Via Occupy London
I’ve never watched DucK Dynasty, and I certainly don’t care if it goes off the air. That said, the old bearded hillbilly has the First Amendment right to say what he wants. BUT, that Amendment does NOT guarantee him a permanent spot on TV if he says something stupid. In addition, the same right that allows the redneck to say what he wants, guarantees that I can criticize him, and/or call him an ass-backward, superstitious and ignorant Luddite. Now, can we talk about something important, please?
Via Greg Palast
Revolving Door Sham: JPMorgan CFO Admits $7 Billion of DOJ Settlement is Tax-Deductible
by Mark Karlin | Truthout
To hear the number $13 billion dollars as a fine in the much-leaked-but-finally-announced Department of Justice (DOJ) settlement with JPMorgan Chase is meant to imply that the DOJ is getting tough on Wall Street. After all, $13 billion dollars is a jaw-dropping pile of money.
In reality, it is, according to The New York Times only “half the bank’s annual profit.” As BuzzFlash at Truthout has pointed out in the past, that still means roughly $6.5 billion dollars in profit for the behemoth financial institution, no apparent cut in the oligarchical compensation of the likes of JPMorgan’s chief executive, Jamie Dimon, and no major changes in the salaries or composition of Dimon’s executive team.
Furthermore, the NYT reports that “Marianne Lake, JPMorgan’s chief financial officer, emphasized that $7 billion of the settlement was tax-deductible.” In addition, as BuzzFlash reported in an earlier commentary, JPMorgan may — if you can believe this — may receive several billions of dollars in FDIC coverage that would offset as much as a third of the $13 billion fine.
Read the full story here:
Image courtesy of OccupyLA
FREEDOM GLORY PROJECT LIVE @ MERCURY LOUNG JULY 19th DOWNLOAD SONG at www.freedomgloryproject.com “Freedom, Glory, Be Our Name” written by Johnny B Performed…