Septebmer 24, 2013: “The uproar over bonuses was intended to stir public anger, to get everybody out there with their pitch forks and their hangman nooses, and all that–sort of like what we did in the Deep South [decades ago]. And I think it was just as bad and just as wrong.” October 11, 2013 “The vilification of a person or a group of people is not right. It’s never right, and when it happens it should not be trivialized or dismissed lightly, as it too often was in the context of AIG. And when I referred to the South, I unintentionally trivialized a horrible legacy of our country. That was the opposite of my intent.”
An Irish banker taped saying he would demand cash from authorities to keep operating and making light of a 2008 bailout, prompting criticism around Europe, apologized for his comments in an interview published on Sunday. Public outrage has grown after the Irish Independent published taped telephone conversations between executives of the now-defunct Anglo Irish Bank, wrecked in 2008 when a property bubble burst after years of reckless lending. David Drumm, then-chief executive of Anglo Irish, had said he would demand “moolah” – slang for money – from the central bank in tapes of conversations that mocked a bank guarantee that pushed Ireland into years of austerity. In his first public comments since the tapes were published, Drumm told the Sunday Business Post that the recordings were made at a stressful and volatile time but there was “no excuse for the terrible language or the frivolous tone”. “I sincerely regret the offence this has caused,” the Sunday Business Post quoted Drumm as saying. “I cannot change this now, but I can apologize to those who had to listen to it and who were understandably so offended by it.” [Reuters, Earlier: “Get into the fucking simple speak – we need the moolah, you have it, so you’re going to give it to us, and when would that be?” Drumm said.]
JP Morgan & Co.’s chairman and chief executive officer, James Dimon, renewed his apologies to shareholders for last year’s multibillion-dollar trading fiasco, and an investor that has pushed for corporate-governance changes at large financial firms said it would focus this proxy season on changing the bank’s board…The 57-year-old Mr. Dimon called the “London Whale” trading losses, which cost the company more than $6 billion and led to the departure of a top aide to the CEO, “a real kick in the teeth” and “the stupidest and most embarrassing situation I have ever been a part of.” Five pages of Mr. Dimon’s 30-page annual letter to shareholders, released Wednesday, outlined “lessons learned” from the incident, which damaged Mr. Dimon’s standing as the best risk manager on Wall Street. [WSJ]
They’ve reviewed the tapes and it appears an apology is in order. Read more »
“In Hindsight, The [London Whale's] Strategy Was Flawed, Complex, Poorly Reviewed, Poorly Executed And Poorly Monitored.”By Matt Levine
More to come.
In fact, hand to god, Dan Loeb and Co. find this “embarrassing episode” that they set the wheels in motion for painful to watch. Read more »
Earlier today, Forbes writer Jeff Bercovici reported that last night at the Time magazine Person of the Year debate, restaurateur Mario Batali likened the banking industry to “Stalin or Hitler,” Joe and Adolf, respectively. The collective members of the banking industry did not take this well. They banned expensed lunches at all of Batali’s eateries, took to Bloomberg’s restaurant review pages to express their outrage and vowed not to line his pockets with another dime, while also taking shots at Mario’s signature and beloved orange Crocs. Moments ago, Batali choose to take to the airwaves with a response to the backlash. While he would have received credit for kicking things up a notch with an ice cold “You won’t be missed” or “Apologies…for failing to mention another luminary you remind me of, the late, great Benito Mussolini,” he choose to go with this: Read more »