DOJ can’t physically go in and just shut down payday lenders, ammo manufacturers, and tobacconists (yet), but they can flood the companies which process payments for these businesses with requests and compliance paperwork to the point where business can’t be done. And that’s what they are doing.
I liked GE so much better when all I thought they made was light bulbs.
Ah yes, JP Morgan. Friends and frenemies with this White House. Jamie Dimon is held up publicly by the administration for a few days in an orchestrated PR move, then Dimon flies back to New York, he and his company in the clear. Dimon was never going down. JP Morgan certainly wasn’t.
The New York Times reports that JP Morgan hired the sons and daughters of high level Chinese officials in order to buy access and to generally curry favor in the land of the Red Dragon.
I just can’t believe it. There’s shadiness, outright corruption in the Chinese banking system?
Politicians extort protection money from companies to live large. Pay or be punished.
“My administration is the only thing between you and the pitchforks.” – Barrack Obama March 27, 2009
The president was speaking to the heads of America’s largest banks in the White House shortly after his election. At this extraordinary meeting, Obama and his administration made it very clear that the big banks would play ball or have problems.
The CEOs of the big banks genuflected, as was wise. Jamie Dimon, Ken Lewis, and others knew what was expected of them. The play for these men was to roll over, which they did. And to write checks to Democrats, which they did.
They had already written big checks to Obama in the 2008 campaign. Wall Street piled onto the Obama bandwagon when things began to look obvious. Goldman Sachs employees for instance were Obama’s largest contributor after the University of California system. JP Morgan and Citi were not far behind.
They all got protection from the “pitchforks,” courtesy of President Obama. In particular, they got protection from legal actions connected to the Crash.
The government waited until after the 2012 election to get maximum presidential campaign money out of these companies. Now however these trials 1) allow the government to get billions from the same companies, always useful for the government and 2) remind the same companies that their survival depends on their keeping up the campaign cash. Otherwise the statute of limitations would take effect and companies might stop giving
As we have noted before, Eric Holder’s crusade against the voucher program in Louisiana hurts children and parents who want a better life for their children. This is not about racial equity, this is about failing schools not wanting to lose the good kids (with better test scores which determine funding) they have. This is about teachers and administrators keeping their jobs. It’s not about the children. It’s about the adults. It’s not about justice. It’s about appeasing an important voting block. A block which it appears is more important than parents.