In a poker game, the rake is the cut that the casino dealer takes out of every pot... but what if the dealer started taking 18-25% out of every pot as his rake? Would you notice then?

So, JP Morgan bought back shares, from people who voluntarily sold them.

Then, JP re-issued a portion to management as a reward.

Now, all those shares are worth a shit-ton more. Thus any employees who didn't sell back their shares are significantly wealthier. Meanwhile, management is rewarded for doing a good job.

Sometimes, ZeroHedge writers sound like communists.