JPMorgan's $14 billion per year subsidy from the US govt
Jul 02, 2012
Bloomberg reported this two weeks ago:
When JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon testifies in the U.S. House today, he will present himself as a champion of free-market capitalism in opposition to an overweening government. His position would be more convincing if his bank weren’t such a beneficiary of corporate welfare.
To be precise, JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by theInternational Monetary Fund and our own analysis of bank balance sheets. The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy.
Perhaps we should ask Chief Justice Roberts. He would likely say, "It's not a subsidy; it's a tax." Should not the US government pay a tax to support the secret government above it?
Perhaps a tax revolt would be in order.
Dr. Stephen Jones