Jamie’s Cryin – Episode 3: Wherein Jamie Loses the Debit Swipe Battle & is Forced to Take Bernanke to Task for Raising Capital Requirements from the Floor of a Finance Summit

Update: I want to add that IMO Jamie is the best Bank CEO out there. He is brilliant. He is savvy, he is kewt, he is a capitalist, I dig it. I wanted him for Treasury Secretary and wrote about it in March of ’09. But the TBTF have refused to allow the consumer to deleverage from the crushing weight of their housing debt, and the TBTF helped create this problem.

They are the whiz kids in the room, Mom and Pop Homeowner need a HOLC, and the TBTF blocked it and continue to block it, assuring us a long, slow, slog through a Depression like forced deleveraging as the Fed continues to try to inflate its way out of this massive debt it used to prop the very same TBTF.

All unnecessary pain, if only the TBTF would take some of the responsibility they like to lecture about when they laughingly call principal writedowns moral harazrd after they made the Goddamned loans. (see Meredith Whitney ask Jamie about this on an earnings call in January 2010)

Lost juice Jamie? Have you Lost Hand? Did you think buying the POTUSship for Obama meant a free reign?

Did you think basing all our policies on what is best for a handful of TBTF bankstas was really a good way to GROW the American economy?

Oh woe is me. Cry me a river.

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PragmaticCapitalism has it:

(…) his bank was saved from the brink of disaster in 2008. The US government took extraordinary measures to ensure that he did not go down as one of the greatest bank failures of all-time. In fact, the US government did him a huge favor by making his bank the linchpin in the US economy.

Of course, this was done by making Mr. Dimon’s already too big to fail bank too bigger to fail. But none of this is enough. Saving someone’s career and ensuring that their bank is now an instrumental portion of the US economy is not enough. And in a fit of rage Mr. Dimon went and rewarded himself with a monstrous $16MM pay package last year. After all, he deserved it. But this is not enough.

It’s not enough to pay yourself outrageous sums of money when your company should be in a hole in the ground. It’s not enough to have the government by the throat and know that the taxpayers can never let your company fail. It’s not enough to have been a key player in helping the US banking system become the gigantic leach on the world’s largest economy. It’s not enough that you help pull our best and brightest minds out of productive fields and into finance where they will do nothing but think of new ways to help separate the middle class from their savings. It’s not enough that you helped build a banking system that nearly crashed a $15 trillion economy.

No none of this is enough. And when we pass an incredibly weak regulatory bill that does nothing to actually fix what caused the crisis you go and complain that the government is doing too much….

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Then today REALLY SUCKED for Jamie when he lost the Debit Card Swipe Fee battle to the retailers despite INSANE LOBBYING and Jon Tester- D-MT, Bob Corker R-TN last minute attempt to stave off the changes for a year.

This is a Fed set cap on swipe fees. Lowering avg fee charged to RETAILERS from .44 a swipe to .12 a swipe. TBTF are babied left and right, the retailers are going out of business left and right let the Fed baby someone else for a change Jamie. I’m sure Obama will give you another bailout any second now anyway.

WSJ:

…The fee cut could cost the card industry and banks billions of dollars, but nobody in the retail business is shedding any tears — it will save them money.

Bank stocks, up earlier in the day, flipped into the red on the news and ended down nearly 1%, making them among the worst performers in the market today….

June 8, 2011. Tags: , , , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. Comments off.

Kabuki on the Hill: Bank CEOs testify to ‘Financial Crisis Commission’ 9:00am EST

Update 3: 12:13pm: Angelides asking Blankfein what his responsibility was to the investor on those loans they securitized and sold, Blankfein is claiming they were sophisticated investors who sought that exposure. Basically, they deserved it? I dunno. Angelidies got an Agatha Christie analogy in, I always love those. He said maybe it is like Murder on the Orient Express and everyone did it, but still, how much responsibility is yours ….was your due diligence adequate? Blankfein trying to wiggle around it….good luck Lloyd…under oath, liability lawyers hanging on their chairs now….Phil says GS was doing more, they were also facilitating the market in which the products existed, Lloyd agrees to that extent they made that market…

Update 2: 10:07am: Phil Angelides questioning of Lloyd Blankfein was great. Lloyd keeps saying as a ;market-maker’ it is perfectly fine for GS to sell MBS derivatives to clients while simultaneously closing GS OWN position in those assets due to risk..Phil doesnt buy it.

BILL THOMAS! Vice Chair of the Commission just offered the American people his email if they want to submit a question to any of these CEOS!! Well I do!

billthomas@fcic.gov or some derivative thereof…send in your questions!

I really liked Moynihan’s opening statement, he is grateful to the American people, Blankfein needs to eat some of the humble pie Brian had before he arrived. (FD-MiM are BofA shareholders and are keenly interested in how Brian does today, his first big appearance since taking reins as BofA CEO)

Update 1: 9:07 am EST: WOW!! They put them under oath!! first time I have seen these bank CEOs be put under oath (except Ken Lewis on the BofA Merrill witchtrials)

CNBC should carry a livestream of the testimony here when it begins later today NOW LIVE (9:00 am EST, just began opening statements)

(more…)

January 13, 2010. Tags: , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, TARP, Taxes, Wall St. 2 comments.

Jamie’s Cryin’: Dimon says he’s tired of complaints about banker pay and bonuses

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Another day, another classic VH tune fits the lede, Jamie Dimon is pushing back against the ‘rising populist tide’ in re banker bonuses and pay. If you have been here before, you know we are big fans of Jamie and wanted him for Treasury Secretary. We like that he is a fighter.

But we also know the banking industry and Wall St selected obama as their candidate for a reason, and since it is Obama ginning up the faux populism and then slamming we Tea Party Patriots for being concerned about Government spending, well, Jamie needs to talk to the WH, not the people, WE are not the problem…..

Jamie Dimon defended the bank’s pay policies on Monday and said he was “tired” of his employees being vilified over bonuses.

Rising bonuses have drawn criticism from politicians and others, who complain Wall Street’s losses seem to be socialized while its profits are privatized.

Dimon, along with the chief executives of Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N) and other big banks, will be appearing this week before a commission created by Congress to look into causes of the financial meltdown.

JP Morgan pays its employees for sustained performance over multiple years, Dimon said on Monday.

“We do not have change-of-control agreements, special executive retirement plans, golden parachutes, special severance packages or merger bonuses,” he told a JP Morgan healthcare conference, adding that many of company’s employees are in client-facing jobs and work hard with small and mid-size businesses.

“I am a little tired of the constant vilification of these people,” he said….

PS Jamie says Commercial R.E. is a ‘train wreck’ but we knew that was coming…..

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January 12, 2010. Tags: , , , , , . Economy, Finance, Politics, Popular Culture, Unemployment Statistics, Wall St. Comments off.

JPMorgan Chase to pay record bonuses: Damn it feels good to be a bankster!

LOL!!!! CalculatedRisk nails it:

(…)Record bonus pot at JP Morgan

JP Morgan’s pay-out looks set to be the highest ever offered by the bank. Based on analyst consensus, it will be 28pc up on 2008 and 2007 levels … The investment bank’s refusal to rein back bonuses is likely to be seen as an act of defiance both by the US and UK governments….

January 10, 2010. Tags: , , , , , . Finance, Housing, Obama Administration, Politics, Popular Culture, TARP, Wall St. Comments off.

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