JP Morgan über alles

[muckefuck]

Some years ago, I was feeling dissatisfied with my Chase checking account (not to mention the fact that Chase branches were encircling my home like a picket, but always at an inconvenient distance away, whereas WaMu was right on the corner). I considered switching to Washington Mutual but I was concerned about the riskiness of their aggressive expansion strategy. Little did I know then that in the end it would make no difference.

So, anyone want to wager on how much longer it is before there's a single financial institution called "The Bank" which holds my mortgage and all my credit cards, my checking and savings accounts, my equities and securities, and all my retirement funds? All I know is that at this rate it will be only nominally a private enterprise rather than a subsidiary arm of the US Treasury.

Comments

[aadroma.livejournal.com]

Actually, at my job I got to do an ad for a financial institution called "The Bank."

So your prediction is eerily getting closer to becoming fact. ^^;;;

[bunj.livejournal.com]

If it's any consolation, what I read this morning suggests that we're headed for a duopoly, with JP Morgan and Bank of America facing off across the nation. So, your choice in the future may be Bank1 or Bank2.

[richardthinks.livejournal.com]

...and we know how well two-party competition works.

[my-tallest.livejournal.com]

There's always them furren banks.

(Disclama: ah'm usen tha' there ING folks' bank.)

[muckefuck.livejournal.com]

Until one of them ends up on the ropes and gets bought out by the other.

On the other hand, maybe the Fed will get all Sherman Act on The Bank and break it into Baby Banks. Because that all went so smoothly with the Bell Company.

[muckefuck.livejournal.com]

If'em furriners ones mah cash, they kin come or here and trah t' prah it fum mah COLE DED HANS!

[areia.livejournal.com]

We're already here. If you'd be so kind as to post your address I'd be happy to come and collect.

[wwidsith.livejournal.com]

Haha, oh God it's not funny is it..

[drubear.livejournal.com]

No reason to count Citi out either. I predict we'll be down to 4 or 5 national banks (like more normal countries) with a smattering of local/regional banks.

Not the best for my company, as there'll be fewer customers for us to coddle, but maybe we'll be sending out just as much junkmail. ;)

Here's hoping!

[zompist.livejournal.com]

I don't think I'd put my money in a bank named after Northwestern's longrunning student-run variety show.

[gopower.livejournal.com]

Based solely on one anecdote and not having checked any of the underlying facts, I think there may be some danger in doing all your banking where you have your mortgage.

Some years ago, a former business acquaintance decided to go the entrepreneurial route and opened up a car wash downstate using a business loan from his personal bank where he also kept the business accounts. After a dry winter (no snow equals no need to wash the car), he fell behind in his payments. Rather than attempting to renegotiate the payments, the bank, he claimed, seized his other accounts and foreclosed, driving him into bankruptcy. Had he been banking elsewhere, they would have had to sue to put a lien on those funds, a costly time-consuming process that might have persuaded them to try to negotiate.

Home mortgages might be different. He might have been lying to cover up even more of his poor business skills. Still, there does seem to be some sense in the whole not-keeping-all-eggs-in-one-basket thing.

[zompist.livejournal.com]

How long ago was this? The last two mortgages I had were quickly sold to other institutions.