They get rich,.. you get screwed

z-z-Z's picture
They get rich,.. you get screwed


McJ's picture

There are no words

There are no words ... it makes my head explode...

"They say that patriotism is the last refuge to which a scoundrel clings. Steal a little and they put you in jail. Steal a lot and then they make you king" ~~Bob Dylan~~

z-z-Z's picture

Chase/Manhattan's parent company - JP Morgan/Chase

The Chase National Bank acquired a number of smaller banks through its Chase Securities Corporation throughout the 1920s. Its most significant acquisition though was the Equitable Trust Company of New York in 1930, the largest stockholder of which was John D. Rockefeller Jr.[5] This made it the largest bank in America and indeed the world.

Chase was primarily a wholesale bank, dealing with other prominent financial institutions and major corporate clients such as General Electric (which had, through its RCA affiliate, leased prominent space and become a crucial first tenant of Rockefeller Center, rescuing that major project in 1930). The bank also is closely associated with and has financed the oil industry, having longstanding connections with its board directors to the successor companies of Standard Oil, especially Exxon Mobil.

Recent acquisitions
In July of 1996 The Chase Manhattan Bank was purchased by Chemical Bank of New York, who had recently acquired Manufacturers Hanover Corporation. The name Chase Manhattan Corporation was retained, as the name was better known globally, although the state charter remained that of Chemical Bank. The subsequent acquisition of J.P. Morgan & Co. by the Chase Manhattan Corporation was completed in December 2000. The combined company was renamed JPMorgan Chase & Co. The bank also acquired Bank One in 2005, making Chase the largest credit card issuer in the US.


Fabulously wealthy, prosperous and profitable transnational corporations still seek corporate welfare and demand to be subsidized by the general taxpayer, exploiting the financial repercussions of 9/11 to their best advantage by demanding tax breaks after the collapse of the WTC.

Government subsidies and incentives
BBC News reported that JPMorgan Chase struck a deal to receive large incentives and subsidies from the City of New York and the State of New York to ensure that the company does not follow through on threats to leave downtown New York for Connecticut.[7] While there are other companies that have received similar incentives to stay in New York's Downtown after 9/11, BBC News reports that this is the largest deal of its kind to date. A quote from the BBC article:

New York City officials have already paid Goldman Sachs $650m (£330m) to build new offices in Battery Park City. [...] But the paper says that JP Morgan Chase will receive an even better deal, with tax breaks, discounted electric power and rent subsidies worth $100m from city and state authorities. And it says that rent subsidies will amount to $50m per year for 15 years, or $750m. JP Morgan Chase is a huge, and very profitable company.


Lest we forget JP Morgan/Chase was allowed by the New York Federal Reserve Bank (a privatized Central Bank owned by the Rothschilds and Rockefeller Empires among other elites) to gobble up the investment banking house of Bear and Stearns. Twelve months ago Bear and Stearns was valued at $200 billion at over $160.00/share - a few days ago the Rockefeller owned powerhouse JP Morgan/Chase "rescued" B&S at $2.00/share with a valuation of now around $200 million.

Can you say consolidation of the wealth/redistribution of wealth - any assets of value into the hands and wallets of the super wealthy, super rich. Oligopolies so love monopolistic business practices - crushing any competition pays so handsomely once you have cornered the marketplace.

z-z-Z's picture

Whistleblower at J.P. Morgan /Chase

Same thing His Bu$hliness was implicated in at Arbusto and then Harkin Oil Companies, - Insider Trading. But "Poppy Seed bu$h " got the SEC to backdown and his evil spawn was given a pass from his criminal activities.


Whistleblower exposes insider trading program at JP Morgan
From Wikileaks

Jump to: navigation, search

Description of JP Morgans stock program from page 21 of the leaked document.LEGAL INSIDER TRADING IN THREE EASY STEPS, BROUGHT TO YOU BY JP MORGAN AND THE SEC

Monday March 17, 2008

A confidential memo obtained by Wikileaks shows that not only has the U.S. Securities and Exchange Commission created an insider trading loophole big enough to drive a truck through, but that Wall Street is taking full advantage of it, establishing 'how-to' programs and even client service divisions to help well-heeled clients circumvent insider trading regulations.

Most of us think of insider trading as illegal. It allows those with inside knowledge to tilt the playing field, with the small investors invariably losing to the privileged few. Unfortunately for the small investor, the big boys get to play by different rules, and it has all been made legal, thanks to the SEC.

In 2000 the SEC promulgated Rule 10b5-1. The new Rule was designed to address the confusion caused by a series of court decisions that had left investors uncertain about what constitutes insider trading. Rule 10b5-1 was designed to "clarify" what constitutes illegal insider trading.

But top Wall Street houses were not to be deterred from advantaging their big clients at the expense of their small ones. Wall Street firms like JP Morgan found loopholes in Rule 10b5-1 that allowed them to continue trading on inside information "legally." Indeed, JP Morgan has gone so far as to set up an entire 'selling program' within its Securities division to help their clients profit from the loophole.