Bob Cropf

And the Banker Speaks…

In 1 on March 12, 2009 at 9:12 PM

Jamie Dimon, CEO of JP Morgan Chase, spoke to the US Chamber of Commerce on March 11. There are a couple of things that struck me listening to this:
(1) I wish I had listened to this before I turned in my paper; he answered the question, better than I did: we all caused the crisis by acting in our self interest by pulling our money out of bonds, etc. because we felt over exposed (whew, I thought it was all of us with too much debt, but he placed the fault squarely on the shoulders of people with money, how very populist, sort of, of him)
(2) He repeatedly says “we all know there are too many regulators” and then proceeds to suggest a new/strengthened/reinstatement of regulation.
(3) He sounds oddly confident, saying (of course) JPM will be fine, most banks will be fine and if not we can deal with that…
(4) He criticizes (albeit somewhat reservedly) compensation caps because, apparently European banks snapped up some of our “top talent” the day they were announced…
(5) He complains at some length at the unproductive, even harmful demonization of corporate America (particularly the banks) and he wants leaders and politicians (he distinction, not mine) to “stop it”, it is America’s business…
(6)Why again are we listening to the guys who were at the helm for the crash? Even if it was as unavoidable at the iceberg was for the Titanic, I don’t think NOW is the time for them to come out and tell we should have avoided the iceberg, especially after having thoroughly neglected their responsibility to provide and maintain life boats.

Where are the tar and feathers?

  1. Those guys never seem to learn. By now, they have as much credibility as Rush Limbaugh.

  2. It used to amaze me how the US Chamber came out so strongly behind situations such as this. Then I got to thinking who pays the operating expenses and salaries of the US Chamber employees–the members (this guys company). There really should be a requirement for a pundit to report who pays his/her salary–much like stock analysts have to state if they are a stakeholder in a stock they are reporting on.

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