This just makes me positively giddy
with delight! Talk about poetic justice and answered wishes!!
You ready? Here we gooooo
More than just a tawdry tale, Dimon’s demise is a critique of the American Dream.
Now the truth is out, and Wall Street’s golden boy, Jamie Dimon, has fallen to earth with a thud.
Why did it take so long? Why did the American media treat him with kid gloves? In a populist moment, how did he manage to escape the scorn heaped on
To understand this, you have to follow the yellow brick rode all the way back to the beginning, back to when the gold-plated American Dream was forged
in the smithy of the Puritan soul.
Then it talks about his childhood, and his personality and drive to - above all - be rich and noticed. Several very telling little episodes are in
It also discusses how 'venerated' and 'shrewd' and 'excellent' Wall Street saw him....
Dimon was one of the country’s highest-paid bank CEOs, with a fat package of $23 million, and nobody really seemed to mind. JPM was the largest
and most profitable U.S. bank. Life was good. Dimon’s three daughters were among “Wall Street's Hottest Offspring,” including Laura, a Barnard
student who called in the fall of 2007 to ask, “Dad, what’s a financial crisis?”
How the Mighty Have Fallen
Fast-forward to summer 2012, when it seemed that the Great Gatsby ran into Moby Dick while taking his yacht for a spin. A nasty, behemoth of a trading
#-up dubbed the “London Whale” sent billions of dollars up in smoke when a hedging strategy – at least that’s what the bank claimed – went
wrong. At first, Dimon pooh-poohed the disaster as a "tempest in a teapot.” Then he tried to spin it as an isolated risk management problem that had
been fully addressed.
Criminal investigators weren’t buying it, and they began to probe into the bank’s activities. By January 2013, Dimon’s pay was cut by more than
half, down to $11.5 million. Even so, the bank’s board of directors praised Dimon for “forcefully responding” to the trading loss.
Then, fast forward:
Then came the Big Reveal. Last Thursday, a 300-page Senate report delving into the details of the $6.2 billion London Whale loss pointed the
finger of blame directly at Jamie Dimon. An email containing the words “I approve” made it clear that the guy known for micromanagement and
checking out data knew exactly what was going on at JPM. He had specifically told his people to take on riskier business and he approved new ways of
The New York Times is no longer singing Dimon’s praises. Gretchen Morgenson and others have been filling the business pages for the last two weeks
with tales of Dimon’s follies and the reckless behavior of JPM. Morgenson had two words when she read the Senate report: “Be afraid.” For all
the Dodd-Franking and the tough talk of reining in big banks, JPM, she concluded, is a ticking time-bomb rife with stupid risk-taking, bad management
and a penchant for misleading investors and the public.
Here's another article from January, from Forbes
magazine, no less!!
Davos: How Jamie Dimon and JPMorgan Chase
Endanger the Public Safety
But let's get back to the headline article:
David Dayen, a blogger, wrote a scathing bit of truth:
Dayen’s piece told the tale: “New Report Exposes JPMorgan Chase as Mostly a Criminal Enterprise.” Dayen, a veteran reporter of dastardly
Wall Street deeds, was aghast at the list of frauds and malfeasance covered in Rosner’s report, including everything from illegal flood insurance
claims to auto-finance rip-offs to shifting trading losses to customer accounts. (If you can stomach it, read the full report here.)
original article, you can click on all these other reports to read the related stuff, and I urge you to do so!!
Here's the sum-up:
Maybe Jamie Dimon was a cut above his fellow bankers. Given the looks of that crowd, that’s pretty lousy praise. Or maybe he wasn’t. Maybe
he’s just a run-of-the-mill hustler, no better than the rest of them. He pretended to be in control of a too-big-to-manage bank and when things went
awry – which they always do – he tried to fake his way out of trouble. This Golden Boy just got away with it longer than some.
Jamie Dimon is EVIL. He's a "land shark" (if you recall the "Golden Days of SNL" so long ago.
He is a monster, without one shred
of morals, and his soul is a veritable vacuum of compassion.
I have despised this man for several years, after being bludgeoned unjustly by Chase after a divorce, in which my idiot ex was judged responsible for
the enormous credit card debt that had been used to buy his truck and tools - and when he defaulted - they came after ME! Even though I sent fax
after fax of documents, and told his minions over and over again that I would not pay it - they RUINED my
Said they didn't give a toss if the judge said so, they were going to make me pay. They failed, by the way, you do not make me
anything. It went round and round - and eventually they laid off of me, but the damage was never undone.
I know a few others on here have in the past shared my contempt for this vile bipedal monstrosity, and I just wanted to share my joy and give a
virtual shout-out and high-five to those of us who wanted his downfall....
Today's the day!!
Read and rejoice!!
edit on 20-3-2013 by wildtimes because: haha!! I was so excited I forgot to link to the source!