Community Chest: Pass Go and Collect $1.5 billion – Opinions From E. Curtis Johnson [VIDEO]

If you’ve ever been shafted by a bank, you’ll love this story. In 2009, the government bailed out of General Motors. With most bankruptcies, secured creditors get their money bank. Unsecured creditors usually get nothing back. JPMorgan Chase had a lien against General Motors for $1.5 billion. However, a clerical error at JPMorgan mistakenly listed the lien as unsecured. One bankruptcy court ruled in favor or the bank, but the ruling was appealed. According to Reuters, "The three judge panel found that, while "JPMorgan never intended to terminate the main term loan" security interest, the bank had effectively given its authorization." I'm E. Curtis Johnson. It's as if America's been playing Monopoly with the rich uncle, and we just received the "Bank error in your favor card" for $1.5 billion dollars! We beat the bank because a federal appeals court ruled that even institutions the size of JPMorgan Chase, have to live with their mistakes. That underground rumbling noise you hear, with an epicenter on Wall Street, isn't an earth quake. It's J.P. Morgan turning and convulsing in his grave.