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Political Factoid
JPMorgan [the large Wall Street firm]
sold investment packages
based upon bad mortgages,
without disclosing that the
originator of the mortgages not
only knew they were bad, but was
actively betting against them.
JPMorgan settled a resulting
law suit for $153 million.*
Sort'a like selling used cars
without disclosing that they had been
underwater when the river flooded.
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Mere "pocket change" to JPMorgan's
$5.6 billion first quarter profits
(not to mention their original profits
on the shady sales.)
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