Greenspan finally lamented his laissez faire Randian
"irrational exuberance"; Chase's Jamie Dimon, a rough
cut "gem" of a pro-business exponent, has now followed
suit. Dimon admits he and his were "sloppy" when it
came to economic profit sustainability, due to Chase's
over-investing in unregulated derivatives (STILL are
unregulated even after it's become known that credit default
swaps, derivatives, etc. played major roles in the Great
Recession of 2008 and Beyond). But boy oh boy, was he ever
strident and shrill heretofore, so sure what was good for
Chase was good for the country. Chase stock, as of May 11th,
took a 9% bath after Jamie's mea culpa.
The SEC is "investigating". And WHERE, may I ask, have they
been up to now?? I say, investigate the SEC, the FED, et al,
an overly cozy, incestuous business bunch of blustering bs-ers
--just follow the revolving doors of their appointments and
careers: NYC is just like DC.
How about a federal Open Meetings Act, one that includes
all of the U.S. Congress? --That includes bank lobbyists
meeting with same? Wouldn't that just take the wind out of some
of these characters' sails?
Too many questions, so few real current answers. Here's a
good bet: if Jamie Dimon is "Chasened", others of his and
Ken Lewis' ilk can't be far behind.
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I shouldn't be so damn lazy: it's J P Morgan Chase, but I like Chase by itself, you know, chasing the profits, etc. etc.
ReplyDeleteAccording to Economist Simon Johnson in his recent Baseline Scenario, Tim Geithner has
ReplyDeletejust about requested a resignation from Jamie
Dimon to relinquish his post at the New York Fed. Atta Boy, Tim! Time to stick a few pins into these Laissez Faire freaks, teach them and the rest of the nation a valuable lesson: do your job, don't delegate away your responsibilities or there will be negative consequences--to YOU. I.E., no one is too connected to pay the piper, eventually.