Thread: JPMorgan $2.72 billion profit

Oh joy. I don't see this helping in the end. They are just going to keep the money for themselves and not help out. It's the Morgan way.

That sounded way too liberal for me.

What I meant is, Morgan doesn't care about America. All they care about is power. How do get power? Through wealth. So once they have enough of the wealth they will be able to asort more power.

I choose E Bob... what do i win? ;-)

Of course they made a huge profit.... they took bailout monies. = they took our money (stimulus) while charging us for a service rendered (everyday biz). Who wouldn't make a profit while raping the public.

NEW YORK — Even on Wall Street, the land of six- and seven-figure incomes, jaws dropped at the news Tuesday: After all that federal aid, a resurgent Goldman Sachs is on course to dole out bonuses that could rival the record paydays of the heady bull-market years.

Goldman posted the richest quarterly profit in its 140-year history and, to the envy of its rivals, announced that it had earmarked $11.4 billion so far this year to compensate its workers.

At that rate, Goldman employees could, on average, earn roughly $770,000 each this year.

http://www.deseretnews.com/article/7...nkTrack=rss-14

What a coincidence!!!... another "bank" (since they got that title just to take bailout monies) that just so happened to receive our money (thanks Bush/Obama) who just happens to be posting record profits.

... Wait wait... where are all those idiots who were screaming about ExxonM's record profits It's the "evil" profit.

Originally Posted by triggerhappy2005

As long as they pay the taxes on that money, I see no problem whatsoever.

Sure there's a problem... it's called "responsibility".... in which the banks that took bailout funds... did NOT keep up with their "responsibility" to run a profitable biz. Hence they turned to the tax payers to keep their "PRIVATE" biz afloat. Why were they in trouble because they were lending like mad men and making crazy deals that they KNEW were eventually going to fail. So yes... there is a problem... there is a lack of "responsibility" in government as well as in some of these "mega" corporations.

It's not mine nor my kids nor my grand kids "responsibility" to ensure these banks continue in biz while making stupid decisions... they should have to deal with the outcome of there decisions as a "responsible" biz. If that means failing... so be it.

Not to mention... did ya happen to notice that the "bailouts" gave damn near ULTIMATE power to the treasury? Hmm.... wonder why.

WASHINGTON — Despite all the constraints Congress supposedly wrapped around him, Treasury Secretary Henry M. Paulson is about to become the most powerful mortgage financier of the modern era -- most likely of any era.

Buried beneath the 100-plus pages of detail that Paulson's financial rescue plan has picked up during its 10-day journey from a Bush administration wish list to a bipartisan congressional compromise is the striking fact that the Treasury secretary got almost everything he sought -- an eventual $700 billion and the authority to spend it largely as he sees fit.

To be sure, congressional bargainers did make one huge change.

And in the process, they created a potential stumbling block as the Treasury tries to stabilize the deeply damaged financial system by acquiring toxic mortgage-backed securities.

Under terms of the compromise announced Sunday, any firm selling troubled assets to the government would have to give Washington the right to take an ownership stake in the firm -- a more sweeping requirement than had been expected. While the aim is to let taxpayers profit when the financial system eventually recovers, administration officials worry that generally healthy companies may be discouraged from getting involved -- thereby reducing the effectiveness of the rescue effort.

There are PLENTY of problems with the bailouts/stimulus etc...

Originally Posted by triggerhappy2005

If nothing had been done and these financial institutions had been allowed to fail, it would have been much worse. That being said, I also think in exchange for the TARP money there should have been more regulations put in place.

My fear about all of this is that there will be no follow through on reform once this storm passes. The same thing happened when gas hit $4 a gallon and everyone was talking about alternative energy and how we need it now. Once the price came back down, the sense of urgency faded as well. Shame.

I actually agree with you.

I can't say those banks shouldn't have gotten that big in the first place. Because they did what they thought was right for their company wrong or right. But when their pratices start them on a road to lossing profits, most business would drop the pratices that are hurting their business. It's common sense. But they knew the government would back them up. Because they claimed "We're too big to fail."

And if they failed, trig is right. We would be in a world of hurt because most of American's money is in those banks who invest in bad business pratices. So everyone would lose money.

It comes down to businesses should be held responsible for their actions. And no one cares now about the banks and how much money they owe. Because it's last weeks news. People will go on with their lives and not worry about it until it happens again and then complain why the government didn't do anything. Because you forgot it! The government won't do anything unless they are constantly reminded by the people that elected them what they want.

So our elected officials bank on us not to pay attention.

Originally Posted by triggerhappy2005

If nothing had been done and these financial institutions had been allowed to fail, it would have been much worse. That being said, I also think in exchange for the TARP money there should have been more regulations put in place.

If nothing had been done... nothing different than what we are facing right now would have happened. Who told you that it would be a catastrophic collapse? The media... who has sold out their soles for a political party? The media... who has run this country into the dirt with "more regulations"... the government. So for them to all of a sudden decide that it's time to tell the truth for once (stimulus 1) is a lil on the "take with a grain of salt" side for me. Sorry if i'm a lil skeptical about it... but the people who discount 39,000+ scientists while "LYING" about Global Warming Climate change (now it works both ways... coooling/heating) dont' really get my trusting side. Sorry.

Apparently some of you don't quite understand what "responsibility" is... (no offense intented).

–noun, plural -ties.
1. the state or fact of being responsible.
2. an instance of being responsible: The responsibility for this mess is yours!
3. a particular burden of obligation upon one who is responsible: the responsibilities of authority.
4. a person or thing for which one is responsible: A child is a responsibility to its parents.
5. reliability or dependability, esp. in meeting debts or payments.

It is NOT my nor YOUR responsibility to ensure a company that makes bad decisions... and runs it's face into the ground... keeps on going (supposedly we live in a "free market" society where a company can take huge risks... and if it doesn't fail... it reaps huge rewards... and vica versa). Regardless of whether the bank system failed or continued... life goes on... so all you've done in GIVING the government more power is releasing yourself from your OWN responsibility and granting the Government more control over YOUR LIFE.

He that gives up freedoms for security, deserves neither. -B. Franklin

^^^ Might want to understand that... your future depends on it.