Friday, May 21, 2010

This Should Tell You All You Need To Know

If you still think the "financial reform" that the Senate passed today is going to do anything to rein in the out of control banks that are holding the country hostage, this bit from the WSJ should clear up any confusion you might have:

Among the financial components posting big gains following the Senate's approval of the biggest overhaul of the financial system since the 1930s were J.P. Morgan Chase, up 4.6%, while Bank of America, up 4%, and Goldman Sachs, up 3.7%.

Given that JP's market capitalization is around $150 billion, this means that the news of the Senate passing this bill was worth around $7 billion to JP Morgan.

So much for reform.

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