The crisis has been good to JPMorgan. As one rival after another collapsed (Lehman Brothers) or stumbled into the arms of governments (Citigroup, BofA, UBS), JPMorgan emerged as a formidable force. Sifting through the rubble of the financial earthquake, Mr Dimon filled in gaps in an international financial conglomerate that spans complex derivatives and saving accounts. In two opportunistic moves last year, it bought Bear Stearns, the investment bank, and Washington Mutual, the regional lender, through cheap government-assisted deals.
[source : Guard of the fortress, FT 13/10/2009]
For an explanation as to how and why this happened please read my letter to the FSA which I published a few weeks ago.
It is all a scam.
The whole thing is a scam, from the source of our money to the derivatives that caused the collapse; A SCAM, PURE AND SIMPLE!
And it can best be summed up in one word; BILDERBERG.
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