23 March, 2009
Profits and Parasites
Three major corporate banking recipients of billions of dollars from the U.S. government's TARP(Troubled Assets Relief Program) fund were JP Morgan Chase, Bank of America, and Goldman Sachs. While the people lose their jobs due to the consequences of illicit financial practices by bankers and insurance/mortgage companies, these parasites are awarded billions of dollars for their speculative fraudulent policies. Numerous mortgage lenders began to offer more and more loans to high-risk borrowers, including illegal immigrants, in their scheme to dismantle the economy and profit from the ensuing disorder.
The U.S. Treasury Department transferred $25 billion to JP Morgan Chase via TARP, whose Chairman and CEO is James L. Dimon.
Despite the 2007 sub prime mortgage "crisis", Goldman Sachs was able to profit from the collapse in sub prime mortgage bonds in the summer of 2007 by selling sub prime mortgage-backed securities short. Two Goldman traders, Michael Swanson and Josh Birnbaum made a profit of $4 billion by "betting" on a collapse in the sub-prime market, and shorting mortgage related securities. The Chairman and CEO of Goldman Sachs is Lloyd Blankfein, who received $10 billion in October 2008 care of TARP. In his first year as CEO Blankfein earned a $67.9 million bonus.
On January 19, 2009 the U.S government bestowed upon Bank of America $20 billion. This was in addition to a previous $25 billion accepted in 2008. ABC News reported this year on February 2nd that Bank of America sponsored a Super Bowl event at a five-star resort in Palm Beach which cost approximately $10 million. The Chairman and CEO is Kenneth D. Lewis. Nice one Mr. Lewis. While the proletarian masses are forced to work for miserable wages, these parasites or 'finance capitalists' are smirking and laughing while enjoying their immense wealth and luxury acquired through swindles and graft.