JP Morgan’s Jamie Dimon Spurs Outrage in Davos
Yeah, in the face of cheap money with no lending standards of worth, the public scapegoated the banks, by taking their financing. The top-major banks all lowered their lending standards to allow many unqualified borrowers to get vast amounts of credit extended to them, and it is their fault.
This really just shows the detachment from people in positions of power, from actually reality and this thing called “cause and effect”. You basically give credit away for a signature and it might be prudent to assume people are going to take advantage of it.
Did the public scapegoat the banks when they made billions on billions in bonuses off of all the short-term performance goals that were part of their benefits and bonus package? Do bankers need a pat on the back as well for DOING THEIR JOB, it is like they forgot what banks are actually for and just use them as their own personal casino and then go threaten our government with the Great Depression 2.0 when their bets go bad. This will stop.
Did the public scapegoat you when they extended trillions in secret loans to all the commercial banks and accept your “toxic” paper in exchange for good paper? Is this how we scapegoated you? Lesser attitudes than these have started revolts, they better not start drinking their own Kool-aid or the forecast will be cloudy with a chance of lightning.
Common Dream - Amid calls for stricter regulations of the banking industry, JP Morgan CEO Jamie Dimon came under fire Wednesday after telling corporate and political leaders at the World Economic Forum that banks had been wrongly “scapegoated” as the cause of the global economic crisis, and resisted calls for increased regulation of the financial industry.
Dimon’s remarks on Wednesday—the first day of the WEF in Davos, Switzerland—came in response to comments by Min Zhu, deputy managing director of the IMF, who argued that the financial sector is too big and greater regulations—including of the “shadow banking” sector—are critical, The Guardian reports.
Sam Mamudi at Barrons writes, “This line of reasoning echoes that of Goldman Sachs CEO Lloyd Blankfein when he told the Times of London newspaper in late 2009 that his bank was ‘doing God’s work.’ It’s also nonsense, and it shows just how deeply inside their own bubble many bankers live these days.”