Thursday, April 8, 2010

Man Counting Money? Foreclosures! "It's a Beautiful thing."

This in from CNN-a few days ago from a top Chase/WAMU bank analyst
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 

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