Jaime Dimon chief pooh bah of JPMorgan Chase is a frontline warrior in not only protecting his bank’s interests and holdings but is a defender of the Wall Street mafia that brought US and world free market forces to their knees in 2008.
Feeding large from the public’s trough of free cash payouts, he’s is battling hard and strong against anyone or any government wishing to put regulatory restraints on ‘casino capitalism’ which buoyed up big bracket banks and profits and generous bonuses.
He has criticised the conservative government of Steven Harper in Canada for daring to regulate banks; he is contesting the right of Basle II to force banks to have at least eight percent of liquidity in trust in the case of another run on banks; he has mightily contributed to the banking lobby in Washington to buy Congressmen; and now, faced with a growing ‘Occupy Wall Street’ protest he has openly but hardly made known to the public, contributed millions to the New York City police to beef up its ability to electronically monitor the swelling ranks of the anti Wall Street and Corporate protests, in order to protect his interests instead of the good of the commonweal.
JPMorgan, let’s point out, was among the first to configure and profit largely from subprime mortgages and fancy financial instruments that even bankers didn’t understand. Jaime Dimon did, and the ‘Financial Times’ of London US bureau chief Gillian Tett documents his story in her ‘Fool’s Gold’. Still, Dimon has billions in rotten subprime loans on its books. Consider the us$400.000 billion smelly holdings in California real estate; they remain at full value on JPM’s books, and Dimon has resisted devaluing them in order to restore a semblance of financial health, in order to avoid his stockholders’, institutional and individual, wrath.
A few millions in crumbs to New York City’s police is worth the expense: Dimon is a firm believer in law and order when he is the law and the order. And this is a sterling example of class warfare.