Friday, January 15, 2010

Well, we the American Public have made the big banks whole, JP Morgan record profit

Thanks to us, the American Public and our tax dollars. Oh and those JP Morgan bonus checks are going up 18%, YIPPPEEEEEE!!!!!

But, when will the American Public be "made whole". When is that bailout ferry coming down Main Street? Because it continues to pass us by....

The anger out in Main Street is real....

U.S. financial giant JPMorgan Chase said Friday it broke its revenue record in 2009, earned $11.7 billion in profits and would bump bonus checks 18 percent.

The bank is the first financial behemoth to release official records covering a controversial year in which taxpayers and politicians fumed over paychecks incomprehensible to some so soon after an industry bailout, The New York Times reported.

For 2009, JPMorgan set aside $26 billion for salaries and bonus checks for its employees -- an average of $272,000 per worker, although some checks would be far greater than that.

And the new tax that President Obama wants to put in place? Let us see how far that will go because so far, anything dealing with Wall Street has gone Wall Street's way from this administration. Is this tax a good political move for the Obama White House? Yes. Especially since many Americans feel this White House has not done enough to regulate these banks, push legislation against these banks, and have a compromised Treasury Secretary in Tim Geithner.

For this, the public is not asleep at what is going on.


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