Brexit-ers won’t be inviting Jamie in for tea any time soon.
You can’t fix stupid. No, Jamie, you can’t reverse the Brexit!
Dimon’s next comment, as reported by Bloomberg, is the key – Dimon was discussing the results of Brexit and specifically the use of the “passport rule” which currently enables companies with operations in the UK to sell their services to the other 27 nations in the bloc. If the UK can’t win continued use of the passport rule, Dimon said he would be “forced” to consider shifting his 16,000 UK-based staff…
“If we have that passport after Brexit, we likely would not have to make any change at all. But I think the European Union will not accept that. It will put more conditions on the UK and might force banks to become smaller in London.”
However that wasn’t the end, that was actually Dimon setting himself up for this amazing comment – suggesting that Brexit…
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King Jamie, Let them eat cake! lol!
“in desperate need of a bailout as a result of €360 billion in bad loans growing worse by the day”
Doesn’t make you wonder how they can call these “bad loans” when 9 out of 10 people can’t get banks to take their money? We know HAMP was a farce – as Neil Barofsky tells us in Bailout – HAMP just foamed the runway for the banks. And modifications are a real pain to try and obtain, talk about false advertising, misrepresentation and deceit, yeah?
These wouldn’t be bad loans if they’d just let people pay. The problem as I see it Wall Street banks need large injections of cash flow and foreclosure was built into their corrupt patented system to yield cash, whether it be from sales, insurance or government agreements.
American banks have no gold or silver standard to back them – just good old USA properties and debt slaves to chase.
The majority of loans should not be considered “bad loans”. Unfortunately, the American government has allowed the banks to operate under an intentionally devised corrupt computer system. Confiscate the computer systems and destroy the patents. Order the banks and Fannie and Freddie to modify the loans. If the banks cannot live on regular loan cash flow – then collapse the banks.
“Bad loans” – Baugh humbug! Why in the world would a pension fund investor buy into a bulk of mortgages in the first place?! Mortgages are not supposed to be liquid (a requisite for pension investment) and we know the bond rating was rigged.
With all of the weaponized data these banks were able to create, decent homeowners should be pissed that their loan landed in a batch where any loans were questionable. The mixing of quality was intentionally set by the algorithms – so the banks knew they were adding garbage to the bonds. There was no disclosure to the homeowners that they were even being bundled together and the performance of others would impact their own investment.
Homeowners had no choice or chance to inspect the conditions they were forced into. You choose your bank. You choose your neighborhood. You should never be forced into financial integration when it impacts your way of life.
“Bad loans” – bad terminology for an intentionally deceptive, corrupt and fraudulent process with zero oversight.