Canadian Bank "Rescues": Error - Does Not Compute!

Say wha-at?

RBC logs $1.05-billion profit

CIBC makes $147-million in the quarter

Our banks are "relatively" healthy indeed in these trying economic times, thanks to our regulations - but - but - but - but - why then dish out billions in rescue monies to them in order to "keep credit flowing"?

Why indeed ...

Meanwhile, south of the border (emphasis added):

JPMorgan to cut 12,000 jobs related to WaMu deal

JPMorgan Chase & Co. said Thursday it will eliminate about 12,000 jobs as it folds in the operations of Washington Mutual Inc.

According to slides on the company's Web site from an investor day presentation, the New York bank expects about $2-billion (U.S.) in net savings to be achieved through the acquisition, the majority of which will be realized by the end of this year. This includes about $1.35-billion related to the job cuts, the bank said.

JPMorgan acquired the assets of Seattle-based WaMu, the largest bank ever to fail in U.S. history, at the end of September (...).

JPMorgan has yet to post a quarterly loss during the financial meltdown that began in 2007, when mortgage defaults started spiking. The bank in January reported a modest fourth-quarter profit of $702-million — thanks mostly to its purchase of Washington Mutual, which boosted its consumer banking business.

(...)

JPMorgan, like San Francisco-based rival Wells Fargo & Co., has received $25-billion in government aid. Weaker competitors Citigroup Inc. and Bank of America Corp. have each gotten $45-billion in government capital.

In other words, they used the bailout monies they received as any other type of capital to do as they pleased in order to keep/increase their profits and expand their market shares.

And to add insult to injury, they will now fire employees - just like CitiGroup already did.

Now, some related news:

GM loss hits $9.6-billion for the quarter

Quebec pension giant posts $39.8B loss

So - we the employees and workers on both sides of the border get the shaft both ways by losing our jobs and/or seeing our pension funds shrink away into this economic black hole we are being sucked in, while banks, financial institutions and corporate CEOs keep raking in profits and bonuses retention awards.

Continuing blackmail con game, anyone?

We must be lu-uving this game a whole damn lot, considering that we keep on playing it again and again and again - just like gambling addicts that keep on playing the roulette in casinos, thinking that this time, they'll hit paydirt.

At least, casinos dish out complimentary drinks and snacks ...


(Cross-posted at NetRoots)