I remember knock-knock jokes, such as: how many (choose an ethnic group) does it take to screw-in a light bulb, etc. Crazes such as college students stuffing themselves into phone booths, etc. (Now, even Superman can’t find a phone booth.) So, I believe that it’s only fitting to start a contest (a craze?) about Banker Jokes. Frankly, they deserve it, after all they have put the Country–and the World–through over the past several years? We surely all need a good laugh. Beats crying.
I thought of this while reading Sunday’s Non-Sequitur comic strip, http://www.gocomics.com/nonsequitur/2013/05/05. You might remember that, in October of 2008, the U.S. Treasury pumped free money into the major banks, the “Too Big to Fails” (TBTFs) and, of course, each one said they didn’t need it, so as not to appear weak.
The Federal Reserve has been providing virtually free-loans to the Banks ever since. In the Marketplace, since they were perceived as having an implicit Government Guarantee, they gained lots and lots of Market Share. But, the problem all along has always been that that are Just Too Big–and should be broken-up. So, how did the TBTFs show their gratitude? Remember the Bonuses with Taxpayer Money?
Just look at two articles in today’s newspapers, about JPMorgan Chase, our Country’s largest bank. Simon Johnson’s (MIT Professor of Entrepreneurship, and former Chief Economist at the IMF) discusses the Bank’s lack of Corporate Governance, in his regular column in the NY Times, http://economix.blogs.nytimes.com/2013/05/09/the-problem-with-corporate-governance-at-jpmorgan-chase/?ref=business&pagewanted=print.
Also, in today’s Washington Post, an article reports that the State of California is suing the same bank for using illegal tactics to collect debts from credit card customers, http://www.washingtonpost.com/business/calif-sues-jpmorgan-chase-over-collection-practices-targeting-100000-credit-card-holders/2013/05/09/676d6572-b8ed-11e2-b568-6917f6ac6d9d_print.html. Now, the other three major banks (Bank of America, Citibank and Wells Fargo) have all had their problems with: trading discrepancies; fraudulent mortgage origination and foreclosure procedures;r obosignings; excessive credit card fee; Deposit Advances (which Wells Fargo has admitted are loans and have nothing to do with deposits), etc. JPMorgan Chase just seems to have had more than it’s share of bad press.
So brush the dust off your creative juices. Just send your jokes in by making a Comment.