J.P. Morgan Chase has agreed to pay $920 million in fines after admitting to manipulate the markets for precious metals and U.S. Treasurys. U.S. financial regulators and the Department of Justice said traders at J.P. Morgan used tactics know as "spoofing" to move a market in one direction or another, according to a report published in the New Orleans Advocate of 9/30.
J.P. Morgan Chase is one of corporate America's big boys bank and financial institutions aligned with republican administrations and republicans in congress who believe massive tax cuts, tax breaks and little or no regulation is good for America and business, yet, they still disregard what little regulation is left as J.P. Morgan did with this market manipulation. The greed of corporate America is never satisfied and the public should always remember that despite the Reagan, Bush 43 and Trump tax cuts, the reduced regulations by all three Presidents, each of their administrations suffered an economic recession that damaged the average American. But corporate America and J.P. Morgan Chase did well during those recessions. And as noted in past PolitiDose commentary and in several internet reports, over the last 40 years corporate America, their CEO's and executives increased their earnings over 900% while the average worker saw an increase of only 12% in their earnings. The big boys never get enough and their greed knows no bounds.
Note; During the 2008 economic recession J.P. Morgan Chase received $25 billion from the U.S. Governments TARP program.
This commentary written by Joe Lorio
No comments :
Post a Comment