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  • 11 Feb 2014 at 2:23 PM

Make John Mack’s Day: Give Jamie and Lloyd A Break

In an interview on Bloomberg TV, John J. Mack, the former chairman and chief executive of Morgan Stanley, called for an end to the harsh words that have been hurled at Mr. Dimon and Lloyd C. Blankfein, Goldman Sachs’s chief executive, over their pay…He said he would love to see people “stop beating up on Lloyd and Jamie.” He added: “I think that would make a lot of sense, and I’m in favor of that.” [Dealbook] Read more »

But a confidential email has emerged that shows a top Chinese regulator directly asked Jamie Dimon, the bank’s chief executive, for a “favor” to hire a young job applicant. The applicant, a family friend of the regulator, now works at JPMorgan. Mr. Dimon met the applicant in June 2012, according to interviews and the previously unreported email, one of several documents that JPMorgan recently turned over to federal authorities as part of an investigation into hiring at the bank. At the meeting with Mr. Dimon in New York, the applicant acted as an interpreter for the Chinese insurance regulator. JPMorgan bankers in Hong Kong, hoping to help her job prospects, knew in advance that she would attend…As the meeting with Mr. Dimon was wrapping up, interviews and the confidential email show, Mr. Xiang changed the subject to his young interpreter. He introduced her to Mr. Dimon and portrayed her as the daughter of a close friend and a potential JPMorgan employee. In an awkward moment for the applicant, she translated as Mr. Xiang extolled the benefits of hiring her. [Dealbook]

JPMorgan Chase Chief Executive Jamie Dimon said his company has lost up to $10 billion as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis. “Someone said the Fed did us a favor to finance some of this or something like that. No no no. We did them a favor,” Dimon said, speaking at a Council on Foreign Relations event. “I’m going to say we’ve lost $5 billion to $10 billion on various things related to Bear Stearns now. And yes, I put it in the unfair category,” the CEO added. [CNBC]


Who is the greatest Ponzi schemer of our generation? If we’re evaluating on the basis of sheer size, Bernie Madoff is the obvious answer. But as many of you know, size can only get you so far in life- it’s what you do with what you’ve got that matters. And Berns really didn’t do anything all that exciting with his ill-gotten gains. He bought a bunch of homes, yes, but his primary residence faced Lexington and from what we can tell, he didn’t buy anything that interesting with his cash. Same goes for most other scams- funds are spent on cars, maybe some jewelry, maybe some prostitutes, maybe some Teddy Bears. Frankly, from an investor stand point, it’s a little insulting- if you’re going to rip people off, at least do something real with the money. Make a name for yourself. Penetrate a community like never before. Follow in the footsteps of Nevin Shapiro.

Nevin, and you can quote us on this, became the frontrunner for greatest Ponzi schemer of our time when, from a jail cell, he chose to fuck the University of Miami football program raw, not unlike the players who he arranged prostitutes for over an 8 year period. How did he claim such a tittle? What steps should budding Ponzi schemers hoping to make a name for themselves be taking notes on? Read more »