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Jamie Dimon: Hear My Little Violin?



March 11, 2009 – Comments (2)

Someone dope-slap some sense into this knucklehead. Ugh.

March 11 (Bloomberg) -- Jamie Dimon, chief executive officer of JPMorgan Chase & Co., said the U.S. can rescue its banking system by the end of the year if officials start cooperating and stop the “vilification” of corporate America.


“When I hear the constant vilification of corporate America, I personally don’t understand it,” Dimon said in his speech. “I would ask a lot of our folks in government to stop doing it because I think it’s hurting our country.”

There's no "constant vilification" of corporate America, except among the people who always do that. What there is is widespread disgust with the slimy lampreys of corporate America, guys like Dimon and his fellow bank CEOs, guys who took enormous risks, rewarded themselves as if the profits built on those risk were the results of genius, and then started crying for taxpayer bailouts as soon as things went bad.

On the way up, these blowhards wanted credit for everything. When things fell apart, they claimed they had nothing to do with it. It was all a "perfect storm." And now they want to whine about having to take a little bit of criticism?

Dimon ought to quit complaining about how he's treated and be thankful. In a lot of other places, in a lot of other times, his head would be on a pike, or looking up from a little straw basket at the next terrified face stuffed in the old French head-chopper. Only in America are failures of his stature rewarded with taxpayer largesse and sweetheart deals, simply because they were slightly less awful (or slightly more lucky) than the other failures in the carpool.

Americans respect corporations that produce real value, play by shared rules, and behave like good citizens, just as Americans respect their neighbors who behave that way. But if someone on your block throws lighter fluid on a few houses and only manages to burn down half of them, he doesn't get to complain when he's "vilified," just because the firemen saved the rest of the block.

2 Comments – Post Your Own

#1) On March 12, 2009 at 10:33 AM, iamnik77 (90.71) wrote:

I believe that Dimon is no saint. I remember once when I worked for Bank One (now Chase) receiving an email with a quote from Dimon saying that if we could cut costs to the amount of two billion a year that in 5 years if the company stock wasn't $100.00 he would eat his hat. This was around 2002 or 2003 and the stock was around $40.00 at that time. He did a good job of cutting costs which cut into my compensation (less than 40k per year total compensation) but it didn't keep me from losing a serious amount of money on the company stock I still own. Let's hope that Dimon is the real deal. He has done nothing yet to clear up my doubts.

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#2) On March 14, 2009 at 5:23 AM, saunafool (< 20) wrote:

You know, the French only officially got rid of the guillotine in the 1970's.

I bet they still have a few that we could bring back.

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