Every time I write an article detailing how Jamie Dimon is no different than the other gang banksters who screwed our country over, I get some bankster defenders popping up and so I write more diaries. This will probably be my last diary on Golden-Boy All American Good Guy Jamie Dimon.(Who am I kidding?) Perhaps it's time to focus on Inside Trader John Mack, CEO at Morgan Stanley.
Jamie is no better than Angelo Mozilo or Joseph Cassano or Richard Fuld. Like the title says, Jamie conveniently heard the sirens first, so he got out of the subprime market in time to preserve enough capital to pick up his long coveted targets WaMu and Bear Stearns for a song and billions in taxpayer assistance. He was servicing nearly a trillion dollars in crap loans from his bank and others so, of course, he would know exactly when to get out.
There is nothing to differentiate Jamie Dimon from any other bad actor in the mortgage mess, except for his early departure from the scene of the crime. He is just as heinous, just as culpable and just as devoid of conscience.
Wall Street is holding him up as an icon and a "good guy". I'm calling them on that crap. Whatever service he provided to his employees and investors came at a cost of hundreds of billions to the rest of the country. All you Wall Street sycophants, spinners, and defenders can have your king. You'll just have to forgive me for pointing out the bodies he piled up and climbed over to get there.
You can wrap a piece of shit up in gold foil, it's still gonna stink. Just like Jamie Dimon, "Democrat".
So when I see this in the NYT -
One of them is Mr. Emanuel, who has accepted the invitation to speak to the (JP Morgan) board pending a review by the White House counsel. The Treasury secretary, Timothy F. Geithner, declined out of concern that he would be seen as too cozy with a company that has numerous business issues before the department, an administration official said.
The administration is giving all of Wall Street credibility by favoring this company. All of the actions that brought this country down are given cover behind this CEO's trench coat.
Now that Mr. Obama is in the White House, Mr. Dimon has been prominent when the president wants to talk to big business.
During one such meeting in late March, as Citigroup’s chairman, Richard D. Parsons, was trying to explain banks and lending, the president interrupted with a quip: "All right, I’ll talk to Jamie."
That's a bit disconcerting to hear considering -
JPMorgan is under scrutiny from the Justice Department and the Securities and Exchange Commission for possible antitrust and securities law violations, including derivatives deals with local governments.
The same derivatives that tanked some municipalities that JP Morgan and Goldman Sachs then bought, promoted and brokered default swaps on predicting their failure.
The Wall Street firm that arranged interest-rate swaps deals for Jefferson County has decided to get out of the business of selling the complex financial instruments to municipalities.
JP Morgan Chase & Co., which is the target of a federal investigation into practices in the municipal swaps business, said Wednesday it will no longer structure derivatives deals for government agencies.
The New York-based investment bank got out of the business because providing the products to municipal issuers did not justify the resources it required, according to JP Morgan spokeswoman Kristin Lemkau.
What resources? Enough attorneys to defend against your bad practices?
This is the presidents go to guy?