Last I read about Morgan's health policy for employees, it was linking arms with two other major financial institutions to create their own health care insurance. That might be very nice for those employed by Morgan and lead by Dimon, but, what about the rest of the country?
These CEOs forget what occurs when they really screw up the USA economy. They conveniently forget and put it in the file of "Oops."
They come out criticizing a reality that doesn't even exist, but, is interesting to keep Trump at bay. What is Dimon up to these days, anyway?
But, that aside, Robert Reich, the champion of the American Middle Class is correct and I thank him for his opinion.
Jamie Dimon can go back into his ivory tower and leave the American people to decide the future of their health care. I am assuming Morgan and it's partners in self-insurance don't exclude pre-existing conditions.
I am curious as to what Dimon thinks of Trump's picks for lining the halls of The Fed? It was The Fed after all that bailed out the banks and provided that all too comfy QE 1, 2 and 3.
April 8, 2019
By Robert Reich
In his annual letter to shareholders, (click here) distributed last week, JPMorgan Chase CEO Jamie Dimon took aim at socialism, warning it would be “a disaster for our country," because it produces “stagnation, corruption and often worse.”
Dimon should know. He was at the helm when JPMorgan received a $25 billion socialist-like bailout in 2008, after it and other Wall Street banks almost tanked because of their fraudulent loans.
Dimon subsequently agreed to pay the government $13 billion to settle charges that the bank overstated the quality of mortgages it was selling to investors in the run-up to the crisis. According to the Justice Department, JPMorgan acknowledged it had regularly and knowingly sold mortgages that should have never been sold (Presumably this is where the “stagnation, corruption and often worse” comes in.)
The $13 billion penalty was chicken feed to the biggest bank on Wall Street, whose profits last year alone amounted to $35 billion. Besides, JPMorgan was able to deduct around $11 billion of the settlement costs from its taxable income.
To state it another way, Dimon and other Wall Street CEOs helped trigger the 2008 financial crisis when the fraudulent loans their banks were peddling—on which they made big money—finally went bust. But instead of letting the market punish the banks (which is what capitalism is supposed to do) the government bailed them out and eventually levied paltry fines which the banks treated as the cost of doing business.
If this isn’t socialism, what is it?...
I am curious as to what Dimon thinks of Trump's picks for lining the halls of The Fed? It was The Fed after all that bailed out the banks and provided that all too comfy QE 1, 2 and 3.
April 8, 2019
By Robert Reich
In his annual letter to shareholders, (click here) distributed last week, JPMorgan Chase CEO Jamie Dimon took aim at socialism, warning it would be “a disaster for our country," because it produces “stagnation, corruption and often worse.”
Dimon should know. He was at the helm when JPMorgan received a $25 billion socialist-like bailout in 2008, after it and other Wall Street banks almost tanked because of their fraudulent loans.
Dimon subsequently agreed to pay the government $13 billion to settle charges that the bank overstated the quality of mortgages it was selling to investors in the run-up to the crisis. According to the Justice Department, JPMorgan acknowledged it had regularly and knowingly sold mortgages that should have never been sold (Presumably this is where the “stagnation, corruption and often worse” comes in.)
The $13 billion penalty was chicken feed to the biggest bank on Wall Street, whose profits last year alone amounted to $35 billion. Besides, JPMorgan was able to deduct around $11 billion of the settlement costs from its taxable income.
To state it another way, Dimon and other Wall Street CEOs helped trigger the 2008 financial crisis when the fraudulent loans their banks were peddling—on which they made big money—finally went bust. But instead of letting the market punish the banks (which is what capitalism is supposed to do) the government bailed them out and eventually levied paltry fines which the banks treated as the cost of doing business.
If this isn’t socialism, what is it?...
