Sly New York Times journalist Joe Nocera got to listen in on a JPMorgan Chase conference call in which all our worst fears are confirmed.
Apparently an unnamed Chase executive told employees that no, they probably won't be lending any of their $25b in government money to taxpayers who need loans. Instead, they'll be making a fuckload of 'acquisitions' which will represent 'growth' and give Chase a 'backstop' in case the economy happens to get even worse.
Insert screaming, sobbing, gnashing of teeth.
Saturday, October 25, 2008
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