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Tag: JPMorgan Chase
We’ll do whatever you want (July 4th 2012) We’ll do whatever you want (July 4th 2012)

James “Jamie” Dimon the 56 year old American chairman, president and chief executive officer of JPMorgan Chase, one of the Big Four banks of the United States has appeared before the US Senate Banking Committee to explain his firms risky transactions with depositor funds recently losing billions of dollars. Brian Beutler for Talking Points Memo states “The long-shot big hope for Wall Street reformers was … Jamie Dimon would trip up before the Senate Banking Committee and expose the need for tighter rules governing big banks. …Instead, with some notable exceptions, the senators themselves turned the cross-examination into a coronation, and exposed the extent to which elected officials still feel compelled to genuflect to powerful financial interests. “You’re obviously renowned, rightfully so I think, as being one of the most, you know, one of the best CEOs in the country for financial institutions,” crooned Sen. Bob Corker (R-TN). “You missed this, it’s a blip on the radar screen.” Most of the fawning came from GOP senators who in addition to relying on Wall Street largesse remain engaged in a political campaign against President Obama’s 2010 financial reform law. But some Democrats also treated Dimon if not quite like royalty then perhaps as a trusted confidant. … For reformers, that adds up to an opportunity missed.”


Inspired by Brian Beutler image source Facebook

Michael Lewis the 51 year old USA non-fiction author and financial journalist has published an article on The Daily Beast interviewing himself ‘about how to make the Occupy Wall Street movement better – His strategy: boycott the banks!’ In the article Lewis states, “The big complaint about the movement is that it doesn’t know what it wants. If someone put you in charge of the movement, what would you have it do? I’m not certain that they’re wrong to be as woolly-minded about their goals as they seem to be. By not being too explicit about what they want, they attract anyone who is upset about anything. But if I were in charge I would probably reorganize the movement around a single, achievable goal: a financial boycott of the six “ too big to fail ” Wall Street firms: Bank of America, Citigroup, JPMorgan Chase, Goldman Sachs, Morgan Stanley, Wells Fargo. We would encourage people who had deposits in these firms to withdraw them, and put them in smaller, not “too big to fail” banks. We would stigmatize anyone who invested, in any way, in any of these banks. I’d try to organize college students to protest on campuses. Their first goal would be to force the university endowments to divest themselves of shares in these banks.”


Inspired by The Daily Beast image source Justin Hoch

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