Jamie Dimon - The Vampire of Banking
Having just read an article about Jamie Dimon on Huffington Post, followed by an article listing the 30 Best CEO's in the USA, on which we find Mr. Dimon - I am incredulous! The London Whale $6 Billion loss was not merely a poor and embarrassing decision on the part of JPMorgan/Chase's Chairman and CEO-- it is one of a pattern by Mr. Dimon: LIBOR Rate he was a major player in manipulating the rates banks loan money between one another; TARP funds with Hank Paulson-- Dimon led the way for the Too Big To Fail banks to meet and get bailed out during Bush's lame duck session; using TARP funds for bonuses and investments in derivatives, once again, Dimon a major player and proponent of insisting there be no caveats on how the TARP funds were used by the banks. Policy of no consumer loans - Dimon. Selling off packages of bad mortgages and then betting on the mortgage insurance (AIG) to retrieve something back - Jamie Dimon.
But now, this narcissistic CEO has the nerve to insist that if he is not both CEO and Chairman of the Board of JPMorgan/Chase, he will not accept simply being CEO and overseen by another officer. Losing $6 Billion dollars was merely an "embarrassingly bad decision." Does he get fired? Absolutely not. The bottom line is "Machiavelli incarnate" - if he makes money for the shareholders regardless of the methods, his cowardly Board will never fire him. Shame on them!
Banking began as a means of securing consumers' monies and acting as a lending arm to consumers to start businesses and buy homes. Now, it is simply about the shareholders, and nothing to do with the customers who entrust their monies to the banks. Even though it is OUR money they are using to make risky investments in order to make their profits and distribute them to themselves and their shareholders, bankers are making their daily operational funds from charging the customer for the privilege of being able to deposit monies in their bank, with no returns or benefits for the banking consumers.
Claire Stanard
But now, this narcissistic CEO has the nerve to insist that if he is not both CEO and Chairman of the Board of JPMorgan/Chase, he will not accept simply being CEO and overseen by another officer. Losing $6 Billion dollars was merely an "embarrassingly bad decision." Does he get fired? Absolutely not. The bottom line is "Machiavelli incarnate" - if he makes money for the shareholders regardless of the methods, his cowardly Board will never fire him. Shame on them!
Banking began as a means of securing consumers' monies and acting as a lending arm to consumers to start businesses and buy homes. Now, it is simply about the shareholders, and nothing to do with the customers who entrust their monies to the banks. Even though it is OUR money they are using to make risky investments in order to make their profits and distribute them to themselves and their shareholders, bankers are making their daily operational funds from charging the customer for the privilege of being able to deposit monies in their bank, with no returns or benefits for the banking consumers.
Claire Stanard
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