I'm going to begin with the conclusion, because I think it's important: "As we have repeatedly cautioned our readers, a truth-talker and change-maker like Senator Bernie Sanders comes along once in a lifetime. Americans’ window for real, lasting change will slam shut if Wall Street-funded Hillary Clinton becomes the Democratic Presidential candidate. Do not take this political season casually." (And I'm not even going to get started on Trump.)
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Courtesy of Pam Martens.
Neal Gabler Bares His Desperate Finances at The Atlantic in Article Titled “The Secret Shame of Middle-Class Americans”
Yesterday we read two articles: one made our blood boil, the other broke our hearts.
Let’s start with the first. Bloomberg News seems to be on a roll with Jamie Dimon, Chairman and CEO of JPMorgan Chase. First it put him on the cover of its relaunched Bloomberg Markets magazine and then followed up with a Bloomberg TV promotion for the article, suggesting that Jamie Dimon is all about the customer – a concept so divergent from the facts on the ground that we devoted a column to it in March. Neither the article nor the TV promotion mentioned the fact that under Dimon’s leadership, the bank was been charged with three criminal felony counts between 2014 and 2015 for decidedly non-customer friendly behavior while simultaneously rewarding Dimon with obscene pay.
Yesterday, former New York City Mayor Mike Bloomberg, whose net worth is placed at $43.5 billion according to Forbes, teamed up with one of his largest customers, fellow billionaire Jamie Dimon, to jointly write an opinion piece for the media site which carries the name and majority ownership of Mike Bloomberg. Some might see that as a bit of a conflict and/or co-branding in an OpEd. Mike Bloomberg’s wealth derives primarily from the Bloomberg terminal, of which there are hundreds of thousands populating the trading floors of Wall Street behemoths like JPMorgan Chase around the globe.
Mike Bloomberg and Jamie Dimon selected a curious topic – high school vocational education — subtly suggesting that the largest wealth and income inequality in America since the early 1900s might somehow be rectified if high schools trained students for blue collar jobs. The new writing duo mapped it out thusly:
“We will not solve the critical challenges of poverty, underemployment, wage stagnation and bulging prisons unless we get serious about investing in effective programs that prepare kids who are not immediately college-bound for middle-class jobs.”
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