Thursday, October 24, 2013

Nightmare on Wall Street

I wanted to post these primarily for the very end of the second video. I love how The Daily Show digs out these clips (in this case of Jim Cramer) to demonstrate their points.

Yeah, back then, they thought that JP Morgan Chase made a brilliant bargain. And, as it turned out, that's exactly what happened. They're not paying much in penalties here - not as much as they expected, even before you consider the tax exemptions.

And you know? That's one of the risks you take. They knew the risks, but they knew what an opportunity this was, too. It's not as though they're facing criminal charges. That would be wrong, if it were someone else who committed the crime. But civil penalties? That's part of the cost of doing business.

This is funny, but it's also frustrating to see how much deference financial journalists (supposedly) are giving Rupert Murdoch's Wall Street Journal - especially the editorial page. That was crazy even before the paper was bought by the same people who own Fox 'News.' Afterwards, why should we pay any attention to it at all?

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