Have we heard this one before? Uh, huh. Will it mean any of the top bankers lose their jobs or, perish the thought, end up in jail? Well, I’d give a better chance the Waltons of Wal-Mart give away their entire fortune to their workers to pay for health care and higher wages.
For the price of a measly $20 billion, the government left JP Morgan Chase walk away from the responsibility of helping fuel the wreckage that became the global financial crisis–and, to boot, it paved the way, incomprehensibly, for Jamie Dimon to get a big fat pay raise(long live the American free market!!!). Now, an important suit by Better Markets has been filed to potentially undo the deal, or, at least, force a more honest, open discussion about what the government’s cheap stay-out-of-jail, sock-it-to-the-customers actually says.
The silence is pretty amazing. The man most responsible, or at least, a central player, in the greatest financial crisis in generations–a crisis that cost tens of millions of people around the globe their jobs and their futures–gets a whopping RAISE…and not a single political leader has stood up to challenge the generosity of the “free market”. This is corruption writ large. And, yet, not a word from the White House, not a word from any figures, future presidential candidates or otherwise, to take on what is a big middle finger to the entire American public.
Par for the course. Though you would be right to say “you have got to be kidding,” the truth is that the signal has been sent from the White House and from most of Congress that the bankers will not go to jail and they will not bear any personal cost of causing the greatest financial crisis in generations, a crisis that cost millions of people their jobs, thei retirement, their dignity and their futures. And the crystal clear example, from the outset, has been Jamie Dimon. He’s getting a big fat raise.
Punishment should bring about change — that’s what every parent wants. More important, that’s what societal punishment I suppose tries to accomplishment. Which is why billions of dollars in fines doesn’t really matter. Nothing will change.
If you were Jamie Dimon, or a sleazy banker of the same stripe, and you got the following deal, would you take it: make billions of dollars for your bank, which, in turn, rewards you personally making you a very, very wealthy man BUT, in the process, because of combination of incompetence, criminality and greed, you help destroy an entire economy and put millions of people out of work, for which your bank pays billions of dollars in fines BUT you get to keep your job and, despite all the crimes, you don’t spend a single night in jail nor do you take out a single dime from your own pocket because the system will protect you and instead hand the bill to essentially the very people you hurt, and you are dealing with a government with no spine or inclination to punish the responsible people at the top so don’t worry for a second…well, would you take that deal?
Of course you would.
And that, in a nutshell, is the upshot of the $13 billion sham fine Jamie Dimon cut with the Obama Administration.
A couple of days ago, I mentioned how Jamie Dimon and his band of corporate lawyers were planning to fleece the people — again. They concocted a scheme to make sure that a ton of the fine money Jamie had agreed to shell out from the corporate treasury in the form of fines would, in fact, be tax deductible. But, whoa, wait a second — a couple of Democrats actually grew a set of balls.
These are the moments when you would really like to be a fly in the room where Jamie Dimon’s corporate lawyers sit around with the boss and ponder: how can we screw the public today? And, baby, every day they come up with a new one.
It just hit me how we can make money off of Jamie Dimon — it’s a *weekly* crime show, or even a reality show. Because every day you wake up you’d have new material for the show. Seriously. Like today.
Jamie Dimon isn’t alone in living the Teflon life in the world of the financial elite. He’s got company at least from Lloyd Blankfein.
Jamie Dimon should be in jail, or at least he should be jobless. But, a different point is worth making about the damage he has caused: why would any child, growing up today, or entering the workforce, listen to any lecture about corporate ethics or “doing right” after being exposed to the farce around Dimon and JPMorgan Chase?
Jamie Dimon’s behavior has got to be a classic melding of psychosis and smugness. And a healthy dose of “I know the system is rigged and now matter how much I fuck up, I’m not getting the axe.” And, sadly, he’s got a lot of evidence to support his smug act.
This is running right now, with further details to come, on The Wall Street Journal web site. It’s not entirely unexpected since news on this was leaking out.
Jamie Dimon lives a charmed life. In a normal world, he would be in jail or at least be out of a job–not earning millions of dollars in pay and benefits. Which is really a parable about the world in which we live in where nothing really changes.
For a very long time, I’ve pointed out that the little fish get charged with crimes while the big fish get away. Drum roll please…we have another example in the House That Jamie Dimon Rules, JPMorgan Chase.
What else needs to happen before Jamie Dimon loses his job as CEO of JP Morgan Chase? Forget putting him in jail — I’ve given that up. But, when does the litany of lawsuit and criminal investigations add up to enough reasons to boot the guy? And so here is a new reason.
Ah, yes, this is the corporate version of “I want to spend more time with my family” because you can’t actually say a lot of people didn’t want me around. Which is the truth for David Cote and Ellen Futter.
One of the people I have zero sympathy for — and the general public should have outright antipathy towards — is Jamie Dimon, the CEO of JPMorgan Chase. If the guy isn’t in jail, he should at least be unemployed — like the millions of people he helped put out of work courtesy of his financial shenanigans. Maybe he will actually end up on the short end, though I’m still skeptical even with the raft of investigations aimed at JP Morgan Chase.
Well, the answer is probably no — at least so far. I’m all for the Treasury socking away some money. But, the money collected for these pathetic fines (pathetic in the big scheme) does not come close to outweighing the pain these manipulators, crooks, big-shot financiers imposed on tens of millions of people around the globe. It’s a travesty.
Have I got a deal for you. You lose a few billion dollars at your job — but you keep your job and pocket $11.5 million. Is that a bargain or what? Of course, this is not the kind of deal for the little people. Nah.This is for the real screw-ups — the people who run the financial institutions who already destroyed an economy.
So, Chicago teachers agreed to end their strike, and go back to teaching for an average of $77,000 per year. Which made me think: which is a better bargain?
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