The Battle of the Titans: JP Morgan VS Goldman Sachs

[skyson]

When Obama announced the "Volcker Rule" last week, many people were raising hopes of a true financial reform coming. However, according to Ellen Brown, this merely means the battles between the oligarchs are increasingly fierce, and for now the "Morgan Money" has a upper hand:

We are witnessing an epic battle between two banking giants, JPMorgan Chase (Paul Volcker) and Goldman Sachs (Geithner/Summers/Rubin). Left strewn on the battleground could be your pension fund and 401K.

The late Libertarian economist Murray Rothbard wrote that U.S. politics since 1900, when William Jennings Bryan narrowly lost the presidency, has been a struggle between two competing banking giants, the Morgans and the Rockefellers. The parties would sometimes change hands, but the puppeteers pulling the strings were always one of these two big-money players. No popular third party candidate had a real chance at winning, because the bankers had the exclusive power to create the national money supply and therefore held the winning cards.

In 2000, the Rockefellers and the Morgans joined forces, when JPMorgan and Chase Manhattan merged to become JPMorgan Chase Co. Today the battling banking titans are JPMorgan Chase and Goldman Sachs, an investment bank that gained notoriety for its speculative practices in the 1920s. In 1928, it launched the Goldman Sachs Trading Corp., a closed-end fund similar to a Ponzi scheme. The fund failed in the stock market crash of 1929, marring the firm's reputation for years afterwards. Former Treasury Secretaries Henry Paulson, Robert Rubin, and Larry Summers all came from Goldman, and current Treasury Secretary Timothy Geithner rose through the ranks of government as a Summers/Rubin protégé. One commentator called the U.S. Treasury “Goldman Sachs South.”

continue:
http://www.globalresearch.ca/index.p...t=va&aid=17280

[ThePythonicCow]

Re: The Battle of the Titans: JP Morgan VS Goldman Sachs

When Obama announced the "Volcker Rule" last week, many people were raising hopes of a true financial reform coming. However, according to Ellen Brown, this merely means the battles between the oligarchs are increasingly fierce, and for now the "Morgan Money" has a upper hand

Interesting. Thanks for posting. Ms. Brown is good.

My money is on JPMorgan Chase (the modern day version of the Morgans and Rockefellers) in this battle of the titans, over the uncouth upstarts at Goldman Sachs. Goldman has already been getting a year's worth of negative press. Unfortunately the rest of us are but small rodents on the field of Gettysburg, circa July 1863. Some of us will get trampled. But the fireworks should be awesome!

Perhaps JPMorgan will use this "opportunity" (the presence of the villain Goldman) to embrace and extend more supra-national financial regulation. The big boys find regulation (the more removed from direct public control the better) to be a useful tool to keep us plebeians in line.