Hidden Swap Fees by JPMorgan Chase, Morgan Stanley Hit School Boards
By Martin Z. Braun & William Selway – Bloomberg.com (2 Feb 2008)
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My question is not why do the leading banks and investment banks continue to act this way. I know the answer to that question. They act this way because they can.
They continue to act this way, because we continue to invest in their stocks and bonds, buy their certificates of deposits, use their credit cards, hold brokerage accounts with them, socialize with people who work there, and continue to donate and support charities, school endowments and businesses that will do the same.
Because we will, it makes it much harder for government officials to
disqualify them from doing business in a county, state or a variety of governmental agencies. Indeed that is possible.
There are standards applied to a business that does business with
governmental entities — whether municipalities, government pension funds, state investment boards, licenses to operate within a given jurisdiction.
Why do you have a bank or brokerage account with the largest banks and
investment banks?
Why do you invest in their stocks, bonds, and CD’s?
Why do you invest in mutual funds that invest in their securities?
Why do you treat them and their employees as socially acceptable?
Why will you have these people as clients, friends and lovers?
This is what I can not fathom.
