Jaime Dimon’s days are numbered. His less than ‘truthful’ appearances before Congressional committees were an exercise in eyewash.
‘The New York Times Online’ reports that JPM’s risky hedges are now us$9 billion in the red–almost a fivefold jump from Dimon’s admission to a us$2 billion loss.
Yet as GuamDiary suggested weeks ago, the losses are even greater: time will tell if investigating journalists and government enquires will expose JPM bad behaviour.
The new ‘losses’ are a call for tighter regulations on the vampire banks who feed in the public trough. Although JPM’s profitability has soared, it still carries hundreds of billions in toxic mortgages and thinks nothing of throwing people out of homes and paying big bucks to venal Congressmen and women, to maintain the broken theory that a free market is the best way to run things.
On the country, the biggest welfare clients are the banks! Dimon can no longer serious argue that regulation is bad for business–which it is not.
The egg is on Wall Street’s fair haired boy’s face. Will JPM’s institutional investors and coupon clippers sum up the courage to give Dimon the heave ho? Or will they let things go until the bank crash into the iceberg of losses totaling us$50 to us$100 billion?