"No man can become rich without himself enriching others"
Andrew Carnegie

Monday, July 16, 2012

Ten-Year CDs Are the Latest Sign of a Yield Drought

English: A 4 segment Panoramic view of the Gra...
English: A 4 segment Panoramic view of the Grand Central Terminal Main Concourse in New York City, New York, United States. Taken with a Canon 5D and 24-105mm f/4L IS lens. (Photo credit: Wikipedia)
The other day, within seconds of escalating out of a north exit of New York's Grand Central Station, I had one of those cosmically defining epiphanies: For all its recentbad press, JPMorgan Chase is one lucky-as-hell bank. Towering over the hubbub of 47th & Madison is the former world headquarters of Bear Stearns, the octagonal granite and glass tower capped by a 70-foot illuminated crown that Morgan inherited in its March 2008 takeunder of the collapsed investment bank.
By now you’ve hopefully repressed memory of how JPMorgan Chief Executive Jamie Dimon deftly negotiatedwith Washington to score a $30 billion backstop to rescue Bear—a first-round victory for the concept of private profits via socialized risks. Mere months later, Dimon again availed himself of public financial aid, whenJPMorgan (JPM)acquired Washington Mutual, the biggest bank to fail in U.S. history, only after the FDIC seized the enormous lender. JPMorgan has since become too-gargantuan-to-fail, a designation that makes it close to immortal. ... Continue to read.
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