Monday, May 12, 2008

JPMorgan Chase Admits It Received a Multi-Billion Dollar Gift From the Fed

NationalEconomist.com » JPMorgan Chase Admits It Received a Multi-Billion Dollar Gift From the Fed: "The controversial deal orchestrated by the Federal Reserve that pushed Bear Stearns into the hands of JPMorgan Chase, at the height of the sub-prime crisis, will turn into billions of dollars in gains for for JPMorgan Chase."

Translation: A bunch of bankers gave another bunch of bankers billions of dollars in taxpayer money to buy another bank. Yeah "free markets" and "capitalism." No one gets upset about this, but try and give some poor people a million bucks worth of food stamps and watch them freak out.

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