Wednesday, March 12, 2008

Closing the barn door

JP Morgan Chase is shocked -- shocked! -- to learn that there's been gambling in this establishment.
"[Home-equity loans were] meant to help people do construction on their house, [and] do debt consolidation -- not to take out every last dollar of equity in their home to finance a different kind of lifestyle," [Charles Scharf, head of J.P. Morgan's retail business] said. J.P. Morgan is "rolling our changes back to represent that kind of product."
Really, you'd think he could have mentioned this earlier.

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