It’s only patriotic to pick on the poor and make them suffer. Jamie Dimon thinks it’s unpatriotic for Bankstas to be under any form of scrutiny.
Why don’t you people know your place?
In fact, the backlash for scandals (see: LIBOR) involving banks is far too weak, but persecuted JP Morgan CEO Jamie Dimon feels “Banks are under assault.”
“In the old days, you dealt with one regulator when you had an issue, maybe two,” the poor gazillionaire added. “Now it’s five or six. It makes it very difficult and very complicated.”
Think Progress reports:
One of America’s largest banks is facing a regulatory attack so insidious and overbearing that it might even be un-American, according to the head of that bank.
“Banks are under assault,” JP Morgan CEO Jamie Dimon told reporters on a conference call Wednesday, explaining that his company now faces too much oversight. “In the old days, you dealt with one regulator when you had an issue, maybe two,” he added. “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,” Dimon said to the reporters, according to Forbes, which notes that Dimon has a habit of invoking patriotism in his attacks on financial regulation.
But Dimon’s firm exemplifies the sort of unregulated financial industry abuses that prompted tighter oversight in the first place. In Dimon’s tenure, regulators have exposed JP Morgan’s involvement in numerous scandals. Three of those scandals are particularly instructive.
The bank joined other financial firms in an elaborate scheme to rig interest rates, an affair commonly known as the LIBOR Scandal, which had negative effects on a huge range of consumer credit products and hurt the financial outlook of many cities who had made bond deals tied to the rates JP Morgan helped manipulate. A rogue JP Morgan trader known colloquially as the London Whale was able to gamble the bank into a multi-billion-dollar loss on complex derivatives trades without any of his managers noticing and putting a stop to the highly risky behavior, which could have triggered a chain reaction within the global financial system. And Dimon’s firm has paid tens of billions of dollars in legal settlements over the bank’s role in mortgage-related financial market activity that helped exacerbate the financial crisis and ensuing recession.
Elizabeth Warren on Jamie Dimon in 2014:
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