Business

JPMorgan CEO Hits Breaking Point on Gov’t Regs: ‘It’s a Free. F**king. Country’

Jamie Dimon Critisizes Govt Regs: Its a Free. F**king. Country!

JPMorgan Chase Chairman and CEO Jamie Dimon testifies during a US House Financial Services Committee hearing on Capitol Hill in Washington, DC, June 19, 2012, about JPMorgan Chase's trading loss. Credit: AFP/Getty Images

JPMorgan CEO Jamie Dimon during a recent interview with New York magazine decried overbearing government regulations, at one point practically shouting, “It’s a free. F**king. Country!”

Dimon also made the case for deregulation (or at least a general “loosening up”) because, he says, fear of retribution has many small bank owners terrified to make a move.

“The whole world has become crazy. Businesses get attacked every time they do something,” he said. “Everyone is afraid of retaliation.”

“We recently had an event with a hundred small bankers here, and 85 percent of them said they can’t challenge the regulation because of the potential retribution. That’s a terrible thing, okay? This is not the Soviet Union — this is the United States of America. That’s what I remember. Guess what?” he asked with a raised voice, “It’s a free. F**king. Country.”

Dimon went on to argue that anyone who says the banks are “too big” doesn’t understand the benefits that come with the size.

“We bank [machinery and engine company] Caterpillar in like 40 countries. We can do a $20 billion bridge loan overnight for a company that’s about to do a major acquisition,” he said.

“Size lets us build a $500 million data center that speeds up transactions, and invest billions of dollars in products like ATMs and apps that allow your iPhone to deposit checks. We move $2 trillion a day, and you can see it by account, by company. These aren’t, like, little things. And they accrue to the customer. That’s what capitalism is,” he added.

Dimon also criticized those who think the financial industry alone is responsible for the country’s economic woes:

I am not responsible for the financial crisis. I hate to tell you. We were a port of safety in the storm. I find it unbelievable that that is the general theme — that you have to walk in a room and act like you are responsible for things you are not responsible for.

And whether you agree with him when he says the financial industry was “a port of safety” during the height of the recession, he is correct when he says people love to blame the banks for everything that has gone wrong in the last few decades.

“Earlier this summer we had the LIBOR scandal that was involved with a lot of the big banks and led to the resignation of the CEO from Barclays. More recently we had Sandy Weill saying the banks needed to be broken up. With the banks so big, how is it possible to monitor every aspect?” one student interning in Client Solutions asked Dimon during a Q&A session.

“With banking in a secular or cyclical decline, do you truly believe that this is a good place for us to start our careers, considering all of the other opportunities available to us?” another student asked.

“In an industry associated with surprisingly low standards –” yet another student started to say.

And this is precisely the sort of talk that rubs Dimon the wrong way.

“Whoa, whoa, whoa,” Dimon interjected. “Before you go to the next level of generalizing, saying, ‘all bankers,’ ‘all banks.’ I don’t like that.”

“I don’t buy this thing that our industry is responsible for all the ills of the world. We have great people at JPMorgan Chase. We operate with a lot of rigor. Our clients are happy with us. Sure, we make mistakes, like we have got this Whale thing. Businesses make mistakes. So we’ve got to clean them up, learn from them, and get better,” he adds.

When asked by New York magazine about his reputation as an outspoken defender of the financial industry, Dimon responded: “I’m an outspoken defender of the truth.”

Follow Becket Adams (@BecketAdams) on Twitter

Read the full New York magazine interview here.

(H/T: The Daily Caller)

Comments (192)

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  • dodgedart1966
    Posted on August 14, 2012 at 2:07pm

    All politicians play the games for money, except Obama. All the bigshots like Dimand thought Obama would be just another politician. he’s not a politician, he’s a radical ideolog WHO WANTS TO BE DICTATOR.
    Sorry Jamie. You backed a full fledged COMMUNIST in 2008.
    Now do your part and help us get rid of him in 2012.

    Report Post »  
    • Detroit paperboy
      Posted on August 14, 2012 at 2:37pm

      The problem is our CRIMINAL FEDERAL GOVERNMENT…….PERIOD.

      Report Post »  
    • dodgedart1966
      Posted on August 14, 2012 at 2:46pm

      By the way, I love the fact that this was said in a public interview, not caught in a whisper meant to be private. Hopefully, now, maybe more well known executives will be talking publically the same way about this administration and it’s beliefs.

      Report Post »  
    • Detroit paperboy
      Posted on August 14, 2012 at 3:17pm

      NO, it WAS a free country………….and I have no sympathy for you Mr. Dimon, you supported an enemy of capitalism and the worst president in our nations history….“live with it” until November…

      Report Post »  
    • jzs
      Posted on August 14, 2012 at 3:32pm

      “It’s a free. F**king. Country!” Yeah, that’s a nice platitude, but one that is clearly and obviously not true.

      Do the degree that you are in a position to do harm to other people, you are not free. You’re not free to drive drunk or drive 100 miles an hour in a residential neighborhood. In fact, come to think of it, every law in the United States is designed to limit your freedom to do things that infringe on the rights or safety of others. Unless you live on an island by yourself, you are not free to do as you choose.

      JP Morgan, by pursuing reckless risky investments, is in a position shake the economy and effect every person in the United States in a negative way. They are not about to regulate themselves or conduct themselves in a way that prevents damage to other people’s interest. If history shows us anything, it’s most businesses with not act ethically and watch out for the other guy unless they are forced to.

      If humans would do that, we wouldn’t need laws would we?

      Report Post » jzs  
    • verycold
      Posted on August 14, 2012 at 3:55pm

      Exactly. Do you think the masses have woken up yet? NOPE. The demise of a empire(US) comes about when the Treasury is raided to buy votes to keep that power in office. Eventually the system collapses on itself due to the sheer weight of the debt. We are quickly headed that way. Dimon was best buds with Obama and now he is seeing the light. Clearly the Russia comment was aimed at the Oval Office.

      Report Post »  
    • deeberj
      Posted on August 14, 2012 at 4:23pm

      JZS – I can’t agree with you. We regulate too much, and then bail out companies who are failing because of the regulations forcing them to do things that are not profitable. Regs need to be less not more, even for the “evil” banking system.

      Report Post » deeberj  
    • SoCaDad
      Posted on August 14, 2012 at 4:23pm

      JZS – “JP Morgan, by pursuing reckless risky investments, is in a position shake the economy and effect every person in the United States in a negative way.” Not true. Only those who invest with JP (directly and indirectly) are effected…that is, unless the government decides to socialize those losses and we ALL pay. Business cycles happen and are unavoidable and some will always be caught in the downturn…they are called “corrections” for a reason. And how can banking, even bad banking, “infringe on the rights or safety of others”?? Choose to invest in X or don’t…your choice. Bad investment? You and those around you learn your lesson…it’s called the “discipline of failure”. To many laws, even well intended, stifle life and curtain freedom, prevent progress and crush innovation..

      Report Post »  
    • SoCaDad
      Posted on August 14, 2012 at 4:25pm

      JZS – “JP Morgan, by pursuing reckless risky investments, is in a position shake the economy and effect every person in the United States in a negative way.”
      Not true. Only those who invest with JP (directly and indirectly) are effected…that is, unless the government decides to socialize those losses and we ALL pay. Business cycles happen and are unavoidable and some will always be caught in the downturn…they are called “corrections” for a reason. And how can banking, even bad banking, “infringe on the rights or safety of others”?? Choose to invest in X or don’t…your choice. Bad investment? You and those around you learn your lesson…it’s called the “discipline of failure”. To many laws, even well intended, stifle life and curtain freedom, prevent progress and crush innovation..

      Report Post »  
    • slr4528
      Posted on August 14, 2012 at 4:25pm

      People like Dimand mocked the people who opposed Obama as radical in 2008 and now they finally see what we saw 4 years ago. It had nothing to do with race and everything to do with Obama’s radical left leaning world view. Obama really wants to knock the US down a few pegs. Obama is anti-American that is why he traveled the world apologizing for the US.

       
    • 68Patriot
      Posted on August 14, 2012 at 4:26pm

      JZS, just because there are laws that say I can‘t drive 100 miles per hour through a residential neighborhood doesn’t mean I can’t do that.

      Don‘t look now but I think another one of Obama’s supporters just jumped ship. ALL of the smart ones will eventually.

      68

      Report Post »  
    • muffythetuffy
      Posted on August 14, 2012 at 4:36pm

      ITS TIME EVERONE…

      Its time to dismantle the Government. Everything since FDR must be flushed down the toilet of history. Dismantle the Government as you know it.

      Report Post »  
    • realindependent
      Posted on August 14, 2012 at 4:38pm

      Let me get this right. Clinton and Bush deregulate the banks. They run wild for 9 years selling worthless derivatives. Crash the worlds economy, We bail you out and Obama re-regulates them and he has the BALLS to say he is being over-regulated? Take your medicine swallow it hard and NEVER Do this to our Country again. You dirty bas$%rds and thank God your not sitting in jail like you should be…..

      Report Post » realindependent  
    • oneshiner
      Posted on August 14, 2012 at 4:47pm

      OK Jamie, if you really believe this, get out of bed with them. NOW, move it. Redeem your dignity. Sleeping with the devil doesn’t make you a winner, ever.

      Report Post »  
    • TH30PH1LUS
      Posted on August 14, 2012 at 5:20pm

      The Federal Code is over-reaching and excessive, there is NO ARGUING with that http://extent-of-regulation.dhwritings.com/

      In addition to that, the IRS Tax Code is OVER 71,600 pages!

      Wake up!

      Report Post » TH30PH1LUS  
    • BuzzardSays
      Posted on August 14, 2012 at 5:52pm

      Criminals in suits. Barbarians at the gate. Fast talking high money thieves forget where the damn money originates. We little guys earn it and put it in a bank hoping for a little increase, while the goverment rapes us for its CapGains share, while we receive a flat line earning statement for our dollars while high paid CEOs earn big dollars for what? And then the goverment says CEO thou shalt give the unfortunates of society; criminals, slackards, bums, and white-trash, money as risky home loans so that they as buyers can default and leave the Average American with bupkiss.

      Then those smart CEOs bundle up the risky paper and sell it to the dip-sheet little guy trying to earn something for retirement in his/her 401K. Which causes 50% of the value to depart in one failed fiasco.

      Whats a little guy to do…I have an idea. The rich thieving bastages ain’t gonna like it, though.

      Report Post » BuzzardSays  
    • iDeStroyFakeComPuterTroLLS
      Posted on August 14, 2012 at 6:06pm

      Thing is America is not a free country any where and people don’t realize because the media is too busy reporting on use less stories like Travyon Martin.

      Report Post » iDeStroyFakeComPuterTroLLS  
    • hifi74
      Posted on August 14, 2012 at 6:41pm

      Wow JZS, you think you can try harder to build a strawman argument that blabs so much and says absolutely nothing? Get real man, this IS a free country and these businesses are being strangled and the boots of the Federal Government are crushing the spine of these businesses. SOrry chump but you really do live up to one of my favorite sayings. “If you can’t dazzle em with brilliance baffle em with BS” and you are spewing a LOT of BS.

      Report Post » hifi74  
    • CJ54321
      Posted on August 14, 2012 at 7:08pm

      You are mixed up on your dictators there. But go ahead and INSIST on helping the scoundrels that put our country under. RepubliCONS took off regulations that caused this whole mess. RepubliCON dictators on the Supreme Court insured that our elections will be bought by big businesses. RepubliCONS cant vote on an issue different from the rest because must vote the way their Fuhrer wants. This doesnt benefit the majority of the people. This lines their pockets…their GODS.

      Report Post »  
    • WAKEUPUSA2012
      Posted on August 14, 2012 at 7:11pm

      People, Im all for free markets. But that comes with responsibility. JAMIE DIAMOND is a very dangerous man. If you knew half of the dirty tricks he has pulled, you wouldnt be saying you have sympathy for the guy.

      http://maxkeiser.com/2012/05/11/jamie-dimon-the-tapeworm/

      Ill take the word from the man who INVENTED modern day trading over this terrorist Jamie Diamond. The elites have planned for the coming economic collapse, have you? They are going to crash everything, then pose as the saviors. And many simple minded people will fall for it. The alternative media must get the truth out.

      Report Post » WAKEUPUSA2012  
    • Quiata
      Posted on August 14, 2012 at 7:31pm

      @JZS Of course ‘rights’ are accompanied by responsibilities! We’re talking about a REASONABLE expectation of freedom here, not recklessness, running roughshod, or outright anarchy (nice ‘straw man’, by the way).

      Key observation: You seem to have a love affair with “force” as a means to a desirable outcome….interesting. When do you move past evil businesses to start “nudging” the rest of the population to suit your goals?

      Report Post »  
    • Individualism
      Posted on August 14, 2012 at 7:53pm

      they should be regulated to death if they take bailouts like they have been doing for their loses not only regulated but put in prison for theft.

      Report Post » Individualism  
    • ChildOfTheKing
      Posted on August 14, 2012 at 7:53pm

      ……..especially the ATTORNEY GENERAL OF THE UNITED STATES OF AMERICA!

      We have THUGS AND EVIL PEOPLE RUNNING WASHINGTON AND OUR COUNTRY.

      It is time WE KICKED THEM OUT OF OFFICE – IN NOVEMBER!

      Report Post » ChildOfTheKing  
    • sam1064
      Posted on August 14, 2012 at 8:57pm

      As Obama’s favorite pastor said “the chickens are coming home to roost” I dont have much sympathy for these folks. They supported this street thug in 2008 and now they are whining that there is too much regulation, boo hoo.

      Report Post »  
    • jzs
      Posted on August 14, 2012 at 9:10pm

      SoCaDad, you are confused, but that’s okay. That‘s why I’m here; to help you understand the real world a little better.

      You say that if JP failed, most of America wouldn’t be effected. “Only their investors” would be effected. You’re naive SoCaDad.

      You’ve probably heard economists talk about banks, like JP Morgan, as “too big to fail” banks. They say that because if those banks are so large that if they go bankrupt it would bring down the entire economy. Why? I‘m not an economist but it’s pretty simply and I’m happy to explain it to you.

      Suppose you’re a fairly large business that keeps all its operating cash in JP Morgan. They go bankrupt. You suddenly can’t pay salaries, because you have no cash. You can’t pay your suppliers, because you have no cash. You can’t continue to buy raw materials to make your product because you have no cash. So you’re business collapses. And those suppliers who depend on the payment of your last invoice? They’re screwed, and maybe they can’t pay their employees. It ripples throughout the economy.

      What about the person who has their life savings in JP Morgan? No problem there, their money is insured. By whom? You. It’s called the FDIC. Your taxes will pay to repay people who have kept money in JP Morgan. That means you personally have to pay if the bank is at the gambling table betting the farm and lose. You, SoCalDad.

      Report Post » jzs  
    • WAKEUPUSA2012
      Posted on August 14, 2012 at 10:28pm

      SoCaDad

      Why dont you look into the 90$ TRILLION(YES 90 TRILLION) in Derivatives JP MORGAN holds. Then tell me it will only effect people who invest. Do you know what too big to fail means?
      You fool.

      http://www.fedupusa.org/2011/06/jpmorgan-chase-has-90-trillion-in-derivative-exposure/

      Report Post » WAKEUPUSA2012  
    • VinnieSquawker
      Posted on August 14, 2012 at 10:49pm

      Deeberj – You have it exactly right. It is called crony capitalism. Same as was the case in the Soviet Union/East Block and in its light form today in Europe. Very sick, indeed.

      Report Post » VinnieSquawker  
    • watersRpeople
      Posted on August 15, 2012 at 8:05am

      That’s because the U.S is all about Liberty isn’t it Mr. Banker man. Except that I can’t seem to find any modern bankers who are willing to denounce the evils their forefathers have done against the American. Things like deliberately making it where people have to move away from family abroad someplace to colonize it, and so later the bankers can swoop into use it for their own benefit, etc, etc. And it‘s become such a common practice that people don’t even see it as bad anymore.

      Report Post »  
    • watersRpeople
      Posted on August 15, 2012 at 8:10am

      Yeah that’s the way wicked people are, they like giving other people enough rope to hang themselves, but when someone does it back to them, then they don’t like it.

      Report Post »  
    • bpodlesnik
      Posted on August 15, 2012 at 8:11am

      Mr. Dimon, you have quite a bit of power and a good chunk of influence. If you could just please put money aside, and stand up for what is right. Stand up for the Constitution and liberty. Stand with small government. If you could do that with sincerity, I guarantee you will be a much more liked man.

      Report Post » bpodlesnik  
    • watersRpeople
      Posted on August 15, 2012 at 8:16am

      See the way it works is Gog gives Magog enough rope to hang himself, and eventually Magog does it back to Gog and then they tussle. God showed Gog the right way to do things, and Gog said “Well I’m gonna just say and not do.”

      Report Post »  
    • myway
      Posted on August 15, 2012 at 8:24am

      I agree! They thought that had Mr Hope and Change in their pockets and he threw them under the bus for the complete take over coming if we fail to dump obama. I will say this one more time. Go see “2016 Obama”s America” it is in theaters everywhere.
      Obama keeps pledging at all campaign stops that sharing the wealth is the only fair thing to do. Get the rich and make them pay. I am not rich and I am not angry with the so called rich. It is a FREE M-cking Country!

      Report Post » myway  
    • Sunnyy
      Posted on August 18, 2012 at 3:00pm

      @JZS

      Sounds to me like you think the “human condition” is to blame…If that were true, no amount of laws or oversight will correct the problem…Who would you trust to write the laws? Who would you trust to the oversight process? Where did all that stimulus money go?…oversight?

      Report Post » Sunnyy  
  • dodgedart1966
    Posted on August 14, 2012 at 2:00pm

    I want to be a predatory lender. I will come to your house, kick in your door kidnap your family and force you to borrow money and buy a house that you can‘t afford so I’ll lose money and sell the house later at a 50% discount.
    It’s not the lenders, it‘s illiterate borrowers who can’t understand what ‘variable’ means.
    It‘s illiterate politicians who force banks to lend to ’the poor unfortunate souls who can’t afford a house, but deserve one’. NOBODY DESERVES TO OWN A HOUSE.
    Who makes the regulations that lenders must follow before they make a loan?

    Report Post »  
    • reggie patrick
      Posted on August 14, 2012 at 2:58pm

      The liberal, socialistic, progressive, atheistic, suckular humanist, marxists, anti-Christ doctrine of the Demoncratic Party ie Barry Franks, Chris Dodd, Reed, Pelosi, & Barry Soretero.

      Report Post »  
    • concealled9mms
      Posted on August 14, 2012 at 3:50pm

      thank you for this it seems you get

      Report Post »  
    • zjak
      Posted on August 14, 2012 at 4:22pm

      This is why I can‘t get any investor to fund my projects I’ve set up, they love the idea, but they are too afraid and I’ve had some people tell them that. I‘ve gone to banks and credit unions who’ve basically told me the same thing, its even impossible to get an SBA loan. What have we become?!

      Report Post »  
    • psychosocial1
      Posted on August 14, 2012 at 9:17pm

      Dodge, that is a nice story you are telling. It will be filed in the fiction section. In reality, you are standing in the middle of a forest, but you are only seeing one tree. There are far more factors involved in the situation than a bunch of “undeserving, irresponsible“ borrowers purchasing homes they ”couldn’t afford”. You should take the time to research the derivatives market (Thank Phil Gramm for the deregulation there), credit default swaps, collateralized debt obligations, “predatory” and fraudulent lending practices (i.e.no income verification loans) and the “repeal” of Glass-Steagall. Republicans in Congress supported by a Democratic president DID deregulate the banking and financial industries which allowed this to happen. The “free market” which so many claim to believe in promoted risky investments (and corporate malfeasance: think Enron) in order to capture bigger gains. What happened when these risks caused big losses? The CEO’s and other executives were asked to leave and often got those nice severance “golden parachutes” for their time while the majority of shareholders were left holding the bag. If you are interested in where all of this is headed study the history of the Roman Empire. An ever-growing share of the wealth of the nation in fewer and fewer hands of the elites WAS a contributing factor in the fall of Rome.

      Report Post » psychosocial1  
  • sb36695
    Posted on August 14, 2012 at 1:47pm

    FYI, the IRS is also being used to harass.

    Report Post »  
  • barber2
    Posted on August 14, 2012 at 1:41pm

    The Obama Administration has had banks in their gun sights from day one. The way the Fannie Freddie mess was created and the House bills going back to Clinton with their so-called Affordable Housing titles were are drones to blow up the economy. Capitalism is an enemy to these New Far Left Democrats ( the Party needs to be renamed m! ). Bankers have been visited by the ACORN mobs way back intimidating them to give home,loans to ” poor minorities .” Just like their anti-capitalist international friends in the OWS Crowd, this crowd of Democrats has a new agenda . And that agenda smacks of Karl Marx . Big Brother government is to control everything . Including the banks. Pass Regulations , use the media for propaganda, appoint czars, and issue Executive Orders seem to the techniques of the Obama Crowd. Oh, and throw in some serious INTIMIDATION to accomplish the silencing of the public.

    Report Post »  
    • pookieamos
      Posted on August 14, 2012 at 2:59pm

      You hit it right on the head . The thing that is sooo frustrating , why don’t moderate Democrats see this? Why don‘t they understand they’ve been sold a fairy tale ? Why don’t they care to educate themselves ?

      Report Post »  
    • Bill Rowland
      Posted on August 14, 2012 at 7:25pm

      To those of us who don’t like the way our politicians are taking our government remember: The Second Amendment is there so that we can enforce the others.

      OMG Nov 6, 2012

      Report Post »  
  • Shotgun_Melee
    Posted on August 14, 2012 at 1:40pm

    Glad to see this level of courage from our corporation’s Commander-in-Chief. I don’t like the way he votes, but I love the way he talks!

    Report Post » Shotgun_Melee  
  • Larry E
    Posted on August 14, 2012 at 1:30pm

    Ah, Mr Dimon, it’s your progresso-commie buddies who are putting the hammer to ya, how’s it feel big guy. Not good huh? But you‘re one of their boys so maybe if you just make an immense contribution to Glorious Leader under the table you’ll be fine.

    Report Post »  
    • hauschild
      Posted on August 14, 2012 at 1:49pm

      Yeah, this dude’s pretty much left wing, right? But, what do these buffoons expect to happen when they’ve been bailed out by progressive shysters??? Surely, Dimon understood what happens when you’re bought and paid for, right? You have to “give it up” every so often to keep the master happy.

      Friggin’ idiots. Everybody and their love of “educated” (note NOT intelligent – huge difference) people and look at where it’s gotten us. Damn.

      Report Post »  
    • Huguenot Descendant
      Posted on August 14, 2012 at 2:06pm

      Agreed Larry, JPMorgan has been in bed with the government since FDR days. I would agree with this man totally if I knew his bank wasn’t taking money from the Federal Reserve like their own personal piggy bank, that isn’t capitalism and will lead to progressive heaven.

      Report Post » Huguenot Descendant  
  • TexasIndependant
    Posted on August 14, 2012 at 1:28pm

    The POT Calling the Kettle Black! When Credit reporting was changed to shift the burden of proof against the consumer, and in favor of the Banks, and accusers everyone loved it. The Banks embracced this totalitarian ideology, and now the tax payers can no longer feed the beast they got in bed with. The beast they have been friends with for many years is going after them. Why am I not feeling thier Pain. Live by Totalitarian Ideology and Die by it.

    Report Post »  
  • jackact
    Posted on August 14, 2012 at 1:22pm

    Mr. Dimon,
    Well said.
    If you worked for ‘the people’s bank’ (Bank of America) you wouldn’t be a target.
    On the other hand your profit base would be decimated and you would be sitting at your desk wondering why you bank is holding billions in worthless paper mortgages obtained by predominantely minority homeowners who bought $400K homes on $35K annual salaries, with no tangible assets…..and defaulted after (3) mortgage payments.
    “Free country” or “Obamaville”?

    Report Post »  
    • johnjamison
      Posted on August 14, 2012 at 1:31pm

      Sad thing is Obama would only agree to 3 debates and none are open debates and all are with liberal moderators. What a scared little worm Obama is.

      Report Post »  
    • NutterButter79
      Posted on August 14, 2012 at 1:39pm

      He’s right. It’s a free country. These banksters only speak in dollars. They panic anyimte bank flight begins to rend on the net. These banks did it to themselves with predatory lending practices.
      Folks, these aren’t the banks that we are used to. They aren’t the good neighbors. I had to laugh when he mentioned small banks. Most small banks have been eaten up by the big banks. My local bank got bought out by Wells Fargo. It was a community bank for 150 years, then Wells Fargo took over. Most of the old customers left for the local credit union.
      The guy is a defender of crony capitalism. Lenin once said, “The Capitalists will sell us the rope with which we will hang them.” Think about that for a minute.
      We are slaves to the central banks. We believe that if they fail, America will fail. We are better than that.

      Read this: http://revolutioninmedia.com/2012/06/26/banksters-get-raises/

      What happened to the money Jamie? Where did your bail out go? Why are you still losing billions?
      The MSM including Fox News need to start asking tough questions instead of swooning over this waste of flesh.

      Report Post » NutterButter79  
    • kaydeebeau
      Posted on August 14, 2012 at 1:55pm

      How can there be “predatory” lending? Unless you mean the attempt to prey upon the banks and tax payers. No lending institution held people at gun point to take out a loan but the gov’t did hold banks at gun point to make risky loans. So which party is really the predator?

      Report Post » kaydeebeau  
    • hauschild
      Posted on August 14, 2012 at 1:57pm

      Nutter,

      The problem is NOBODY can accurately explain “specifically” what happens if a bank(s) were to fail. All you get is double-speak, speculation and conjecture.

      The real problem with this is that it began with the people that supposedly get paid handsomely to know better. They parrot absolute BS and the lemming-talking heads toe the line and tell us all how “chaotic” and “Disastrous” a failed bank would have been, without giving any specific, real-world examples. I can’t believe 80% of people buy into it when they’re not even being given accurate information.

      It’s wild. And, it’s a really immature method of dealing with problems. It’s like covering for your dirt bag child – you think you’re protecting them by continually covering for them, but you’re only prolonging the inevitable, which will be 10 times worse than if you had slapped the be-jesus outta them at square one.

      Report Post »  
    • NutterButter79
      Posted on August 14, 2012 at 2:48pm

      @Kay
      Predatory lending describes unfair, deceptive, or fraudulent practices of some lenders during the loan origination process. While there are no legal definitions in the United States for predatory lending, an audit report on predatory lending from the office of inspector general of the FDIC broadly defines predatory lending as “imposing unfair and abusive loan terms on borrowers.”Though there are laws against many of the specific practices commonly identified as predatory, various federal agencies use the term as a catch-all term for many specific illegal activities in the loan industry. Predatory lending should not be confused with predatory mortgage servicing which is used to describe the unfair, deceptive, or fraudulent practices of lenders and servicing agents during the loan or mortgage servicing process, post loan origination.

      You want to buy a house, they give you a sweetheart loan with a low APR. Next thing you know your APR has exploded.

      Maybe you can talk to this man’s widow about predatory lending.

      http://abcnews.go.com/Business/calif-man-commits-suicide-foreclosure-wells-fargo/story?id=16405456

      I hope you’re paid off. When times get tough for the banksters, it will be all out war against the people. When banks aren’t regulated, they will rob you blind.

      Report Post » NutterButter79  
    • 68Patriot
      Posted on August 14, 2012 at 4:34pm

      There can only be predatory lending if there are Idiotic Purchasers. Unfortunately there is an Idiot epidemic in this country and most of them vote Democrat.

      68

      Report Post »  
  • Robert999
    Posted on August 14, 2012 at 1:15pm

    Our problems are caused by too much regulation. Free up our American free enterprise capitalist system and let the marketplace make the decisions and the regulations. Sure there will be some law breaking by bankers and others in the finance industry, but prosecuting them only throws roadblocks into the system. White collar crime is not our problem, over regulation is.

    Report Post »  
    • Marine25
      Posted on August 14, 2012 at 1:57pm

      Ignore their lawbreaking to avoid “roadblocks to the system”?
      And people wonder why 70 million people voted for Obama.

      Report Post »  
    • TR_Independent
      Posted on August 14, 2012 at 4:08pm

      My problem with your statement is that when they break the law and lose trillions, our tax dollars go to bailing them out. People lose confidence. The economy crashes.

      No one goes to jail so they keep doing it. Honest Americans suffer.

      Report Post » TR_Independent  
    • psychosocial1
      Posted on August 14, 2012 at 9:47pm

      I shudder at the thought of the America you would have us all living in. Complete deregulation AND no prosecutions would lead to complete collapse of the system. The people in charge would have absolutely no reason to operate within whatever laws were in place, and those same individuals have already demonstrated a complete lack of ethics. There would be no corrective mechanism to control the “free market” at that point. Regulation IS necessary, but it needs to be smart, common sense regulation.

      Report Post » psychosocial1  
  • Rothbardian_in_the_Cleve
    Posted on August 14, 2012 at 1:13pm

    This is a joke right? Dimon should be in jail. Period. That he roams among us is a miscarriage of justice. That he speaks such hypocrisy is torches and pitchfork worthy.

    Report Post » Rothbardian_in_the_Cleve  
    • resme
      Posted on August 14, 2012 at 3:46pm

      look at the comments above you and below you, lol. This is the best spin I’ve seen the blaze do in a long time.

      Poor jpmorgan, Do you need a couple more billion to ease your sorrows?

      Report Post » resme  
  • wvernon1981
    Posted on August 14, 2012 at 1:10pm

    So says the guy that heads a bank so large that it’s failure alone can tank an economy.

    Report Post »  
    • Git-R-Done
      Posted on August 14, 2012 at 4:36pm

      And people like you want to turn this country into the Soviet Union.

      Report Post »  
    • wvernon1981
      Posted on August 14, 2012 at 6:32pm

      Git, I doubt you even know anything about the Soviet economy.

      Report Post »  
  • californiapatriotmom
    Posted on August 14, 2012 at 12:59pm

    You get the government (and regulations) you vote for and, if I recall correctly, Mr. Dimon voted for Obama. Maybe this year he’ll get a clue.

    Report Post »  
    • sgtbrown01
      Posted on August 14, 2012 at 1:30pm

      He Won’t get a clue because these rich libs never think the government will come for their stash…the play both sides and expect us to feel sory for them when they feel they are the victim….please there are alot of stupid people out there…contrary to Oblamo’s smart people out there comment but

      Report Post »  
  • libsaredangerous
    Posted on August 14, 2012 at 12:58pm

    I hope this is a crack. I have often wondered why the banks are sitting down and taking these billion dollar settlements. Where are these dollars going? Who is spending these dollars? I hope Dimon takes the helm of the whole subject and sues and starts to fight and the “smaller” banks might pile in. But, this is some rare insight in to what is really going on in the business world, especially when Dodd-Frank is out there and Obama has his eye making sure that Black, Illegals, etc. get free money so they will vote.

    Report Post » libsaredangerous  
    • WithOutGodWePerishAsARepublic
      Posted on August 14, 2012 at 1:40pm

      You must be related to Wade Michael Page ! You forget that it was white people who voted for Obama to be president. 100% of blacks and illegals would have not been enough to vote him in as president ? You also forget that-Whites make up about 39% of the total welfare recipients…blacks about 39%…Hispanics about 16% according to most recent stats from US Department of Health and Human Services ? It is people like you that claim to be conservative that give true conservatives, patriots and tea party members a very bad name ! Please do not claim to be conservative because your ideologies are similar to Page’s !

      Report Post »  
    • deeberj
      Posted on August 14, 2012 at 4:31pm

      Withoutgod.

      Blacks are 39% of welfare recipients, and whites are 39%, but we have less blacks in the USA than whites.The difference in population means that there are more blacks on welfare as a percentage of their actual population then there are of whites. The same thing with Hispanics. We have to look at their percentage of the total population when we make these comparisons.

      Report Post » deeberj  
  • SquidVetOhio
    Posted on August 14, 2012 at 12:56pm

    I wish more of these billionaires and millionaires would speak up like this. Can you imagine the power that a group of motivated wealthy guys could have?

    Report Post » SquidVetOhio  
  • 2012hey
    Posted on August 14, 2012 at 12:56pm

    The only “bank” I do business with now is a local credit union. I will no longer have a mortgage as of the end of August and that makes me VERY happy. I’m done making those cretins rich off of my own efforts. Big banks are in bed with big government and if anyone thinks this is going to change if Romney wins in November you are probably smoking some medical marijuana.

    Report Post »  
    • TR_Independent
      Posted on August 14, 2012 at 4:18pm

      When I was a kid my father burned the mortgage (after it was paid!). He told us that it was tradition from the depression era.

      Congratulations to you.. Enjoy YOUR home!!!

      Report Post » TR_Independent  
  • 2012hey
    Posted on August 14, 2012 at 12:53pm

    JP Morgan – why don’t you go ***** yourselves? You are a pile of thieves paying the mafia government for protection and stealing taxpayer money.

    Report Post »  
  • floridareader
    Posted on August 14, 2012 at 12:51pm

    The Financial Reform, another one passed by a Congress made out of non-readers.

    Report Post » floridareader  
  • marybethelizabeth
    Posted on August 14, 2012 at 12:50pm

    If, instead, we were a nation of laws, then Jamie Dimon would be in a penitentiary.

    But we are free. to injure millions.
    And like Mr. Beck says, that is the past.
    We have to move on.

    Report Post » marybethelizabeth  
    • barber2
      Posted on August 14, 2012 at 1:46pm

      No. We are a nation of laws. You just “convicted” a guy in the media with no proof. Shades of Zimmerman circus . Shades of the Reid “ prove your innocent first” garbage. Yes. We do plan to move on : Restore and Restart America with Romney and Ryan. And to Get the thugs out of the White House. No. You don’t get it. Yes. We do. Nobama 2012

      Report Post »  
  • jman-6
    Posted on August 14, 2012 at 12:45pm

    While JP Morgan may not have been the cause of the crisis he should come out against Goldman Sachs who clearly had a major role along with congress and most of all the UNHOLY ALLIANCE of all these bankers working as regulators and then into the white house. If you want to work with the govt then you cant go back into the financial industry. That doesnt even pass the smell test.

    Report Post »  
  • Eric_The_Red_State
    Posted on August 14, 2012 at 12:39pm

    Cloward and Piven tactic –
    These people need to be EXPOSED!!

    http://atlasshrugs2000.typepad.com/atlas_shrugs/2011/03/caught-on-tape-democrats-plan-to-destroy-us-economy.html

    Report Post » Eric_The_Red_State  
  • JustMel71
    Posted on August 14, 2012 at 12:38pm

    Bailouts went to JP Morgan Chase in the sum of $25 billion. Complete updated list of recipients.

    Bailout Recipients

    http://projects.propublica.org/bailout/list

    Report Post » JustMel71  
    • jman-6
      Posted on August 14, 2012 at 12:46pm

      Im no defender of the banksters but hello they were forced to take it or else.

      Report Post »  
    • The Jewish Avenger
      Posted on August 14, 2012 at 12:49pm

      did they pay it back?

      Report Post » The Jewish Avenger  
    • SquidVetOhio
      Posted on August 14, 2012 at 12:55pm

      Exactly, they were locked up in a room literally and told they could not leave until they received the bailout money. It’s a fact.

      Report Post » SquidVetOhio  
    • deeberj
      Posted on August 14, 2012 at 12:57pm

      They were given an offer they could not refuse – they had to take the bailout. Go see if they paid it back before you bellyache about them.

      Many many many companies paid back the money but no one likes to report about that.

      Report Post » deeberj  
    • lukerw
      Posted on August 14, 2012 at 1:36pm

      Many “bailouts” went to Banks… whom the Government forced to take them… because nothing works in an Economic System without Banks.

      Pretend you are on a small island with some other survivors… and you start a Civilization! How do you do that? Will you be a Socialist or a Capitalist?

      Report Post » lukerw  
  • team1blazer
    Posted on August 14, 2012 at 12:35pm

    The sad truth is that very few people actually understand financial markets and the role that big banks play in them; thus they (majority of common citizens) fall prey to talking points. The real enemy is the FED and our out of control government.

    Report Post » team1blazer  
    • Shasta
      Posted on August 14, 2012 at 12:41pm

      We are not witnessing the talking points of yester-year. No, we are beholding a new generation of talking points, Obama’s “Talking Points II”. It is a divide and conquer strategy. Under this course of action, by definition, half of the country will loose everything, and the other half will be enslaved.

      Report Post » Shasta  
    • Mikev5
      Posted on August 14, 2012 at 1:10pm

      He is correct on a few things banks are good and do foster growth. But they colluded with the government on all these cheap loans they gave in all to easy to what the government pushed on them they could have slowed it down if they liked but they went full speed ahead at the loans and made a ton of money off these loans. I also ask why are they not trying to ease the loans on these homes they are not they are grabbing them as fast as they can with no remorse so man up the banks were a part of the making of this massive disaster.

      Using the old well they said it was ok to do these loans just doesn’t cut it with me or all the people duped into thinking it was a safe strategy to use

      Report Post » Mikev5  
    • girlnurse
      Posted on August 14, 2012 at 1:41pm

      I thought they were supposed to help the people underwater on these loans with the bailout money?
      NOBODY and I mean NOBDODY has been helped in my area and I live near Stockton (jus filed bankruptcy) and Sacramento which is some of the hardest hit in the country (forclosures everywhere)! I have known several hard working people who have tried to get help to keep their house. I have known MANY people who try to sell their house with short sales–they get great offers and the bank agrees to the short sale but WILL NOT return calls, emails, or letters! EVER! What you hear in the news about banks helping people is BS!

      Report Post » girlnurse  
    • barber2
      Posted on August 14, 2012 at 2:13pm

      GIRL: The shyster Democrats win again in their War on Capitalism: First, the Democrats play the Discrimination Card to force banks to give home loans to ” poor minorities .” Then when this blows up big time, the Democrats pass a ton of banking regulations which hamstring banks from giving out future loans . Thus, the Democrats gain regulatory control over the banks which , again, become their whipping boys because the public gets angry that they can’t get help from the banks ! Oh, our Democrats are a crafty group of anti-capitalists !

      Report Post »  
    • Stelex
      Posted on August 14, 2012 at 7:07pm

      The banks are at fault because of the government. The sole criminal in every wrong done since Woodrow Wilson is the government. The gov is now the enemy of the people, they know it too. Witch in fact makes the people the enemy of the gov. Over a billion rounds of JHP ammo have been ordered by DHS, with several thousand more being bought by NOAA. Seeing that you cant use hollow point ammo in the international theater, makes you wonder where they are going to use them. Thats a lot of ammo

      Report Post » Stelex  
  • rox
    Posted on August 14, 2012 at 12:34pm

    ’nuff said.

    Report Post » rox  
  • NOTAMUSHROOM
    Posted on August 14, 2012 at 12:32pm

    “outspoken defender of the truth”

    See Glenn! You’ve started a trend!

    Report Post »  
  • Snowleopard {gallery of cat folks}
    Posted on August 14, 2012 at 12:31pm

    Glad to see them standing up for once; the admin of Obama has for too long used force, intimidation and outright threats to hamper business development and growth – from the banks making loans to those seeking them; one more reason to end the madness of Obama.

    Report Post » Snowleopard {gallery of cat folks}  
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