Thursday, April 8, 2010
Man Counting Money? Foreclosures! "It's a Beautiful thing."
you better be sitting down................
source: Christopher Whalen, of Institutional Risk Analytics:
"J.P. Morgan got a great deal on WaMu, which it bought out of receivership for 3 cents on the dollar. Every time WaMu does a foreclosure, J.P. Morgan makes money. WaMu's a beautiful thing."
How is that foreclosure is a beautiful thing? (for our community, our country, the tax payers, anyone other than Chase?)
I drift to the cut of Slim Pickens yellen' Yaaaaahooo while riding the H-Bomb to global oblivion in Dr Strangelove. Is that the course we are now charting?
full CNN article