Re: JP Morgan threatens small depositors

My response would be that there is no “free market” when it comes to the banking industry and wall street.  It is a system egregiously rigged in favor of the bankers and players on wall street.  If we can get rid of all that then I’m willing to listen to arguments about the free market.

Mike F. 

 

From: Bruce Geerdes 
Sent: Saturday, January 15, 2011 8:56 AM
To: DADL (off topic) 
Subject: Re: [DADL-OT] JP Morgan threatens small depositors

  It already has the maximum amount of US retail bank accounts that it’s allowed — which means that it can’t increase earnings by becoming so attractive that more and more people flock to it. Instead, it would rather increase earnings by steadily culling the least profitable parts of its customer base, and replacing them with richer and more profitable depositors.

  [...]

  This is pretty evil, and I hope that the government doesn’t stand for it

The sounds like an unforeseen side effect of regulating the number of customers the bank is allowed. Do we really want the government regulating the free market *more*? What's wrong with a company "culling the least profitable parts"? 


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