For those who opposed the massive bailout, a report in the New York Times may be little surprise. A reporter was able to get into a telephone conference call with JPMorgan Chase to hear executives discuss the $25 billion it received from Congress. Just four days after the bailout, JPMorgan Chase’s chief executive, Jamie Dimon held the conference call during which an executive admitted that Chase has no intention to use the money to make new loans but instead will use it to try to take over other companies.
The critical moment on the Oct. 17th call came when someone asked “Chase recently received $25 billion in federal funding. What effect will that have on the business side and will it change our strategic lending policy?”
Here is the response:
“Twenty-five billion dollars is obviously going to help the folks who are struggling more than Chase. What we do think it will help us do is perhaps be a little bit more active on the acquisition side or opportunistic side for some banks who are still struggling. And I would not assume that we are done on the acquisition side just because of the Washington Mutual and Bear Stearns mergers. I think there are going to be some great opportunities for us to grow in this environment, and I think we have an opportunity to use that $25 billion in that way and obviously depending on whether recession turns into depression or what happens in the future, you know, we have that as a backstop.”
I feel much better.
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57 thoughts on “JPMorgan Chase Executive Admits that Bailout Will Be Used Not To Make New Loans But to Buy Other Companies”
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they are little piggies, cut throats, & greedy………
As for the bailouts, they should have never received it. Also, the modifications that they giving out so to speak; THAT IS ONLY A BANDAID, TEMPORARILY. THEY LOWERED MY APR. BUT STILL BACK WHERE WE WERE 4 YEARS AGO. LIKE I SAID, ITS ONLY A BANDAID…
JP Chase received a bailout from the taxpayers and did not give me a modification on an SBA loan, as well as their customer service was rude and abusive. Therefore, I have added them to protest blog named piggybankblog.com, which also has Bank of Abusing America on it. Therefore, I am looking for a JP Morgan Chase customer who would like to be in charge of the piggybankblog.com Chase protest. If you are interested, please do not hesitate to contact me at firstname.lastname@example.org.
I always think of Bank of Abusing America and JP Morgan Chase when I hear this song:
Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.
Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.
In their ties with all their backing
They don’t care what goes on around
In their eyes there’s something lacking
What they need’s a damn good whacking.
Everywhere there’s lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.
Divided we might have fallen America, BUT UNITED WE MUST STAND!
My name is John Wright AND I AM FIGHTING BACK!
Milo, we can’t just seize them because that’s commie %$$ and this is free enterprise (even though in free enterprise business that fail, well… FAIL!)
I suppose we could let them fail. This is a very entrepreneurial country with lots of smart businessmen. New banks would spring up and have better, more responsible behavior so as to not make the mistakes of their predecessors. This whole bailout thing is just rewarding bad behavior and as expected, their behavior has worsened.
This whole thing about using taxpayer’s $25B for mergers and acquisitions and having it as a reserve makes me sick!! Specially since they are dealing a HEAVY HAND at the very same taxpayers who could use a little help right now.
I agree with Hooch, it’s time to vote out the incumbents who are tight with businesses that are sticking it to us.
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