John Bird and John Fortune are two British comedians noted for their droll conversations where they discuss the issues of the day, sometimes in the format of one of them interviewing the other who has taken on the persona of a politician, banker, general, or other person in the news.
Here they are back in 2008 discussing the financial crisis and its impact in the UK but almost everything applies to the US. They give one of the best explanations for what caused the crisis and who were the real winners and losers. What they describe is exactly what JP Morgan Chase did and for which they agreed to a fine this week of $13 billion. But more than half of that will be tax deductible and the bank has not admitted to breaking any laws.
This is very funny and VERY depressing. The whole pile of steaming liquid shit is just gonna start over again. We all laugh, the banks pay a negligible fine and carry on.
Under the humor (or humour, if you prefer) there was a lot of truth in that discussion. The description of CDOs and TBAs was accurate, as was the reason why Spanish banks were less harmed by the financial crisis.
Bremner, Bird & Fortune taught me more about the 2008 financial collapse and what led up to it than all of the “serious” reporting put together. Bird & Fortune have been working together in satirical comedy since the 60s (they were both involved in Peter Cook’s Establishment Club). It’s a crime they’re as little known as they are.
Wait -- tax deductible??
So JPMorgan gets a defacto tax subsidy because they broke the rule? How on earth is this allowed to happen?
I checked the article but didn’t see any clarification…
Here is something that might clarify how that works.