"[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.
Arkadyevitchizing America since 2006
By the time you panic, it is way too late -- Lee Raymond, New York Times, July 6, 2008
Every gun that is made, every warship launched, every rocket fired, signifies a theft from those who are hungry and not fed; from those who are cold and not clothed. This world-in-arms is not spending money alone; it is spending the sweat of its laborers, the genius of its scientists, the hopes of its children. Dwight D Eisenhower, 11/16/53
Wednesday, March 12, 2008
Closing the barn door
JP Morgan Chase is shocked -- shocked! -- to learn that there's been gambling in this establishment.
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