“So you’ve managed to create AAA and BBB securities out of a pile of stinky, risky mortgage loans. Boss, you are a genius.” By way of Web Goddess, the Subprime mortgage fiasco, explained with profane stick figures.
Tag: JP Morgan
Send back the blood-stained money.
“‘I’m sorry, sir,’ he said to me. ‘I’m sorry for what she’s done.” As pointed out in lecture this afternoon, today’s NY Times includes an editorial on the corporate divulging of ties to Antebellum slavery, spurred by this recent letter of apology at JP Morgan-Chase: “We all know slavery existed in our country, but it is quite different to see how our history and the institution of slavery were intertwined. Slavery was tragically ingrained in American society, but that is no excuse. We apologize to the American public, and particularly to African-Americans, for the role that Citizens Bank and Canal Bank played during that period.” Interesting…research projects into corporate complicity such as this one will hopefully add further impetus for the creation of a National Slavery Museum in the relatively near future — As a whole, we Americans should do a better job in recognizing and remembering our national Original Sin, and I think such a museum would be a great step in that direction. (In fact, the museum really should be on the Mall, not in Fredericksburg, VA.)
The Next to Fall?
The plot thickens…just when the stock market really doesn’t need any more bad news, turns out Citigroup helped Enron evade the law to clear $125 million in debt. Shameful…struggle to get by, and Citibank screws you with exorbitant credit interest rates. Live on the high hog, and they cut you an (illegal) sweetheart deal. Update: J.P. Morgan is in the mix too.