change we can believe in...

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Wall Street controls America

Two must-read articles came my way today detailing how the financial industry has successfully engineered a coup of the government, holding it hostage for its every whim.
First, here’s Marcy Wheeler detailing how the same banks who took taxpayer money are now forcing the automakers to accept draconian bankruptcy terms.
Then read Glenn Greenwald’s lacerating account of the revolving door between lucrative corporate consulting and high-level administration posts that Larry Summers and Tim Geithner are benefiting from.MORE

Chrysler’s Two Options: What JP Morgan’s Insistence on Bankruptcy Will Mean

Yesterday, I pointed to a WSJ report that JP Morgan wants to force Chrysler into bankruptcy rather than make the concessions necessary for a Fiat merger.
There was some uncertainty about what those two different scenarios really mean--and therefore what the impact of JP Morgan's intransigence might be. So this is an attempt to lay out what those scenarios are. Details on these two scenarios come from the viability plan Chrysler submitted on February 17, though some of its assumptions are optimistic and both the VEBA numbers and the secured debt numbers are out-of-date.
The bottom line, though, is this: If Chrysler goes into bankruptcy, it will likely mean 210,000 extra lost jobs and the loss of healthcare for up to 700,000 UAW retirees.MORe

How JP Morgan Chase Intends to profit Off the 300,000 people that it is forcing to lose their jobs

As I pointed out Saturday and yesterday, JP Morgan Chase is reportedly pushing Chrysler into bankruptcy. And as I explained yesterday, that will mean 300,000 people will lose their jobs. So who will be left to bank with Chase in Michigan, you might ask, after JP Morgan Chase forces so many people out of work?
Well, as klynn pointed out, JP Morgan Chase has figured out a way to profit off all the unemployed people it is creating in Michigan. Chase, you see, provides Michigan's unemployment insurance debit cards.
And the services can end up being pretty expensive for beneficiaries. Here's what Chase charges (and will be able to charge those that it causes to lose their job) for use of their debit card.

More than two withdrawals in a 2-week pay period: $1.50 each
Non-Chase withdrawals: $1.50 each
More than one bank teller withdrawal in a pay period: $4.00 each
Transaction denied for insufficient funds at POS, ATM, or teller: $1.50 each
More than one ATM balance inquiry in a pay period: $1.00 for each
Statement delivered by regular mail: 95¢ per statement

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It appears that the bankers investment in our politicians are paying handsome dividends...