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JP Morgan Records Largest Profit Ever, While Community Devastated By Its Predatory Lending Sheds 1,000 Workers

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Post by Guest Mon Jun 13, 2011 10:44 pm

http://thinkprogress.org/economy/2011/06/13/243390/jefferson-county-jp-morgan/

One of the many tragic stories of the Great Recession involves Jefferson County, Alabama. As Matt Taibbi explained in an article in Rolling Stone last year, mega bank JP Morgan Chase used a predatory refinancing deal on sewer bonds to reap billions while the local area was financially devastated.
Now, Jefferson County, still reeling from the effects of JP Morgan’s dirty deals, is moving to place nearly 1,000 public workers on administrative leave without pay, as the state Legislature failed last week to come to the municipality’s aid with any fiscal support. In doing so, the county hopes to save “just over $12 million.”

I put this in the venting forum because Its infuriating and Im sure we will all vent about it!!!

I am so sick of this!!
MAD

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Post by Guest Mon Jun 13, 2011 11:14 pm

Disgusting. If anyone really wants to get fired up watch Too Big to Fail. I think there were alot of people who really were not all that smart running the financial end of this country.

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Post by Guest Tue Jun 14, 2011 1:18 am

Right on point MaryKay, I worked in banking 27 years, you wouldn't believe some of what I have seen. That show American Greed doesn't even do justice! JP Morgan Records Largest Profit Ever, While Community Devastated By Its Predatory Lending Sheds 1,000 Workers 3786100813

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