A Democratic Senator had the gall to tell JPMorgan CEO Jamie Dimon that his bank would not still be in existence without BIG taxpayer support. An unhappy Dimon roared back that the government made JPMorgan take the money and JP Morgan didn't need it. Right, that's why:
At least some of the billions of dollars that JPMorgan Chase lost gambling on credit derivatives once belonged to you....
JPMorgan Chase continues to get loads of free government money -- probably $14 billion per year, according to number-crunching by Bloomberg, based on an International Monetary Fund study. Bloomberg's editors write:
"The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy."
Fourteen billion dollars? That's a lot of cufflinks! The number is based on an IMF estimate of the benefit JPMorgan gets in the bond market from the assumption that the government will make JPMorgan's creditors whole in the event of another financial catastrophe.