Risk-taking is back for banks 1 year after crisis_(or where YOUR TAX money is going)

ap ^ | 9/13/09 | Stevenson Jacobs

[Flavius]

Goldman Sachs, JPMorgan Chase and others -- which have received tens of billions of dollars in federal aid -- are once more betting big on bonds, commodities and exotic financial products, trading that nearly stopped during the financial crisis.

[Flavius]

[Wolfie]

Why wouldn’t they? They know they’ll be bailed out.

[quintr]

I would like to know just how much of the bailout money was sent to lobbyists or politicians’ campaign funds.

[Oldexpat]

Stay away from doing business the big Zombie banks. They are a den of thieves. A neighbor submited his application for a refi of 30% of the value of his house into a fixed rate 30 year loan. He has been waiting four months now and still hasn’t gotten an aswer or the loan. He paid $750 up front for an appraisal that was done in a week and fees..but no answer. The Chase people keep saying wait another couple weeks we are swamped.

[DrC]

“I would like to know just how much of the bailout money was sent to lobbyists or politicians’ campaign funds.”

Congress would far rather rant and rave about corporate bonuses than try and “follow the money” to uncover this kind of routine corruption.

You can rest assured no bailout bill would have been approved if
a) any members of Congress who received campaign funds from a bailout recipient during the past 5 years were barred from voting on the bill (on grounds of conflict of interest) unless they had paid back any amounts received; or
b) bailout recipients were banned from making political contributions to Congress until they had paid back all funds received plus interest calculated at the prime rate of interest. For recipients unable to pay back bailout amounts, this ban would last 5 years.

[ntmxx]

Why won’t they...they’ll get it right this time. Besides, they have it figured out...being intertwined as “Friends of Government” allows them to use the treasury as their personal insurance company.