Our Financial Correspondent Ted LaCombe advises readers to beware the beneficence of Big Banks:
Banks (like JPMorgan Chase) take huge risks with “other people’s money” and when those bets are losers, the U.S. Treasury comes to the rescue. U.S. taxpayers are now on the hook for trillions and banks award record bonuses to their executives. In 2009 JPMorgan Chase reported a profit of $3.6 Billion and then created a ‘Community Giving’ public relations ad campaign, promising to give away $5 million — less than 1/4 of 1% of last year’s profit. I suggest that if you see these ads on Facebook, please click the x next to the ad and list “misrepresentation” as the reason for objecting to this ad. Thanks.
Chase Community Giving Announces 100 $25,000 Winners
Bankers Without a Clue
JPMorgan Chase Reports Strong Profit of $3.6 Billion