The intersection of Smith Street and President Street in Carrol Gardens, Brooklyn, New York, U.S.A.
Thursday, January 14, 2010
Somehow
(192 Smith Street, formerly a branch of Washington Mutual -- the largest failure in U.S. bank history -- which JP Morgan Chase acquired on September 25, 2008 via the Federal Deposit Insurance Corporation)
"In mortgage underwriting, somehow we just missed that home prices don't go up forever."
-- 53-year-old James ("Jamie") Dimon*, Chairman and Chief Executive Officer of JPMorgan Chase & Company, testifying before the Financial Crisis Inquiry Commission at 10:45 AM EST on Wednesday, January 13, 2010 in Washington, D.C. (http://www.c-spanvideo.org/person/1023454)
*2008 compensation valued at $35.7M (salary of $1 million and perks valued at $348,101)
*2009 salary: $1 million (additional $322,094 in deferred earnings and other forms of compensation)
*2010 compensation valued at $20.8M ($1 million salary and a $5 million cash bonus, which he didn't receive the past two years)
Fast forward: Free Fallin', Alyssa Katz (on WNYC) explains how economic anxieties and realities of ordinary Americans, combined with greed and delusion on Wall Street and in Washington, inflated the real estate bubble...
Rewind: 10 Years After the Berlin Wall Fell..., Washington and Wall Street Is a Circuit
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