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May 23, 2012

JP Morgan's $20 Million Buys Politicians & So Much More

Dana Milbank’s column in today’s Washington Post lays bare the lies of JP Morgan and CEO Jamie Dimon that they support most of financial reform.  The truth is that they have done and do everything possible to kill, gut and weaken it.  Like the old saying, follow the money or don’t watch their lying lips, watch where they put their money. 

Milbank shows what they’ve got for their $20 million in campaign contributions & lobbying over the last 3 years, which doesn’t even include all the other millions if not tens of millions $$$ they funnel through allies, front groups, purchased academics, etc., or the millions more for advertising, PR spinners and sundry other mouthpieces (often disguised as independent or not obviously on the payroll). 

It’s this massive, multi-part influence industry that JP Morgan, Jamie Dimon and all of Wall Street use to make sure Wall Street wins and Main Street loses.  That influence industry is what is killing financial reform and keeping taxpayers on the hook for future bailouts of Wall Street after they again stuff their pockets with riches that would embarrass Croesus and stick everyone else with the bill.

Here’s Milbank’s lead:

“JPMorgan Chase has spent upward of $20 million on lobbying and campaign contributions in the past three years. On Tuesday, the bank received a healthy dividend on that investment.”

“Its chairman, Jamie Dimon, has admitted that the firm was “sloppy” and “stupid” in making trading bets that lost $2 billion. But Republicans on the Senate Banking Committee wouldn’t hear of it; they preferred to blame government.”

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