Monday, February 22, 2010

Yoicks! It’s not only you and me getting shafted by our banks. J.P.Morgan to its corporate customers: "Bleep you and your trade secrets."

A United States Federal judge has accused J.P. Morgan—the investment side of J.P. Morgan/Chase bank—of acting “in bad faith,” essentially giving away two clients' corporate secrets to one of their competitors.

When a bank does it, it’s merely “bad faith.” If you and I tried the same thing, it would be a felony—theft of trade secrets.

Side issue: The New York Times so far isn’t covering this scandal, because Morgan’s alleged dirty dealings were on behalf of a major Times stockholder.

To see why banks of all kinds need to be regulated up the whazoo—and one example of how outrageous concentrations of wealth inevitably lead to outrageous abuses of power, check out the story in The Big Money.

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