I would like to thank Occupy Atlanta for making JP Morgan Chase truly follow their slogan of "Going the extra mile for our veterans". The link to the story is below.
Occupiers force JP Morgan's hand
Showing posts with label JP Morgan Chase. Show all posts
Showing posts with label JP Morgan Chase. Show all posts
Thursday, December 22, 2011
Friday, September 30, 2011
Bank fees = Anti Business
The message sent from the banking industry to businesses and consumers has been received. Their need to feed their bonus machine is more important than allowing businesses and consumers to keep their money and be better capitalized to expand the economy. Consumers and businesses that use their debit cards are now going to pay for a bank executive's bonus instead of paying more for expenses or saving.
The idea that banks will not be able to function or make plenty of money without this fee is a lie. The idea that they are doing this because of restrictions on fees they charge businesses totally and completely validates the argument that they are looking out for their own profits before anyone else's. It is another scheme to protect their bonuses and will as has been the pattern of the last 7-8 years be detrimental to the economy as a whole.
I just hope bank executives remember that they took away money from the economy and individuals in order to receive their bonus. Congratulations.
The idea that banks will not be able to function or make plenty of money without this fee is a lie. The idea that they are doing this because of restrictions on fees they charge businesses totally and completely validates the argument that they are looking out for their own profits before anyone else's. It is another scheme to protect their bonuses and will as has been the pattern of the last 7-8 years be detrimental to the economy as a whole.
I just hope bank executives remember that they took away money from the economy and individuals in order to receive their bonus. Congratulations.
Thursday, September 29, 2011
Another revenue gimmick for Banking Industry
In another move to take away money from business and consumers, the banking industry is about to put on a fee for simply using a debit card. The story is from AP via Yahoo!.
This is just another example of how banks are more in business for themselves than in it to grow business. Ridiculous!!!!!
This is just another example of how banks are more in business for themselves than in it to grow business. Ridiculous!!!!!
Wednesday, December 1, 2010
Great article on Jamie Dimon
The New York Times has published an article (below) on Jaime Dimon that is worth reading
Jamie Dimon Article
Enjoy!
Jamie Dimon Article
Enjoy!
Tuesday, November 16, 2010
Banks close to doing right
After reading this story below, it makes me wonder again, how much better financially the country would be if they EVER did the right thing instead of the most profitable thing. Their blatant disregard at times while receiving that ridiculous sum of tax money is unbelievable. When will they realize they just have to own up, take the hurt that is coming to their company quickly, and move forward.
But then again, that would hurt their stock price, which reminds me of another company worried about its stock price..........It is no wonder Jeff Skilling is hopping mad about having to be in jail while these executives still are working and receiving million dollar bonuses.
CNBC foreclosure story
But then again, that would hurt their stock price, which reminds me of another company worried about its stock price..........It is no wonder Jeff Skilling is hopping mad about having to be in jail while these executives still are working and receiving million dollar bonuses.
CNBC foreclosure story
Sunday, July 18, 2010
bank earnings and your safety
Hey
Earnings for the previous quarter revealed something very interesting and transparent about the big banks and how they continue to make their money. It is primarily through trading and not through banking activities such as lending. Overall, loan losses were down this quarter at the major banks which should provide a boost to their stocks. But the banks' slowdown in trading and other activities had them lowering earnings levels for the quarter.
The New York Times came out with an article stating how banks such as Citigroup and Bank of America took big hits because their trading desks made less money than desired. JP Morgan Chase released good earnings because they released funds meant for possible loan losses. And anyone who thinks Goldman Sachs is a retail bank needs to explain it to me. They are an Investment Bank that had to switch to retail when the crash occured.
As mentioned before, all of these banks were able to pad earnings this quarter with money previously designated for loan losses that didn't occur. This is not a good development. Why didn't they loan the money out instead? This type of action either shows a lack of confidence in the US economy and you as a possible loanee or they are worried about their stock price and put that above helping to drive the needed growth in the U. S. economy. Son't be surprised if it is the latter.
Where are the loans? We gave these firms 700 billion dollars not just to trade and make money for their shareholders but to be a partner in bringing the economy back by making loans to deserving Americans and their businesses that create jobs. The interest received from those loans is a mere pittance for the government and the country as a whole compared to the long term earnings the government would receive in payroll and other taxes had the banks loaned that money out to deserving businesses instead of trading it.
These activities by the mega banks has brought on a movement of going to local banks because people (myself partially included) know they will see their money in work in their communities creating jobs and revenue. This movement needs to continue to grow until the big banks get the message that not loaning money out to deserving businesses is not acceptable. You will hear the banks say their clients are afraid to expand and at the same time hear those same clients complain about a restiction in credit from banks. I believe the businesses, not the banks.
This post is not a desire to eliminate the big banks. They have some great financial products and an important role in the U.S. economy. It is to get them to realize that there is a public needing its partnership to expand our economy.
Earnings for the previous quarter revealed something very interesting and transparent about the big banks and how they continue to make their money. It is primarily through trading and not through banking activities such as lending. Overall, loan losses were down this quarter at the major banks which should provide a boost to their stocks. But the banks' slowdown in trading and other activities had them lowering earnings levels for the quarter.
The New York Times came out with an article stating how banks such as Citigroup and Bank of America took big hits because their trading desks made less money than desired. JP Morgan Chase released good earnings because they released funds meant for possible loan losses. And anyone who thinks Goldman Sachs is a retail bank needs to explain it to me. They are an Investment Bank that had to switch to retail when the crash occured.
As mentioned before, all of these banks were able to pad earnings this quarter with money previously designated for loan losses that didn't occur. This is not a good development. Why didn't they loan the money out instead? This type of action either shows a lack of confidence in the US economy and you as a possible loanee or they are worried about their stock price and put that above helping to drive the needed growth in the U. S. economy. Son't be surprised if it is the latter.
Where are the loans? We gave these firms 700 billion dollars not just to trade and make money for their shareholders but to be a partner in bringing the economy back by making loans to deserving Americans and their businesses that create jobs. The interest received from those loans is a mere pittance for the government and the country as a whole compared to the long term earnings the government would receive in payroll and other taxes had the banks loaned that money out to deserving businesses instead of trading it.
These activities by the mega banks has brought on a movement of going to local banks because people (myself partially included) know they will see their money in work in their communities creating jobs and revenue. This movement needs to continue to grow until the big banks get the message that not loaning money out to deserving businesses is not acceptable. You will hear the banks say their clients are afraid to expand and at the same time hear those same clients complain about a restiction in credit from banks. I believe the businesses, not the banks.
This post is not a desire to eliminate the big banks. They have some great financial products and an important role in the U.S. economy. It is to get them to realize that there is a public needing its partnership to expand our economy.
Tuesday, April 6, 2010
Dimon's whining
What is Jamie Dimon thinking? As reported in a New York Times article, Mr. Dimon wrote a note to shareholders expressing his displeasure at the way politicians were demonizing big banks.
Now, the bank seems to be very well run. They also seemed to be in the least amount of trouble during the crisis. They didn't need the stimulus and paid it back as soon as possible. These are all positive aspects to JP Morgan Chase's business.
But to whine about politicians who represent the people is not a smart move. I don't remember seeing a thank you note to the government for guaranteeing his bank's purchase of Bear Stearns. This note in the letter to investors makes him look even more detached from what is going on in this country than previously thought. This note makes him look ungrateful to the public for bailing out the industry he is at the highest level of. It could even be considered similar to a let them eat cake comment.
Where Mr. Dimon should whine is Wall Street. To allow other banks to act so irresponsible without any public comments showed a lack of leadership from Mr. Dimon. Why isn't he whining about the banks that caused this mess and put the hurt on the American people. Why isn't he wondering out loud about how much money they caused his bank to lose?
If he really wants to step up to make his business better, he should be cheering for a higher standard of banking which includes better regulation. Looking to blame the politicians when the problem is your colleagues is weak at best. Mr. Dimon needs to be reminded who really caused the mess and who saved his livelyhood.
Now, the bank seems to be very well run. They also seemed to be in the least amount of trouble during the crisis. They didn't need the stimulus and paid it back as soon as possible. These are all positive aspects to JP Morgan Chase's business.
But to whine about politicians who represent the people is not a smart move. I don't remember seeing a thank you note to the government for guaranteeing his bank's purchase of Bear Stearns. This note in the letter to investors makes him look even more detached from what is going on in this country than previously thought. This note makes him look ungrateful to the public for bailing out the industry he is at the highest level of. It could even be considered similar to a let them eat cake comment.
Where Mr. Dimon should whine is Wall Street. To allow other banks to act so irresponsible without any public comments showed a lack of leadership from Mr. Dimon. Why isn't he whining about the banks that caused this mess and put the hurt on the American people. Why isn't he wondering out loud about how much money they caused his bank to lose?
If he really wants to step up to make his business better, he should be cheering for a higher standard of banking which includes better regulation. Looking to blame the politicians when the problem is your colleagues is weak at best. Mr. Dimon needs to be reminded who really caused the mess and who saved his livelyhood.
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