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1/15/10

US Economy: JP Morgan Chase to pay $27 billion, largely in bonuses

“In a remarkable rebound from the depths of the financial crisis, (JP) Morgan earned $11.7 billion last year, more than double its profit in 2008, and generated record revenue. The bank earned $3.3 billion in the fourth quarter alone. Those cheery figures were accompanied by news that JPMorgan has earmarked $26.9 billion to compensate its workers, 18 percent higher than in 2008, much of which will now be paid out as bonuses.”

The Masters of the Universe who helped engineer this mess — although blame certainly extends from top government circles down to folks sitting at kitchen tables in homes about to be foreclosed — are merrily going about their way, paying themselves huge bonuses while the rest of the country looks on in astonishment from the unemployment line.

JP Morgan Chase to pay $27 billion, largely in bonuses | Jay Bookman

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