JPMorgan is once again emptying their pockets over serious financial mishandlings it oversaw in the past several years. After Bernard Madoff went off to jail for his Ponzi scheme where he defrauded investors of more than $18 billion, many families were left down and out.
Now. . . If I could just figure out how to print my own money, I’d be happy to help Bernanke out with his QE.
Beware: Prospectuses of the country’s largest money market funds indicated that my $1.00 wasn’t guaranteed and that capital controls, when or if I get my money back, is entirely at their discretion.
What appears to be a fairly simple stock market transaction is once again converted into a very complex issue by the bought-and-paid-for-legislators.
Anybody need still another argument for reviving the old Glass-Steagall Act (1933-99), with its salutary separation between commercial and investment banking? If so, JPMorgan Chase has just provided one. A big one.