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What makes this especially disgusting is that JPMorgan doesn't fundamentally do anything to earn the vast majority of what it does. Apple earns billions but at

What makes this especially disgusting is that JPMorgan doesn't fundamentally do anything to earn the vast majority of what it does. Apple earns billions but at least it designs, builds and delivers millions of tangible products that people love and use daily -- beautiful tools. JPMorgan, like many similar banks and Wall Street type entities, is essentially just a financial organism that has inserted itself into the world's money flows, and, for the most part, does not provide any tangible benefit to the rest of the society. If anything, I think it increases risk to society: greater chance of national economic crises, greater chance of wars driven by profiteers, distortions to the political debate and governance, etc.

tsotha 14y ago
What makes this especially disgusting is that JPMorgan doesn't fundamentally do anything to earn the vast majority of what it does. Why is this "disgusting"? As long as they don't come to the taxpayers for a bailout it's somebody else's problem, namely JPM shareholders.
- jaydub 14y ago
  Certainly there is value in facilitating the "world's money flows"? Agreed that using taxpayer money to gamble is "disgusting" but surely the companies that do the things we all know and love (google, apple, etc) have benefited from the capital markets, and thus big banks like JPM. Without being public companies could google and apple have become what they are today?
Rhino55 14y ago
You have no understanding of modern economies, and you should not have posted this comment. Wall St. is run and operated by greedy people who invest money to make a profit. This is what they do, and it indirectly benefits society in many ways. Don't comment here or anywhere else if you can't be bothered to do a little research.
mynameishere 14y ago
Investment banks do serve a purpose though. If you need multi-billion dollar financing for a new project, the local credit union isn't going to help.
- Retric 14y ago
  Plenty of company's use several banks at the same time so assuming you can get loans in the 300+ million range from mid sized banks it only takes 10 of those to get into the range where 3+ billion range. Is it slightly more efficient to deal with a single entity, sure but the overhead of multiple 100+ million loans is tiny relative to whatever your actually using the money for.

tsotha 14y ago

What makes this especially disgusting is that JPMorgan doesn't fundamentally do anything to earn the vast majority of what it does. Why is this "disgusting"? As long as they don't come to the taxpayers for a bailout it's somebody else's problem, namely JPM shareholders.

jaydub 14y ago
Certainly there is value in facilitating the "world's money flows"? Agreed that using taxpayer money to gamble is "disgusting" but surely the companies that do the things we all know and love (google, apple, etc) have benefited from the capital markets, and thus big banks like JPM. Without being public companies could google and apple have become what they are today?

Rhino55 14y ago

You have no understanding of modern economies, and you should not have posted this comment. Wall St. is run and operated by greedy people who invest money to make a profit. This is what they do, and it indirectly benefits society in many ways. Don't comment here or anywhere else if you can't be bothered to do a little research.

mynameishere 14y ago

Investment banks do serve a purpose though. If you need multi-billion dollar financing for a new project, the local credit union isn't going to help.

Retric 14y ago
Plenty of company's use several banks at the same time so assuming you can get loans in the 300+ million range from mid sized banks it only takes 10 of those to get into the range where 3+ billion range. Is it slightly more efficient to deal with a single entity, sure but the overhead of multiple 100+ million loans is tiny relative to whatever your actually using the money for.