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More good news today: Citigroup Inc. Chief Executive Vikram Pandit abruptly stepped down following a clash with the company’s board over the bank’s strategy and performance, according to people with knowledge of the bank. … The company’s shares fell 89% over Mr. Pandit’s tenure, in part because Citigroup issued billions of shares to repay government [...] UPDATE May 11, 2012 JPM’s long-term issuer default rating was cut by Fitch to A+ from AA-. ___________________________________ JPMorgan Chase & Co. (JPM) said it lost about $2 billion tied to synthetic credit securities after positions taken by its chief investment office were riskier than expected. “This portfolio has proven to be riskier, more volatile and less effective as [...] The Obama Administration and most liberals repeat over and over that TARP didn’t cost taxpayers a dime and that it made money. Yet it is a lie. SIGTARP (Special Investigator General of TARP) says in its latest report to Congress that so far we have lost $60 billion and another $118.5 billion is owed and [...] “The reality… is that banks … support a thick layer of second tier executives, as well as legions of pen-pushing, meeting-loving, middle-and back-office workers who are paid multiples of their worth and contribution, especially compared with other industries.” - Financial Times‟ Lex column, January 19th, 2012. * [...] I just received this email advertisement (below) from Chase Mortgage this morning suggesting that I could refinancing my house for more than 125% of its value. Who can forget Chase’s role in the home mortgage debacle. I recall “Zippy Cheats & Tricks.” I case you don’t recall, the Portland Oregonian uncovered this primer (March 27, 2008) on how [...] By Jeff Harding New York Times columnist and Nobel prize winning economist Paul Krugman says (“The Joys of Sachs”) that record profits are good for Goldman Sachs and bad for the country. Professor Krugman’s view is that the economy has been “financialized” since the “deregulation” of the Reagan Administration. That is, more and more [...] |
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