Bank Hoarding Could Lead to ‘Revolution,’ Says Dodd

Is it us, or is that middle elephant doing something weird with its trunk? Photo: Getty Images

The Times’ Joe Nocera listened in on a private JPMorgan conference call some weeks ago in which an executive quite clearly stated that the $25 billion dollars given to them by the federal government explicitly to loosen up their lending markets would in no way be used to actually loosen up lending. It’s quite horrifying, actually. It pissed Senator Dodd right off, too: “If it turns out that they are hoarding, you’ll have a revolution on your hands. People will be so livid and furious that their tax money is going to line their pockets instead of doing the right thing. There will be hell to pay.” [NYT]