008 at 10:12 PM
[...] item, and how much they can charge. After the banking bailout was done, they announced that the money was going to be used for takeovers of sound banks and the bad debt would just be bad debt…Treasury Secretary Henry Paulson said Wednesday the [...]
December 28, 2008 at 12:32 PM
[...] fascist, news, Obama, recession — Mike @ 12:32 PM Well here we go….banker bailout (takeover), insurance bailout (AIG),Big 3 automakers bailout(government strings) and now a retail sales [...]