Business

‘Stop Foreclosures Now!’ JPMorgan CEO Heckled by Protesters, Grilled by Senate Committee

JPMorgan CEO Jamie Dimon, also known as President Obama’s “favorite banker,” was called before the Senate Banking, Housing and Urban Affairs Committee Wednesday to answer questions regarding his company’s recent multi-billion dollar trading loss.

However, before the hearing even began, the room was rushed by protesters who, apparently, believe the CEO is directly responsible for foreclosing homes.

“Stop foreclosures now! Stop foreclosures now! Stop foreclosures now!” they chanted before being escorted out by security.

Watch protesters disrupt the hearing via C-SPAN:

Comments (27)

  • KeithOlberdink
    Posted on June 14, 2012 at 1:09pm

    Ah yes, I guess you should get a free house, while the rest of us pay rent and continue to pay our mortgage… Where do these people come from, I mean really???

    Report Post » KeithOlberdink  
  • romaddan
    Posted on June 14, 2012 at 12:57pm

    This really ****** me off.
    Sometimes I watch these Home Buyer shows on T.V. and I’ll see a single mom with a new job making $60k a year, she has a new car and she decides to buy a 300K dollar home… Then I start thinking, “Well, I make more than her, I don’t have a car payment AND my wife works, if she can afford that home (which is MUCH nicer than the one I live in) what am I doing wrong living in my 120k home?
    NOTHING!!!
    I could have afforded a bigger “better” house… Heck, the bank said I was approved to barrow for much more than eventually spent on my house.
    But the wife and I knew are budget, we knew how much we could comfortably afford (on one salery…just in case). We looked at the “what ifs”,we looked at our life style (vacations, eating out, etc.), we looked at what our car payment was or could be…. Long story short, we BUDGETED for a home/house.
    So many in our society want the best and biggest “it” (car, job, house,etc) now. So they rush out and buy something they “can” afford w/out thinking “just because I ”can” should I?” I understand that bad and unexpected things happen. The difference is, good, honest people take responsibility for their actions and figure a way out of their predicament. The lazy and stupid don’t take responsibility, no they chant “Stop foreclosures now!”.

    Report Post » romaddan  
  • lukerw
    Posted on June 14, 2012 at 3:51am

    The Government created, and uses, Too Big To Fail… as the means to ButtCheck Business and Control it’s Activity. Government should not really be involved!

    Report Post » lukerw  
  • South Philly Boy
    Posted on June 14, 2012 at 1:31am

    A lot of people made Very Bad decisions buying during the housing BOOM. I knew something was Not right when one day your house is worth $80,000 and in a few weeks it’s worth $200,000.
    And people actually paid those Astronomical prices… Just Unbelievable.

    Report Post » South Philly Boy  
  • JEANNIEMAC
    Posted on June 13, 2012 at 11:52pm

    http://www.wnd.com/2012/06/holder-faces-corruption-scandal-too/
    Read about another real estate corruption scandal.

    Report Post »  
  • SidneyDave
    Posted on June 13, 2012 at 8:20pm

    Jamie’s private investment company made a bad call and lost 2 billion of investors money, Obama invested over 2 trillion of taxpayers money and lost it all. Jamie is a villain, Obama is a hero.

    Report Post »  
  • copatriots
    Posted on June 13, 2012 at 8:01pm

    Poor Jamie. He was born behind his times. 15 years ago he would have been the “smartest guy in the room”. Hmmm…..0bama’s “favorite banker” is endorsing Romney. My, how times have changed.

    Report Post »  
  • gpk
    Posted on June 13, 2012 at 7:43pm

    What do we want? Eviction. When do we want it? Now. Throw the bums out. Sick and tired of pandering to the 10% or less who are behind on their mtgs. Tough sh*t. That’s life.

    Report Post »  
  • wakewiseone
    Posted on June 13, 2012 at 7:30pm

    stop foreclosures????

    you fools wouldnt have a problem with the foreclosure process if you d make your mortgage payments like you should.

    otherwise, the bank claims its collateral.

    nuff said !!!

    Report Post »  
    • neidermeyer
      Posted on June 14, 2012 at 6:47am

      Sorry there “wiseone” , they are not claiming their colatteral ,, they lost the right to call it colatteral when it was rehypothecated into securities … it was sold and transformed and they have been paid for the notes … YOU DON’T HAVE A RIGHT TO BEING PAID TWICE ..

      Report Post » neidermeyer  
  • 1me2ao
    Posted on June 13, 2012 at 7:29pm

    This entire thing is pandering for the OWS crowd to fuel the fire. This is private equity that was lost and the tax payers owe nothing on this. When coke came out with the new coke and the company was flopping there was no congressional “ genius because stupid people elect them ” oversight. This was a bad business decision only. Dimon should tell congess to go F*(( themselves.

    Report Post »  
  • affinity
    Posted on June 13, 2012 at 7:03pm

    President Obama and his administration have done nothing to “stop foreclosures now.” The truth is real estate properties were flipped so many times from the 1980 to 2007 that real estate values were totally unsustainable. All that’s happening through foreclosures is real estate values are adjusting back down to where they should be.

    Example: An $80,000 house flipped six times in 10 years. This would have increased the market value to $102,102.53 based only on paying 5% commission per transaction 6 times (in some states it was 7% up to 10%). That’s almost a 28% market value increase with no true property value increase. This doesn’t even take into account the effect of closing costs and and buyers income increases (ability to pay) into account. Realtors will argue that market values are based on what a person is willing to pay, however, I would argue that market values are a false reflection of real value because in a sellers market people pay what they must pay rather than what a property is worth. Builders will say market values are based on replacement value. However, the deduction of inflated land costs and depreciation would bring the replacement value back in line with the true market value

    I would propose that market values be calculated minus sales commissions and closing costs in all future transactions. This isn’t a total solution but it is a start.

    Report Post »  
  • lilium479
    Posted on June 13, 2012 at 6:34pm

    Where’s Corzine? He is the criminal.

    Report Post »  
  • barber2
    Posted on June 13, 2012 at 6:32pm

    Ah,the Democrats ” Affordable Housing Act !” They used the Discrimination Card / ACORN mobs in bankers yards to force loans to the “ poor minorities ” who were being discriminated against because they were poor and minorities ! Those loans worked out so well ! Ah, the Democrats’ Affordable Housing Act : the gift that keeps on giving them more opportunities to stir up their angry poor minority base and persecute those “ heartless ” bankers and capitalism . Regulate the banks to death and then trash them some more for not helping those ” poor minorities!” Ah, our Democrats : trying so hard to destroy capitalism, banking, and our economy. Apparently, running a successful economy is just “ Greek” to a Democrat who thrive on an endless cycle of Blame Game and class warfare rhetoric.

    Report Post »  
  • barber2
    Posted on June 13, 2012 at 6:24pm

    Guess the Occupy Players are baaaaaaack. Thanks Barack for your anti- bank/ anti-CEOs / anti-Wall Street rhetoric. Just you and friend Bill Ayers , each day trying to do what you can ” to destroy capitalism.” You and your Far Lefty buddies like Fidel and Hugo. Just working so hard punishing the “rich” with more taxes so you can, like you told Joe the plumber, “ redistribute ” their filthy lucre ! Grab your pitch forks, folks, and join the Obama Re-election crowd ! It’s Show Time !

    Report Post »  
  • Tri-ox
    Posted on June 13, 2012 at 5:46pm

    Free houses, birth control, iPads and Chevy Voltobamamobiles for everyone! (or something)

    Report Post » Tri-ox  
  • theblazerunner
    Posted on June 13, 2012 at 5:37pm

    “I’m Supporting The Party That I Belong To”: Rand Paul Speaks About Romney Endorsement
    “There are definitely things in between good and evil”
    http://www.infowars.com/im-supporting-the-party-that-i-belong-to-rand-paul-speaks-about-romney-endorsement/
    Key points and quotes to come out of the interview, conducted by Peter Schiff, are as follows:

    While he anticipated the backlash, Rand believes that supporting the party will enable him to get more done, and that many critics have been too quick to forget the good things he has managed to do so far from within the Senate.

    “Supporting the nominee has been part of my ability to try to have influence… If Republicans see that you are not going to support the nominee, the doors close.”

    The Senator believes that endorsing Romney will help earn his trust and make him more likely to listen to his policies. He agreed that it is better to have Romney as a friend than as an enemy.

    “People say that ‘you’re selling your soul.’ No, I’m supporting the party that I belong to, in order to try to work within the party to get things I believe in.”

    While he admitted that the announcement was co-ordinated with his father, Rand denied that he was under any pressure to get Ron Paul to endorse Romney, adding that the Congressman will make that decision on his own.
    …

    Report Post » theblazerunner  
  • jhaydeng
    Posted on June 13, 2012 at 5:35pm

    Poor bastard! That’s what you get for wheeling and dealing!

    Report Post »  
    • Anonymous T. Irrelevant
      Posted on June 13, 2012 at 6:04pm

      Yeah, like this guy has time to micromanage all the smaller banks that DID fore-close, and maybe, just maybe, the people fore-closed upon didn’t qualify for the loan anyway. The bankers were forced by law to give them a loan they knew they could not afford.

      Report Post » Anonymous T. Irrelevant  
  • seeker9
    Posted on June 13, 2012 at 5:28pm

    Do they expect banks to hand out free mortgages?

    Report Post » seeker9  
  • Douglas Turnbull
    Posted on June 13, 2012 at 5:21pm

    Grilled, I don’t think so, Dimon blew them out of the water….they were grandstanding for their people back home. Jamie did a great job and had/has complete understanding of what happened and why. It won’t happen again. As a shareholder and employee, you would feel real good about where JPMChase is. Jamie gave them a free education on Banking and how it works. No dancing by this exec.

    Report Post »  
  • Individualism
    Posted on June 13, 2012 at 5:11pm

    put him in a camp!

    Report Post » Individualism  
  • hauschild
    Posted on June 13, 2012 at 5:09pm

    If only these losers would put as much effort into getting and maintaining a job.

    Report Post »  

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