Las Vegas has nothing on Wall Street

May 16, 2012

A headstone for Chubby of "Our Gang" is front page news in The Sun while a $2 billion bank loss only makes page 16 ("Morgan's $2 billion loss stuns Wall Street," May 11).

Banks return about two tenths of 1 percent in interest on deposits, while charging 4 percent to 8 percent interest on money they lend. Instead of encouraging deposits with higher interest rates, they put the difference into a gambling pool and wager on things like credit default swaps.

JP Morgan has amassed over $200 billion to gamble with. And when its bets turn out to be big losers, the taxpayers bail it out.

Las Vegas has nothing on Wall Street.

Dan Griffin, Perry Hall

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