JP Morgan

What The Big Banks Have Done To Your Community

From Democracy Now!, Amy Goodman and her crew takes a look the latest Matt Taibbi piece in Rolling Stone Magazine:

“Looting Main Street”–Matt Taibbi on How the Nation’s Biggest Banks Are Ripping Off American Cities with Predatory Deals

In a new article in Rolling Stone magazine, journalist Matt Taibbi takes an in-depth look at the experience of one small Alabama town and its disastrous dealings with Wall Street. Taibbi writes, “The destruction of Jefferson County reveals the basic battle plan of these modern barbarians, the way that banks like JP Morgan and Goldman Sachs have systematically set out to pillage towns and cities from Pittsburgh to Athens.”

The Democracy Now! video is below the fold while the Rolling Stone piece is at the other end of this link and deals with how it all is hurting your school and your local government. To make matters worse for many of these communities they also have to deal with how their local government has been corrupted by bribes from the bankers.

Judge Rakoff Nails JP Morgan

Michael Collins

Federal district court Judge Jed S.  Rakoff called off a J.P. Morgan deal in an order
that revealed the inside track on how the financial giant does
business. The ruling of January 28 prevents Morgan from selling or participating
the $225 million loan it made to Cablevisión, owned in the majority by
Grupo Televisa, one of Mexico's largest telecommunications companies.  (Image)

Cablevisión used the loan to purchase a Empresas Bastel which
operated a major fiber optic network throughout Mexico. While it was no
secret that Morgan would sell the loan to other investors, Judge Rakoff
found that Cablevisión, and its majority shareholder Televisa, had no
intention of allowing it's biggest competitor to control 90% of loan.

Cablevisión sued Morgan after it discovered that the firm had
crafted a loan sales agreement that allowed the Morgan-selected
investor, Banco Inbursa, S.A. (Inbursa), to gain virtually all of
Cablevisión's business secrets in return for purchasing the loan. Banco
Inbursa is owned by Carlos Slim,
the Mexican investor who also owns Telemex, Mexico's largest telephone,
fiber optic, and internet provider. The Slim companies are
Cablevisión's largest competitor for the very business the Morgan loan
was used to purchase, a Mexican business and consumer fiber optic
network.