Earlier this week in Davos, Jamie Dimon said that when his and other banks are asked to comply with ‘irrational regulation,’ the sensation feels a lot like taking it in the ass. Which is to say, he doesn’t like it. His dislike for the figurative equivalent of anal rape, however, pales in comparison to what he feels for idiot reporters who think everyone on Wall Street is the same, i.e. reckless, greedy and responsible for taking down the economy with their bare hands. JPMorgan and its commander and chief couldn’t be more different than the fuck-ups at places like, say, Lehman Brothers and Bear Stearns (and Citi). Just because they’re in the same industry doesn’t mean they’re the same. One ignorant twit at Davos panel entitled “The Next Shock, Are We Better Prepared?” was unaware of the distinction; and after asking the JPMorgan chief about what he thought of “Americans who had directed their anger against the banks for the bailout” was offered an explanation a media person could understand.
Dimon visibly turned more animated, replying that “it’s not fair to lump all banks together.” The TARP program was forced on some banks, and not all of them needed it, he said. A number of banks helped stabilize things, noting that his bank bought the failed Bear Stearns. The idea that all banks would have failed without government intervention isn’t right, he said defensively. “I don’t lump all media together….There’s good and there’s bad. There’s irresponsible and ignorant and there’s really smart media. Well, not all bankers are the same.”
Clearly “aggrieved by the question,” he went on. Read more »
In addition to a question for Bloomberg TV anchor Betty Lui, who asked Bill to “admit” that “the markets were in a better mood yesterday after QE2,” which is simply this: “Betty? Betty? Betty? How about in summer 2008, 2007, were the markets in a good mood? Were the markets in a good mood then?” Read more »
Other banks would take Friday and enjoy the weekend but not Goldman Sachs, according to CNBC’s Kate Kelly. They get shit done before close of business and none of this Summer Friday crap. Of course, there are still a lot of unknowns, a lotta ins, lotta outs, lotta what-have-yous, including but not limited to, will GS seed this entity? Will it act as prime broker and if so, will it be treated like every other client or will it get extra-special treatment, like being told beforehand trades will be front-run (“we’re just going to help ourselves to this, thanks sugar”)? These are the things we need answers to. Read more »
Why? According to Pitt, in a bold (though perhaps not so far-fetched) claim, nobody’s actually read the thing.
Dodd-Frank is a ponderous beast. If Congress were paid by the word or the page, this verbiage might be understandable. But neither of those conditions exists, meaning all we can be certain of is that no one in Congress or the administration has actually read the entire bill. Who actually knows what’s in the bill?
“The Chief Executive Of The British Bankers Association joins us on the line, Angela Knight. You’ve said that bankers are treated like lepers and carriers of bird flu. Do you not think that is no doubt because your members took huge sums of taxpayer money, caused a collapse of the economy, which is leading so some of the biggest cuts in public spending that we can ever remember and while the country suffers, your members take bonuses like nothing has happened? Is not then understandable that bankers are treated in that way?” [BBC]