At an investor’s conference, Jamie Dimon, CEO of JP Morgan Chase, said, “Acting like everyone who’s been successful is bad and because you’re rich you’re bad, I don’t understand it.” He went on to say that a few bad apples don’t ruin the whole bunch. It is wrong to generalize, you see. Does he really think OWS protestors hate success? Does he not understand why the banks are targeted while other industries are not? Either he is genuinely clueless or her is trying to deflect attention from himself.
A November 12 Huffington Post article by Janet Tavakoli claims that Dimon dismissed the assertion that JPMorgan Chase was involved in foreclosure fraud. He said, Chase should carry on with foreclosures, even if it had to pay some penalties. Tavalokoli says, “JPMorgan’s role in alleged foreclosure fraud had already been made public when Dimon made these ill-considered statements.”
Tavakoli quotes from Annie Lowrey of the Washington Independent: “But the financial statement itself proved the lie. The bank said it was carefully checking 115,000 mortgage affidavits. It set aside a whopping $1.3 billion for legal costs. And it put an extra $1 billion into a now $3 billion fund for buying back bunk mortgages and mortgage products.” OWS protestors are not against success; they might just want people to succeed through hard work, creativity, intelligence, and honest business practices. They might also expect a little humility.
But not only that, Irving Picard, a trustee in the Bernie Madoff scandal, accuses JPMorgan Chase of making a half a billion dollars off Madoff’s victims and is responsible for $5.4 billion in damages. It could be a case of just taking advantage of a bad situation, but what of further investigations against JP Morgan Chase?
Earlier this year the SEC fined JP Morgan Chase $228 million for a bid-rigging scheme involving municipal bonds. Matt Taibbi compared this to mafia-style bid rigging and said, “But if the defendants are a bunch of Ivy-League educated bankers from Wall Street, what we end up getting is a negligible fine (officials will brag about this $228 million, but it’s a drop in the bucket compared to what the banks make scamming communities and governments) and, as always, no admission of guilt.”
Taibbi ends his blog post by declaring, “It’s not going to stop until people start doing hard time for these crimes, and it looks like we’re still a very long way from that.” It is just a little hard to believe that Jamie Dimon really thinks people are angry because he is successful, is it not?