Forum Post: What did Corzine and Madoff have in common? JP Morgan
Posted 12 years ago on Jan. 6, 2012, 8:25 p.m. EST by demcapitalist
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JP Morgan was their bank, and JP Morgan just might be libel for the stolen customer money at MF Global. Amazing that Corzine and Dimon were up for the post of treasury secretary and now they just seem like a couple of bad gamblers picking pockets to pay their gambling debts. Here's a great article with more details. http://www.americanbanker.com/bankthink/JPM-Jamie-Dimon-MF-Global-Madoff-Foreclosuregate-1045376-1.html lets see LTCM, B Maddoff, the mortgage crisis, AIG, MF Global, and now JP Morgan -----------do we get the hint yet? the system needs a little work.
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talk about understatement, you must be British . . . .
Inside Job makes it quite clear, conservatives set about to install individuals who were sympathetic to the policy of deregulation back in the late 70s and early 80s. They have been working us toward this day a long long time.
Now that day is here. Their policy of deregulation can be seen for what it is. An excuse to rob the public blind.
There's an old family story at some friends of mine about the infamous great grandfather who liked to drink and gamble, one night he did both and lost his entire north jersey estate--horses, tennis courts, lost all of it. Now the guys in line for the top jobs in the country turn out to be just like ole granpa. It's not the first time in our history though. In the late 1930's the head of the stock exchange Richard Whitney turned out to be insolvent, a scammer and embezzler. He was kind of a combination of Madoff and Corzine, here's the best part, he was able to get enough loans to get himself in that much trouble because his brother was in line to become president of ---------wait for it---------------------------------------------------Morgan Bank ! The reason this is interesting to me is that it took several years beyond the market crash to turn up men in the highest positions who clearly had the ethics of drunken gamblers and common criminals. It was the last straw in the 1930's, up until that time wall street had been able to convince the public that the crash was an anomaly not evidence of an ethical breakdown ,some laws started changing after that. I think one of the most important news stories to follow now will be the outcomes of these lawsuits between the CME and JP Morgan.
Ensuring history like that does not become wide spread common knowledge ensures that we will repeat the history - as we see now.
We often act against our own self interest. Why is that?
Every generation needs to learn the lessons for themselves. Sad fact. Every generation can convince itself that they have found secrets to wealth that have nothing to do with productivity and everything to do with bad mathematical theories and to much leverage. This mess was created for the most part by math geniuses who theorized that if you put a whole lot of bad loans together it makes a good loan. Sounds pretty stupid in hindsight but it's what our best and brightest came up with.