In an unexpected adventure in extra-curricular empiricism, Nocera reported in Saturday’s NYT that he was able to gain access to a recording of an employee-only October 17 conference call by a top (unnamed) executive of JPMorgan Chase, the beneficiary of $25 billion of federal largesse.
At one point in the conference one participant asked whether the $25 billion will “change our strategic lending policy.” The executive then proceeded to spill the beans: “What we do think, it will help us to be a little bit more active on the acquisition side or opportunistic side for some banks who are still struugling.” Translation: “Say what? Lend to folks up to their ears in debt already?! Do we look like morons?? You know as well as I that breakneck financial consolidation has been the name of the game since the early nineties. So have leveraged buyouts. Only the latter are normally accomplished with private money. Now we get to leverage bank acquisitions with public money! Is this a deal or is this a deal?”
For more details, please click on the link to read the article.
The Bailout Lie Exposed: Financial "Big Boys" Never Intended To Lend Out Their Windfall
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