- Posted May 15, 2012 by
Watertown, New York
This iReport is part of an assignment:
- Drug Company,Novatis, Pays U.S. Government $422.5M in Marketing, Kickback, 'Pay to Play' "Fine"
- America- Having Two Jobs Now Necessary to Break Even
- Snow In April In Northern NY? Seriously?
- No Farms, No Food. Right? No Jobs, No Economy? Not Quite True..
- U.S. Government Finances Yet More of China's Technological and Manufacturing Superiority
Jamie Dimon and JP Morgan- Too Big To Regulate
Jamie Dimon made his apology and then went on to collect his $23 million pay package. He convinced shareholders that the recent loss at his big bank was everybody else's fault. Heads will roll, but Dimon will keep his attached.
Obama says he's one of the smartest guys on Wall Street. This must be true for Dimon to convince those that are invested in JP Morgan to keep him around.
President Obama decided the same thing back when Dimon and other Wall Street bank CEOs were invited to the White House just after Obama became President. It wasn't a social visit.
Obama's Administration wanted to know why the country's financial system had collapsed. Dimon must have done a good sell job along with our nation's Treasury secretary on why we need big banks.
Bank CEOs walked into the White House that day with hat in hand and left as arrogant as always. Obama did nothing to attach strings to the money taxpayers gave them to bail their butts out from the crisis they had caused.
Now, we can see the army of banking lobbyists ascending on the easily bought Congress that always have an ear for those with money.
The big banks should be broken up as Larry Summers suggested.
Geithner was wrong. Dimon and Goldman Sach's CEO couldn't attend President Obama's address to Wall Street on the subject of reform. Too busy? The President of the United States? Too busy? Arrogant? Disrespectful?
Why strings were not attached to the $7 trillion plus our Federal Reserve Bank lent Dimon and others, Americans can only guess.
How many bankers have gone to jail? How many have been charged?
"We don't know because we don't track that kind of thing," says Attorney General, Eric Holder. Really? Not important enough? Well after all, it's an election year.
With all Obama tried to do and came up short on reining these banks in, Romney will do less, regulate less, yet a majority of Americans think Romney will do better with our economy. Better for whom? But then, when shareholders allow Jamie Dimon to stay after his bank lost $2 billion doing the same thing now that brought our economy down, what hope do we have that Americans will choose correctly in November?
It's Stockholm Syndrome, folks. Maybe the hostages feel the hostage takers will give them a break in 2013 if they vote them back to power. Maybe the GOP controlled House will give Romney what he wants when they wouldn't for Obama. Maybe that's what voters feel will help our economy. Maybe the sun will rise in the West, too...someday. A corporate raider at the helm for our country? Well, he'll be in good company with the likes of Dimon and Blankfein running the casino on Wall Street. Do I hear a trillion? Two trillion? Going...going ....gone. Sold out, America.