Jamie Dimon, the chairman and chief executive of JPMorgan Chase, has blasted governments and regulators for slowing the global economic recovery.
Bad and uncoordinated policies have "made the recovery worse than it otherwise would have been", Mr Dimon wrote in his annual letter to shareholders. "You cannot prove this in real time, but when economists 20 years from now write a book on the recovery, it may well be entitled 'It could have been much better'."
New regulations, he said, have slowed bank lending at "precisely the wrong time".
JPMorgan weathered the financial crisis better than most of its rivals and Mr Dimon, known for his combativeness, has become something of a spokesman for Wall Street since. Although the 56 year-old insisted that he agreed with the intention of much of the regulation, the letter added that the "result of the financial reform has not been intelligent design". JPMorgan will spend about $3bn (£1.9bn) over the next few years to ensure that it is compliant with new regulations.
The 38-page letter, the longest missive yet from Mr Dimon to investors, came alongside the disclosure that he earned $23m in 2011, matching his compensation in 2010. The bank made record profits of $19bn last year.
The bank boss also used the letter to take a swipe at attacks on the role that banks play in the broader economy. "If it weren't for the capital investment, innovation and productivity of American business, we all still would be living in tents and hunting buffalo," Mr Dimon claimed....
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22 comments:
The US fiat money mafia just wants to enslave the complete world. Jee ... Me Demon? is their ringleader. That's all.
One word for you jamie dimon. "Mussolini". THINK ABOUT IT BITCH.
- runlevel
Hunting buffalo would be just fine, Tonto
Mr. Dimon is truly living the illusion and promoting it. He must not realize that even though they all get preferential treatment and are allowed to conduct criminal acts of financial terror which he wants to continue to do, but he needs to talk to people who actually ARE living in tents because they lost their homes because the bankers had a field day with junk MBS and guys like him are responsible in part for what no one ever thought would fail...housing. Too many speculators flipping properties, arrogant, greedy and the illusion finally collapsed. Much like how the rest of Mr. Dimon and others house of cards will do eventually.
I do not wish him harm, I hope he wakes up and admits one day to being part of the problem.
@ 4:56pm jamie dimon wouldnt think twice or give two shits if he had to destroy your entire financial lively hood in order to make a few bucks. he knows damn well what is going on and what he's doing and what he's responsible for. he just thinks he's above the law and godlike just like all the tyrannical bankers before him.
- runlevel
we'll see how funny he thinks it is when he's swinging from a lamp post after the American people find out how badly he screwed them. It won't be funny then.
So I have this correct.. Jamie Dimon hates the government and a couple months ago was bitching about the Fed, right? But it's perfectly acceptable to believe that they do the Fed's work per you Bylthe Master analysis? Let's just right anything we can to fight our unproven bullshit.
From now on, I would appreciate facts when people is this blog write their thesis on everything being some grand conspiracy.
Reading how this whiner is complaining about regulations and stupid policies that emanate from the White House, from a person his contributions helped elect, is just about the most disingenuous and foolish comments I have heard since the last banker started whining about how a politician did him wrong.
Man up you sniveling pimpstick ass wipe!
Take your salary, more than 20 families will make in a life time and your $19 billion in profits and STFU.
Dimon, if you have had half a lick of sense you would have gotten McCain elected. Not that McCain much less of a DA than Obama but at least you would have made more money these last 3 years.
Just wait until Romney is elected, since you and your homies are putting tens of millions into his campaign, and let's see how much you complain about Mitt. Fair warning, Dimon, MR is a squid-boy. If this country last long enough to get to election day, your company might survive.
There is a famous saying. 'Politicians can always be counted on to disappoint you'
Had enough yet, dumb ass?
I hate to disappoint anyone who thinks Dimon will be hung from a lamp post. Blythe will, along with a few other lieutenants, but Dimon is a survivor. He buys loyalty from every political hack in America and a bunch in Europe and China.
Crusso
Here are a few facts about Dimon. I don't think everything is a conspiracy. FDR famously opined that there are accidents in the political arena. If something happens, it was planned. Dimon and his people donated well over $10 mil(disclosed) to the Obama Campaign and have direct access to the WH through Geithner and Axelrod.
Dimon and his munchkins are now doubling down for Romney but GS is donating nearly twice as much to Romney's campaign,
GS financed all of Bain Capital's acquisitions, capital for growth as well as subsequent sales of the revamped corporations.
GS also manages Romney's roughly $250 million dollar net worth located in the US and off shore.
This is nothing new. These items are public record but most people are not aware of this. If nothing else, Obama knows the campaign contributions have shifted to Romney. He is going to do whatever he can to damage Dimon before BHO is de-elected this November. Dimon and JPM will likely suffer some serious damage if Bernanke has his way since Ben does BHO's bidding.
I expect these things to happen if we last that long and on that subject---- ISYN
Some have one round with Jamie Diamond's name on it. I have an entire magazine.
AGXIIK, in the current environment, I highly doubt Romney can beat Obama. Romney's support from the right is lukewarm at best. Unless there is an obvious disaster (like a Dow crash to 9000 or gas at $5.50 a gallon) the "Anybody but Obama" vote will not be strong enough.
Much as I despise Dimon and his hench people, their work, and all they stand for I must give the SOB his due. He is quite correct when he says that the US government intervention has caused the 2008 (and counting) recession to be longer and deeper than it otherwise would have been. Bottom line is, just because Dimon is a world class a$$ does not mean that he is always wrong.
"Gold and silver are money. Everything else is credit." ~ John Pierpont Morgan (1837-1913)
FOCUS PEOPLE!!
Dimon is just one man....nothing more! His actions and comments are no more than a jersey shore distraction to the bigger picture here.
Between the housing crisis and the theft of your future by wall street to the distruction of nature and your food supply by Monsanto and the trampling of your constitution by the very people you elected to potect it.
Tents and Buffalo's may be all Americans will have left by the time they get through with you.
Oh that's right, the once proud and abundant American Bison is all but exstinct.
Wake up! stand up! speak up!.....or join the bison!
Crazy Canuck
I don't consider living in tents and hunting buffalo to be a bad thing. Inadvertently, Jamie Dimon just admitted he is responsible for Native American genocide.
I agree, Romney will not be able to topple the current political machine. Not likely any of the repub party can do it, although I would like to see Ron Paul get some better attention to what he has stated, more or less he is ignored.
Bottom line in my opinion that almost guarantees a re-election for Pres. Obama: near 50% of american citizens depend upon some form of government benefit...does anybody really think come election day, these people will vote to potentially rock the boat of gov. benefits? Voters usually vote their wallets, and this is part of the reason they usually get exactly what they voted for. if more voted their conscience and for what is best for everyone, the money masters would not have the grip and influence they do over Washington and the people. Obama will be re-elected for this simple reason...most will vote for maintaining their benefits and the status quo that so far is slowly ruining this country, and they could care less about squandering the future of this once great country. Greed and selfish self centered voters are no different than those they vote for...they are of the same mold unfortunately. Not all voters are of such character, but there will be a majority that make sure their benefits continue at the expense of future generations. As long as they can continue receiving their dole, they give a blind eye to the destructive policies of government. Some honestly need the help which I have no problem with...but again, MANY have made a living off gov. benefits, these people will do their best to make sure it continues.
Dimon and Masters. LIARS.
I cannot fathom how bad their karma is or what it will cost them in the future.
They're riding high now. Pride always comes before the fall. Remember these names well.
I'm sure a majority of Comanches would be very happy to still be living in 'tents' & hunting buffalo.... It seems to me everywhere on the plains where there was a pile of bones left of the buffalo slaughtered only for their hides, or tongues, there's a friggin' bank been erected... Here in Topeka the biggest building is BOA, and I'm sure this revolting occurrence is in everytown and city.
Wow... Mr. Dimon appears to be suffering from Alzheimer's. Its almost like he has forgotten that his "financial innovation" led to the disaster. Its almost like he's forgotten the billions of taxpayer dollars used to bail him out. Its almost like he labors under the delusion that he is rich because he is a hardworking, prudent investor who earned what he has. Its almost like he forgot that he is nothing but a welfare queen.
A few years from now we should be so lucky as to see Mr. Dimon forced to live in a tent and forced to hunt buffalo for a living.
Mr. Dimon bad-mouthing the government is exactly like the Democrats fighting against the Republicans. It is all for show and propaganda, to make people believe there is a difference between them. The reality is that these people all follow the same agenda.
They give people the illusion of choice (and freedom) for picking Option A or Option B (both leading to the exact same result). What people need to pick instead is Option C ('None of the Above'), and foster independent and critical thinking. That is the only way to free oneself from the 'Matrix' construct that they have built across the world.
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