As expected, ‘contrite’ Jaime Dimon, president and CEO of JPMorgan Chase, got his way with his stockholders at the bank’s annual meeting in Florida: he can keep his ‘deserved’ bonus of us$23 million for ‘a job well done’, as well as keep his right to call himself ‘chief executive officer’.
On the other hand, the FBI are opening an enquiry into JPM’s loss of us$2 billion. The bank’s story doesn’t make sense: they were in reality running a casino in toxic assets that turned bad. And, you have to follow the money to get an idea of how much radioactive bad debt in dodgy financial instruments that brought the world’s economic system to the edge of depression in 2008, that are on JPM’s books.
Conservatively, the ‘big whale’ in the bank’s London office played with at least us$300 billion over in computer generated hedges that turned sour.
Jaime Dimon’s hands on management encouraged the feverish pursuit of bigger, fatter, and greater profits that slipped through the holes in regulatory reform that he lobbied to weaken or simply done away by pouring millions in the banking industry’s lobby.
So, GuamDiary encourages its readers to carefully scour the pages of the ‘Financial Times of London’, the ‘Wall Street Journal’, and, surprise, surprise the financial reporting of the ‘New York Times’, and don’t forget ‘The Economist’, in order to follow the money.
JPM will try to hide the ‘big whale’s losses’. but read the SEC documents. Don’t let Dimon & his ilk get away with duping the public again.
If he had any testicles, he would resign.