The Wall Street Journal has an illiuminating piece about Jamie Dimon, the CEO of J.P. Morgan, today. It is both astounding and revealing because it shows exactly what we, the people, are up against when it comes to taking back the country from the people who gambled away–for their own enrichment and/or because of their gross incompetence–millions of jobs and the savings of lots of regular people. The theme of the article begins with the idea that most bankers are keeping a low profile:

James Dimon, chairman and chief executive of J. P. Morgan Chase & Co., isn’t one of them. Buoyed by J.P. Morgan’s relative good health, he’s spent the past year launching his own campaign to stave off government proposals that would rein in profits, boost consumer protections and impose new fees.

Mr. Dimon’s bank shelled out more for lobbying efforts last year—$6.2 million—than any of its peers, and the CEO has lately been a regular presence in the halls of Congress. He preaches about how new regulations could force J.P. Morgan to further crimp credit-card lending and raise fees for consumers. One move aimed at banks he’s characterized as "un-American."

His stance represents a turnaround from the early days of the financial crisis, when he emerged as one of Washington’s biggest boosters. A lifelong Democrat, he rallied his Wall Street rivals to support Bush administration rescue efforts. He embraced the Troubled Asset Relief Program, citing a patriotic duty to accept $25 billion in government bailout cash.

But when White House Chief of Staff Rahm Emanuel called a top J.P. Morgan executive to ask for the bank’s support in creating a new consumer-protection agency, the executive—former Commerce Secretary William Daley—said no, according to people familiar with the conversation. His boss believed that sufficient consumer safeguards were already on the books.

And…

In a recent interview on the 48th floor of J.P. Morgan’s newly redone minimalist Park Avenue headquarters, Mr. Dimon showed little sign of backing down. "The incessant broad-based vilification of the banking industry isn’t fair and it is damaging," Mr. Dimon said. "Punishing whole industries, whether you were reckless or not, just isn’t the way to do things."

A number of political insiders say they’ve grown weary of Mr. Dimon’s protestations, viewing him as just another elite New York banker out to protect his turf. Some note that the bank profited handsomely during the financial crisis, when it scooped up securities firm Bear Stearns Cos. Inc. and Washington Mutual Inc.’s failed banking operations at bargain prices.

Rep. Brad Sherman, a California Democrat and senior member of the House Financial Services Committee, said J.P. Morgan benefits from its "ability to create awe and fear and a belief that the world will end if they are not pampered." [emphasis added]

   After reading this piece, I wonder if Dimon, who claims to be a life-long Democrat (which, on its own, shows us part of the problem), is part of an elaborate plot to actually pass financial reform…because you could not make a better case for why we have to change the system than having one of the people who engineered the collapse of the economy argue that there are enough consumer safeguards in place.

   There is one piece of his views that I would agree with–but clearly he would not think in these terms. The proposed bank tax–and a broader financial transctions tax on the financial industry–should not, in fact, be a move to "punish" banks and other financial services companies. It should be seen as part of their responsibility to pay for the things that help them make a profit–roads, schools, communications systems and the rest of the parts of society that they take for granted and really are part of their hidden assets.