Reposted from Daily Kos
Why oh why is everyone picking on Jamie these days?
Poor little multi-billionaire Jamie Dimon is being picked on by the big, bad government.
Jamie Dimon, grappling with multibillion-dollar legal costs and rising capital requirements at JPMorgan Chase & Co. (JPM), lashed out at U.S. regulators for putting his bank “under assault.”
“We have five or six regulators or people coming after us on every different issue,” Dimon, 58, said today on a call with reporters after New York-based JPMorgan reported fourth-quarter results. “It’s a hard thing to deal with.”
Poor Jamie. Being a banker is hard these days. After all, Jamie knows that they were “scapegoated” for the 2008 economic meltdown.
And yes, there was the London Whale scandal, but what’s a few billion between friends?
And yes, they rigged energy prices in California and midwest.
$100 million to settle charges of bilking credit card holders with improper fees and interest rates
$1.2 Billion to settle charges of conspiring with Visa and MasterCard to rig swipe fees
$228 million to settle charges of rigging the municipal bond market
Involvement in manipulating the EURIBOR interest rates.
Involvement in manipulating WM/Reuter interest rates
But that was last year. It’s 2015 now.
Last week JP Morgan agreed to pay another $1 Billion in fines for rigging the currency markets.
So we should let bygones be bygones.
The take-away from all this is that government regulators are clearly over-reacting.
Just because JP Morgan Chase is running its business like a criminal syndicate doesn’t mean that the government should be sticking its nose in the free market, amirite?
But will anyone listen to the lamentations of Jamie Dimon?
“In the old days, you dealt with one regulator when you had an issue, maybe two,” said Dimon, 58. “Now it’s five or six. It makes it very difficult and very complicated. You all should ask the question about how American that is. And how fair that is. And how complex that is for companies.”
Yes, in the “old days” when financial regulators weren’t do their jobs and bankers could commit crimes willy-nilly…Yes, those were the days.