@Jeremy_Kress Block the only possible chance of creating a competitor to MasterCard and Visa? Seems like that is anti competitive?
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VM
4 posts
A very disappointing and wrongheaded decision.
I'm a broken record on this, but the Biden bank regulators really screwed up by not blocking this deal when they had the chance.
Bloomberg@business
The proposed $35 billion merger between Capital One and Discover cleared a major regulatory hurdle as the Justice Department told financial regulators in a confidential memo that it didn’t have sufficient evidence to block the transaction bloomberg.com/news/articles/…
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@Jeremy_Kress Agreed they are not capable constrained. They just chose the highest return place to allocate it. The returns are too low on risk free assets due to the high capital requirements/SLR so they chose to return capital.
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JPMorgan is not capital constrained. It paid out $45B in buybacks and dividends last year. That money could’ve supported $900B in Treasury purchases, but Dimon chose to give it to shareholders instead.
Capital requirements are not the problem here. 😡
americanbanker.com/news/jamie-dim…
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@SullyCNBC Did he include sales tax, property tax, tolls, state income tax etc …the total bill to the government is huge, it comes in many form.
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A few years ago I asked my firmly middle class buddy what his *effective* (after all deductions) tax rate was.
He kept saying "25%"
I said there's no way or he needs to get an accountant.
He checked.
It was 4%.
Tony@TonyB717
@SullyCNBC I am not sure that taxes are that confusing. Yes some fine details are but in general they are not. And who pays the most is not confusing. It is people who do not want know. Either because they hate finances or because they willfully prefer to not know the truth.
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@davidfaber re the Rothschilds … this guy does great stuff. podcasts.apple.com/us/podcast/how…
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