At a meeting of the Institute of International Finance on Saturday, Jamie Dimon, JP Morgan Chase & Co CEO, said…his bank would fund the $6 billion to $8 billion in [Social Security payments] that the bank processes each week for its clients, even if the government doesn’t actually pay those obligations.
“Instead of the government putting it in, we are. We’ll let them overdraft for it and won’t charge them for it, and then hopefully the government will give us the funds back[.]”
Just like a predecessor Evil (JPM) Banker did 100 years ago, during the Panic of 1907.