JP Morgan has no plans to repay bailout money
JP Morgan announced a 2.1 billion dollar profit for the first quarter, unlike it’s rival Goldman Sachs the banking giant did not mention any plans to repay the government money. According to Eric Dash’s report on washington post’s website. (www.washingtonpost.com)
JP Morgan has reportedly made nearly $6 billion dollars in the first quarter, $2.1 billion was categorized as profit, and $4.2 billion was set aside as a cushion, a CUSHION?! While millions of taxpayers are struggling to get by, the banking giant is cozily enjoy its “cushion”. Obviously, the CEO’s of the bank are a bit forgetful-they don’t remember that they need to repay the $25 billion taxpayers money that they got from the government.
Allegedly, when a survey of the nation’s 19 major banks comes out next month, the govenment might pump more money into the banking system! (www.nyt.com) One might wonder, how long can we keep feeding the bad bankers?