So much for goodwill – the next time the Feds coming knocking on JPM’s door to bail out a failed institution, Jamie Dimon better give them the finger.
JPM bought Bear and WaMu at the request of the Feds. These were failed institutions due to the mortgage crisis. In order to limit the turmoil the government asked JPM to do them a favor and buy them. And now they turn around and start punishing JPM? And they fine JPM more than half of their 2012 profits (21.5B vs. 13B).
Lesson learned: in the future don’t help the feds. It is as if they begged JPM to buy the entities only so they could collect fines in the future – much easier to fine someone who is financial solvent and not bankrupt.
This is the text of Jamie Diamond’s closing arguments at the arbitration between JP Morgan and the Government. The Government had asked him for the TRUTH and he replied…
You want the truth? You can’t handle the truth! Son, we live in a world that has unfathomably intricate economies, and those economies and the banks that are at their center have to be guarded by men with complex models and printing presses. Who’s gonna do it? You? You, Lieutenant Mauldin? Can you even begin to grasp the resources we have to use in order to maintain balance in a system on the brink?
I have a greater responsibility than you can possibly fathom! You weep for Savers and creditors, and you curse the central bankers and quantitative easing. You have that luxury. You have the luxury of not knowing what I know: that the destruction of savers with inflation and low rates, while tragic, probably saved lives. And my existence, while grotesque and incomprehensible to you, saves jobs and banks and businesses and whole economies!
You don’t want the truth, because deep down in places you don’t talk about at parties, you want me on that central bank! You need me on that Committee! Without our willingness to silently serve, deflation would come storming over our economic walls and wreak far worse havoc on an entire nation and the world. I will not let the 1930s and that devastating unemployment and loss of lives repeat themselves on my watch.
We use words like “full employment,” “inflation,” “stability.” We use these words as the backbone of a life spent defending something. You use them as a punchline!
I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very prosperity that I provide, and then questions the manner in which I provide it! I would rather you just say “Thank you,” and go on your way.
You want the truth? You can’t handle the truth! Son, we live in a world that has unfathomably intricate economies, and those economies and the banks that are at their center have to be guarded by men with complex models and printing presses. Who’s gonna do it? You? You, Lieutenant Mauldin? Can you even begin to grasp the resources we have to use in order to maintain balance in a system on the brink?
I have a greater responsibility than you can possibly fathom! You weep for Savers and creditors, and you curse the central bankers and quantitative easing. You have that luxury. You have the luxury of not knowing what I know: that the destruction of savers with inflation and low rates, while tragic, probably saved lives. And my existence, while grotesque and incomprehensible to you, saves jobs and banks and businesses and whole economies!
You don’t want the truth, because deep down in places you don’t talk about at parties, you want me on that central bank! You need me on that Committee! Without our willingness to silently serve, deflation would come storming over our economic walls and wreak far worse havoc on an entire nation and the world. I will not let the 1930s and that devastating unemployment and loss of lives repeat themselves on my watch.
We use words like “full employment,” “inflation,” “stability.” We use these words as the backbone of a life spent defending something. You use them as a punchline!
I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very prosperity that I provide, and then questions the manner in which I provide it! I would rather you just say “Thank you,” and go on your way.
So much for goodwill – the next time the Feds coming knocking on JPM’s door to bail out a failed institution, Jamie Dimon better give them the finger.
JPM bought Bear and WaMu at the request of the Feds. These were failed institutions due to the mortgage crisis. In order to limit the turmoil the government asked JPM to do them a favor and buy them. And now they turn around and start punishing JPM? And they fine JPM more than half of their 2012 profits (21.5B vs. 13B).
Lesson learned: in the future don’t help the feds. It is as if they begged JPM to buy the entities only so they could collect fines in the future – much easier to fine someone who is financial solvent and not bankrupt.
This is the text of Jamie Diamond’s closing arguments at the arbitration between JP Morgan and the Government. The Government had asked him for the TRUTH and he replied…
You want the truth? You can’t handle the truth! Son, we live in a world that has unfathomably intricate economies, and those economies and the banks that are at their center have to be guarded by men with complex models and printing presses. Who’s gonna do it? You? You, Lieutenant Mauldin? Can you even begin to grasp the resources we have to use in order to maintain balance in a system on the brink?
I have a greater responsibility than you can possibly fathom! You weep for Savers and creditors, and you curse the central bankers and quantitative easing. You have that luxury. You have the luxury of not knowing what I know: that the destruction of savers with inflation and low rates, while tragic, probably saved lives. And my existence, while grotesque and incomprehensible to you, saves jobs and banks and businesses and whole economies!
You don’t want the truth, because deep down in places you don’t talk about at parties, you want me on that central bank! You need me on that Committee! Without our willingness to silently serve, deflation would come storming over our economic walls and wreak far worse havoc on an entire nation and the world. I will not let the 1930s and that devastating unemployment and loss of lives repeat themselves on my watch.
We use words like “full employment,” “inflation,” “stability.” We use these words as the backbone of a life spent defending something. You use them as a punchline!
I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very prosperity that I provide, and then questions the manner in which I provide it! I would rather you just say “Thank you,” and go on your way.
You want the truth? You can’t handle the truth! Son, we live in a world that has unfathomably intricate economies, and those economies and the banks that are at their center have to be guarded by men with complex models and printing presses. Who’s gonna do it? You? You, Lieutenant Mauldin? Can you even begin to grasp the resources we have to use in order to maintain balance in a system on the brink?
I have a greater responsibility than you can possibly fathom! You weep for Savers and creditors, and you curse the central bankers and quantitative easing. You have that luxury. You have the luxury of not knowing what I know: that the destruction of savers with inflation and low rates, while tragic, probably saved lives. And my existence, while grotesque and incomprehensible to you, saves jobs and banks and businesses and whole economies!
You don’t want the truth, because deep down in places you don’t talk about at parties, you want me on that central bank! You need me on that Committee! Without our willingness to silently serve, deflation would come storming over our economic walls and wreak far worse havoc on an entire nation and the world. I will not let the 1930s and that devastating unemployment and loss of lives repeat themselves on my watch.
We use words like “full employment,” “inflation,” “stability.” We use these words as the backbone of a life spent defending something. You use them as a punchline!
I have neither the time nor the inclination to explain myself to a man who rises and sleeps under the blanket of the very prosperity that I provide, and then questions the manner in which I provide it! I would rather you just say “Thank you,” and go on your way.