Monday, May 24, 2010

Damon Vrabel - Jamie Dimon and Wall Street Pathology

Damon doesn't pull any punches and shows great instinct by singling out and then shredding Jamie Dimon, a former Economic Edge "Asshat of the Year" award winner...
Jamie Dimon and Wall Street Pathology

As many people now understand, Wall Street is a monopolistic cartel that thrives on putting the rest of the nation and much of the world in debt (article on Wall Street and the Bankruptcy of America) and controlling all money in the system (video: The Rise of Financial Empire). It has structurally lived as a parasite on the United States for a century. It seemed like a symbiotic relationship for a long time, but it is now clear that it took over the host and now has nearly reached the point of killing it. Such a parasitic structure is fundamentally pathological, one could say immoral (article on Usury), and pathological structures naturally attract pathological personalities (article on Wall Street Narcissism). Here’s a recent case study:

One of the primary personalities currently on Wall Street is Jamie Dimon, CEO of JP Morgan Chase. I ran across a short video clip of his commencement address at Syracuse University earlier this week in which he said, “It should not be acceptable to denigrate entire groups, not all companies, not all CEOs…to categorically and indiscriminately judge them as all equal is simply another form of prejudice and ignorance, and it’s not fair, it’s not just, it’s just plain wrong.”

The crowd applauded. Who wouldn’t applaud such a line? It’s a good one. He uses one of Martin Luther King’s most powerful phrases “it is not just.” The problem is that MLK meant it, whereas Jamie used it here for selfish purposes to skirt the individual judgment he called for. The applause was Jamie’s real goal. He used his power position over the group in that moment to rally the masses behind him and engage group psychology to shutup his critics. It’s a demonstration of how ruthless he can be (a couple of his classmates verified for me the ruthlessness hidden under his frat boy looks and harvard shmarm).

So as a fellow harvard b-school alum, I’ll provide the individual judgment he says he wants by responding to a few key snippets from his speech (my dialogue is purposely direct because guys like this don’t listen to nuance). He’s correct that people should be evaluated on their own merits. The fact is it would be unfair to other bankers to bucket them in with him. He is in a class by himself.

Snippet #1:Many of the lessons I’ve learned I’ve learned by making mistakes. It takes courage to be accountable. Throughout my life, throughout this crisis in the past three years, I’ve seen many people embarrass themselves by failing to stand up, being mealy-mouthed and acting like lemmings by simply going along with the pack.”

Jamie, by implying you are uniquely courageous and others are weak in such a huge public setting, it’s clear you’re not a true leader, but just an arrogant salesman. More importantly, your 2nd sentence is the best example I have ever seen of what psychologists call projection, a vicious trait of narcissism. You say others have failed to stand up, are mealy-mouthed, and act like lemmings by going along with the pack. Wow. I can think of no better description of many on Wall Street.

I guess I need to remind you that Wall Street is a cartel, a pack, created by the Federal Reserve System that lives as a parasite on the backs of 308,000,000 Americans. So your absurd wealth comes from having monopoly usury license to put all of us in debt and then live off our wages that get sucked up to the cartel. Wall Street is full of lemmings, most of whom don’t really understand the truth of the usury system that steals from the American people. But as an insider in the CFR and on the NY Fed, a completely anti-competitive unconstitutional cartel, my guess is that you do understand the truth. Yet you go along with the pack–you’re just a highly paid lemming no matter how hard you try to convince yourself you’re tough and independent.

Snippet #2:Have the fortitude to do the right thing, not the easy thing. Don’t be somebody’s lapdog or sycophant.”

What fortitude do you have besides doing whatever the controllers behind JP Morgan Chase want you to do, i.e. being a lapdog and sycophant? Your firm has built up the most irresponsible derivatives position in the country. Your firm has helped make countries, states, and towns insolvent. Your firm likely manipulates markets as a cartel insider. Your firm jacks up credit card rates on the poor and kicks them out of their homes. You played a role in racketeering and extortion to control the government’s response to the crash of 2008. You call this doing “the right thing?” Mad delusion.

The people behind your firm used their leverage over the US government to ensure JP Morgan emerged from the crash with new levels of concentrated power over the economy, especially in the unconscionable WAMU takeover, yet you took credit for it as if it was all just a result of you being a good CEO. You know JPM’s new lofted status has nothing to do with you but everything to do with those behind the scenes. You’re just a smooth-tongued front man, a sycophant of the CFR crowd, and you provide them cover as the main salesman for one of their key firms. This is not “doing the right thing.”

Snippet #3:At the darkest moments when it seemed like the whole system was unraveling, I saw men and women in my company, and in many other companies and in the governments around the world who took extraordinary action.”

Yes, extraordinary action to seize the American republic, transfer its wealth to your inside club, and move it further toward the single global system that the BIS, IMF, G20, and the people behind your firm are planning. Your salesmanship here is like Michael Corleone convincing Carlo he was ok just before he had him killed in The Godfather. You’re showing no signs of a conscience, which is likely why you’ve been given the JPM job in the first place.

Snippet #4:[My kids] were naturally scared about what it meant for our family and for me to have lost my job. My youngest daughter—she’s here today¬, she was eight at the time, she has not graduated yet, that’s next year ¬—asked, “Dad, will we still keep our house, will we have to live in the street?” and I said “Of course not, darling.”

Have you no shame sir? How many families has your firm kicked out of homes? How many people has your firm put on the street? You are a billionaire because you work for the most powerful people on the planet putting the world’s population in debt and setting up market conditions that will result in many more losing their homes in the future. How dare you use this example?

Of course the only way you could use this example is if you were a narcissist with no empathic connection to what your firm actually does. It’s clear you indeed suffer from this severe personality disorder. Wall Street is a psychopathic organizational structure in terms of how it fits within the economy. Therefore, its most successful members like you are the most ruthlessly narcissistic. You dissociate yourself from the truth, believe the lie that you’re courageous and good, and then project onto everyone else the truth about the life you have chosen. How else could you live with yourself becoming fabulously wealthy off of putting millions in the shackles of usury?

More evidence of your narcissistic personality: in February 2009, after the crash of 2008, you said “we should teach the American people you’re supposed to meet your obligations, not run from them.” This is not normal hubris or chutzpah, but pure ruthless narcissism. First, you somehow consider yourself worthy of “teaching” 308,000,000 Americans. Hardly. If only we could teach you a thing or two the world might be a better place. But also in the midst of jacking up their credit card rates and kicking them out of their homes, like Tony Soprano, you tell them they better pay up. Again, no signs of a conscience.

Snippet #5:It takes humility and humanity to be accountable.”

As a narcissist Jamie, you have neither humility nor humanity. You need help. There are people who know how to help you find some real hope, real compassion, real love in your life. But instead you stay within the pack of lemmings and lapdogs (your words). You have chosen the dark side. Do you have the courage to seek redemption before it’s too late?

Snippet #6:In fact, this wonderful country, whose bounties we all benefit from

Correction: “whose bounties you and your inside club benefit from.” The rest of the country is drowning in debt, scrambling to pay it off, and the people have no equity since it has been transferred up to your cartel. You have largely destroyed this republic and you are playing a key role in the plan to bring it into the new world economic order. Make no mistake, you are an enemy of this country.

Snippet #7:And so it takes courage, knowledge, a strong sense of self, a capacity to overcome failure, and a healthy amount of humility and humanity to be truly accountable. These qualities are at the heart of our success as a nation.”

Yes but since you and your club exhibit almost none of these qualities, you are destroying the nation that indeed was built on them. Your “strong sense of self” is a false sense that relies on big paychecks and affirmation from others to stroke your ego so you can temporarily feel good.

So Jamie, you were right that you deserve to be evaluated as an individual, but the case against you now is even more damning. You were better off hiding under blanket accusations against Wall Street. But healing is possible. I sincerely hope you seek it by heeding the words of Shakespeare that you referenced in your speech: “To thine own self be true.”

You need not continue serving this system. You’ll just go down in history as another rich schmuck to be quickly forgotten. Instead you could turn toward compassion for humanity and help redeem the system. You could fight it. You could serve the people instead of causing them so much harm. You have been blessed with the ability to make a real difference. The moral code of the universe demands that you do so. “To whom much is given, much will be required.” Gandhi said “be the change you want to be in this world.” That’s real courage. But you’re just a debt peddler. Will you finally face the truth and choose courage? Only then will you be remembered as a man who was worth a damn.