An article entitled JPMorgan Chase reports $3.28 billion 4Q profits, that was posted in the Chicago Tribune on Friday, January 15, 2010, talks about how JPMorgan Chase made fourth quarter profits of $3.28 billion dollars. JPMorgan Chase more than quadrupled their profit in the last three months of 2009. They were able to make this much money mostly because of their investment banking section of their company. JPMorgan Chase has been losing money on loans and consumer banking but has been able to survive and thrive in the stock and bond markets.
The amount of money that banks and other companies have been making during a bad economic time is quite ridiculous. Even more ridiculous than the amount of money that these companies are making is the way that they are making it. According to the Chicago Tribune JPMorgan Chase has quadrupled their profits in the last quarter through investment banking. Investment bank is not Chase’s primary business. They are making a vast majority of their profits off of buying and selling stocks and bonds.
Aristotle would look at this situation and be appalled by the amount of money that these corporations are making. Aristotle talked a lot about the art acquisition and of it is important to the art of managing the household. Aristotle saw making money as a way to get the necessities in order to live the good life. JPMorgan Chase and every other corporation do not intend on sharing their excess profits. Aristotle would also point out the JPMorgan Chase is making most if not all of their money through the artificial art of acquisition. The reason for stocks and bonds are to help finance a corporation, but Chase has been using these stocks and bonds to turn a profit. According to Aristotle this would be an improper use of the stocks and bonds, even though the business of stocks and bonds has turned into making money solely off of trading the stocks and bonds. Chase is all about using money to make more money, which leads to a fetish for money.
Overall there are many situations in society today where the artificial art of acquisition is in place. I tend to agree with Aristotle because many of these companies, like JPMorgan Chase, are trying to gain as much money as possible and have no intention of ever sharing any of the wealth, and the only thing that profits in these situations are the companies themselves.
