“Bitcoin makes banks, essentially price gouging intermediaries and socially unacceptable leeches, obsolete. Bankers rightfully fear for their jobs as bitcoin replaces them,” he said.
JPMorgan Chase has a long history of paying high fines for violations of banking regulations. Since 2010, the bank has paid $28.7 billion for financial misconduct.
My memory is failing, was it Bitcoin or was it JP Morgan that was bailed out by the government?
The list includes $13 billion paid for toxic securities abuses in 2013, as the bank overstated the quality of mortgages it was selling to investors in the run-up to the financial crisis.
The Fed Audit Thursday, July 21 The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world. None of the $16 trillion has ever been paid back by Big Banks like JP Morgan or Goldman Sachs.
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