Wednesday, March 11, 2009

Jamie Dimon - Asshat of the Year...

JPMorgan CEO, and N.Y. Fed member, Jamie Dimon, got up in front of the Chamber of Commerce and gave what CNBS was calling a command performance and what I call the Asshat of the Year Speech.

In this speech Dimon demonstrates arrogance and defiance. He Jokingly blames the people… but I think there’s a huge message there. He and the other jokers on CNBS are “tired of the people blaming Wall Street,” but sorry, Wall Street is exactly to blame.

It is their money that influenced politicians and it was their lobbyists that pushed to create this regulatory environment. It was them that invented “securitization of debt,” and it was them who permeated the world with it while throwing lavish parties for their salesmen.

And we, the people, let asshats like Dimon sit on the “Fed,” and vote on issues that affect us all. The Fed just needs to be dismantled and the central banking function returned to the people to whom it rightly belongs:

(view about 7:30 you will hear him blame the people)

Then, following this arrogant speech, CNBS’s Dennis Kneale gets on the phone with Dimon where he announces that like Citi, JPM made money in the first part of the year too. RIGHT. When you get to hide all your crap assets and take money from the taxpayers to cover your mistakes, then claim to make “profits” that’ll get you Nate’s Asshat award. They borrow money at near zero interest rates (courtesy of the same people he blames) and then turn around to charge usurious rates, thus making the spreads huge. And we let them get away with this… it’s unbelievable to me.

Arrogance at its finest. He talks about leverage and yet JPM, the company he runs, is the center of the world’s derivatives and one of the most highly leveraged companies in the history of the planet.

By the way, Jamie. We know the shell game that’s being played with all the toxic assets that JPM holds as well as those “acquired” (with taxpayer help) from Bear Stearns and WaMu. You want Wall Street to be respected? Come clean, take your marks, and open all your books today!

Jamie Dimon – Asshat of the year... Congratulations!