JPMorgan’s Jamie Dimon – Poor Bankster

 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.

So JP Morgan Chase did a little mortgage fraud. Who doesn’t, right?
The important thing is that the shareholders paid the fine for the crime that he committed, and that’s all that matters.

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.

And of course, there was wrongful foreclosures on military members, and overcharging on military home loans

$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

Involvement in manipulating he LIBOR interest rates, as well as a separate lawsuit involving the LIBOR

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?

attribution: None Specified

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.

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After reading Matt Taibbi’s book, The Divide: American Injustice in the Age of the Wealth Gap it is amazing that our ‘criminal justice system’ can even THINK about charging a single person with a simple crime of smoking pot, meth labs, etc while banksters get away with money laundering for drug cartels. How does that make sense? While people go to for-profit prisons, banksters pay minimal fines. If I rob a bank, can I pay a fine (equal to my income) of say $50? Why not? It’s what Lenny and Holder have done and they’re suppose to be the top of the justice system.
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