Thread: Why do these muthafu's make me sick? JP MORGAN

JPMorgan reports huge profit rise

Posted 11 hours 27 minutes ago
Updated 10 hours 46 minutes ago
The results reflect new vigour in the industry after more than a year of crisis (AFP: Timothy A Clary)


JPMorgan Chase has opened the earnings season for banks a hefty jump in profits, highlighting renewed health in a sector under intense scrutiny for its pay practices.
The New York-based financial giant, the second largest bank in the US by assets, quadrupled its fourth quarter net earnings to $US3.27 billion ($3 billion) and doubled its profits for the full year to $US11.7 billion.
The results reflect new vigour in the industry after more than a year of crisis, but were expected to fuel public resentment over hefty profits and compensation in a sector bailed out by the government.
Much of the US economy continues to struggle and unemployment remains high.
JPMorgan's chairman and chief executive, Jamie Dimon, said in a statement he is "gratified" by the results but laments that they "fell short of both an adequate return on capital and the firm's earnings potential."
"While we are seeing some stability in delinquencies, consumer credit costs remain high, and weak employment and home prices persist. Accordingly, we remain cautious," he said.
The profit for the quarter amounted to 74 cents a shares, better than the 62 cents expected by analysts.
Revenues in the period rose to $US25.2 billion from $US19.1 billion a year earlier for the banking group, one of the strongest to emerge from the global financial crisis.
For 2009, the profit was $US11.7 billion on $US100.4 billion in revenues, up from earnings of $US5.6 billion in 2008 on revenues of $US67.3 billion.
The results come with banks in focus for hefty executive pay schemes, which some blame for encouraging risky practices that led to the global crisis.
The JPMorgan Chase earnings report does not include specific bonus amounts, but reports have indicated many banks are set to pay record bonuses.
A Wall Street Journal analysis has found Wall Street banks and securities firms were on track to pay employees $US145 billion for 2009, a record amount.
US President Barack Obama says a proposed a tax or fee to be assessed on major banks that would recoup the government's bailout for the sector.
"We want our money back and we are going to get it," Mr Obama said.
He said his determination "is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people."
Citi is set to report its results Tuesday followed by Bank of America on Wednesday.
- AFP

"We want our money back and we are going to get it," Mr Obama said.

we'll see won't we ?

Yes sir, here JP baby was given 29 billion dollars and then raised my interest on money owed from 12% to 15.27 percent on cards I had thru 3 different bank takeovers, never had a late, never had a minimum and they said I had to pay 3.27% more interest and my cards were put on variable interest instead of fixed with a charged annual fee.
My only recoarse wes to refuse to pay.which I did but didn't seem to hurt em any.

Now the Jig is up and he says that they got to repay 29 bllion dollars,, but why when he has done nothing else he promised he was going to do for the year he shot off his mouth and got his ass in the big chair with the printing press' at his disposal.

Fuck a Wild Man....

yeah

" Mission Acomplished "



why do you hold want to hold abama to his promises when none of the previous office holders have kept theirs ?

you think because he is black he should do as you tell him ?

Foxes asking foxes to watch the chookie coop.

Originally Posted by jandajoy

The results come with banks in focus for hefty executive pay schemes, which some blame for encouraging risky practices that led to the global crisis. The JPMorgan Chase earnings report does not include specific bonus amounts, but reports have indicated many banks are set to pay record bonuses. A Wall Street Journal analysis has found Wall Street banks and securities firms were on track to pay employees $US145 billion for 2009, a record amount. US President Barack Obama says a proposed a tax or fee to be assessed on major banks that would recoup the government's bailout for the sector. "We want our money back and we are going to get it," Mr Obama said. He said his determination "is only heightened when I see reports of massive profits and obscene bonuses at some of the very firms who owe their continued existence to the American people."

Please watch "Capitalism-A Love Affair" It explains all of this shit. Quite funny seeing Michael Moore driving an armoured car up to these wall street banks and demanding the taxpayers money back.

^ It's the New World Order isn't it?

JP MORGAN...CHASE MANHATTAN..go and do a fucking google on these..

Obama's going to introduce a bank tax for investment banks - mostly - which will get the US taxpayers the estimated $90Bn back that they invested to save the bastards. Nine-ty B I L L I O N dollars. That makes other similar efforts like the British "tax on bonuses" look like Mickey Mouse money. No country is going this far - the US is basically saying, we're going to get it all back, end of story.

I, for one, am incredibly happy about that. Gleeful, even. It's simply the right thing to do because otherwise the US would be a system where profits are private and losses are socialized, and that is a system that can not work.

This is a guy who volunteered for social services as a young man - he has no sympathy for the banks.

The money is coming back and there's absolutely nothing US based banks, or even foreign banks with subsidiaries in the USA can do about it.

Originally Posted by Norton

Originally Posted by Mid

we'll see won't we ?

The "government" will get it's money back but the bank tax rate is so low it will take about 10 years. The government getting it's money back is not the same as the "Tax Payer" getting money back. Banks will simply factor the tax into their costs and pass it on to bank users, aka the taxpayer.

Don't think so - the way the taxes are structured is that the vast majority is on investment banks. There are no "users" to pass costs on to. The taxes are just going to eat into the profits. If you invest your money, and you have to pay some tax on profits, there's nothing to pass on - it's just an investment that isn't as good as it would be without taxes. Doesn't even matter if you increase fees or whatnot - in the end it's X amount invested and a return rate Y.

The retail banks where you have your account for one didn't need as much bailing out, and on the other hand aren't going to be affected by this new tax very much.

There's probably also going to be regulation to separate investment and retail banks which makes a lot of sense.

I gave up that middle class morality crap a long time ago; you know, work hard, be honest, do not cheat, pay your taxes, be religious and be patriotic. Screw it, if I did not have a retirement pension, I'd become a criminal.

Originally Posted by BobR

if I did not have a retirement pension, I'd become a criminal.

it might be a good idea to start your research now

pension funds might not manage to stay solvent.

Those who control the money control the world.

Do any of you really think we have a chance ? NO.

Check who are the financial controllers in the U.S. all Zionist entities bent on world control Bilderberg group all Zionist and neo facist controlled.

Adoluux Huxley and his ''Brave New World'' are just around the corner my friends.

We need to fight the control freaks who threaten our very lives as we know them now.

People haven't even started paying for the crisis yet. In fact, for the most part, folk have been benefiting from it due to lower borrowing rates.

If you feel angry now, just wait till the check-bin arrives. The biggest austerity squeeze of your lives is about to begin.

ferkin unbelieveable, enough money to live how many lifetimes, there is no justification for this greed..these people have left the real world a long time ago, its time for all govt/shareholders to start capping these ridiculous blow out of bonuses and salaries

Check out the Rothechild family Roughly translated it means red sheild Say no more

Originally Posted by Norton

Without serious bank reform/regulation it will remain a no win for the taxpayer (citizen).

they need to be separation between the utility function of a bank (deposit, loans) and the speculative function they run as an hedge fund with their equity and internal funds. That was the idea of the governor of the Bank of England, which is a fantastic idea and the true and only reform to be made. The bonus reform will never happen for too many technical and political reasons.

Originally Posted by The_Ghost_Of_The_Moog

People haven't even started paying for the crisis yet. In fact, for the most part, folk have been benefiting from it due to lower borrowing rates.

If you feel angry now, just wait till the check-bin arrives. The biggest austerity squeeze of your lives is about to begin.

it would seem logical, however, the loss, like the gains, were virtual, so I am not sure if the impact will be that strong, unless of course you were a Lehman client or had millions in Hedge funds or Madoff.

The real crisis is the energy crisis, and yes it could have much more impact in real terms. What I find funny, is that nobody is really talking about the supply shock and they are all focusing on the spectacular "financial" crisis, while missing entirely the big white elephant in the middle of the room. It's almost like some would like to cover up the true cause of the recession and put the blame on something else. Almost too good to be true.

Are we are heading for a double dip ? difficult to say. We need to wait another 6 months. The trouble is we can't rely on GDP figures and CPI from the different agencies, they are all manufactured. China is quite guilty in that regard, all their number are bogus. Can't believe some analysts are putting any weight into those.

Bastards.




Outrage at Goldman Sachs' 57 percent pay rise for bankers


22/01/2010 12:00:00 PM


By Emma Thelwell, ninemsn Money
Goldman Sachs has awarded its bankers a 57 percent pay rise after its annual profits skyrocketed almost sixfold last year to $13.4 billion (US$12.2 billion).
Raising further fury over fat-cat pay, the banking behemoth revealed yesterday that the average employee at the bank pocked $554,000 in salary and bonuses in 2009 – an increase of $202,000 on the previous year.
Goldman paid out a total $17.83 billion in 'Golden Sacks' compensation and benefits to its employees. The group has around 32,500 staff across the globe.
The bank's forecast-busting 2009 profits, up from $2.25 billion in the previous year, have drawn heavy fire from across the globe.
The vast windfalls were reported as US President Obama unveiled landmark plans to curb the size and the risk-taking of the banking sector.
"Never again will the American taxpayer be held hostage by a bank that is too big to fail," Obama said yesterday.
Mr Obama has introduced a tax, dubbed "Spank the Banks", which will net $125 billion over a decade, in a bid to curb the "obscene" bonus culture.
Banks will be forced to quit their "casino-style" bets, he said, while some of the larger institutions may have to break up.
"If these folks want a fight, it's a fight I'm ready to have", Mr Obama said.
Stocks on Wall Street took a tumble after his comments, which hit the Australian market today, dragging shares back 2 percent by midday.
Goldman Sachs' chief financial officer David Viniar is reported to have insisted that the banking giant had shown "restraint".
In a bid to calm public fury, Mr Viniar pointed out that Goldman has donated $575 million to charity, directly from its bonus pot.
Meanwhile, the UK's new 50 percent 'supertax' on bonuses is reported to have resulted in huge curbs on payouts for Goldman's 5,500 London employees.
Politicians in the UK nevertheless slammed the bonus payouts as "incredulous".
John McFall, a Labour MP, told The Daily Mail: "People think they're living in Alice in Wonderland world."
Goldman, which accepted $11 billion of US taxpayers' aid during the financial crisis, has borne the brunt of the criticism over pay cheques.
The bank's employees were the best-paid bankers on Wall Street for 2009.
However, Mr Viniar said: "We are not blind to the economic environment and the pain and suffering that is still going on around the world.
"We're not deaf to the calls for restraint. We heard them."





Outrage at Goldman Sachs' 57 percent pay rise for bankers

Time to break up those banks I think,

will see how long those bonus will last

Originally Posted by jandajoy

"We're not deaf to the calls for restraint. We heard them."

And totally fokin ignored them

Why do these muthafu's make me sick? JP MORGAN

jealous ?

Originally Posted by kingwilly

jealous ?

Nope.