Update As Of 11/15/2013
Wall Street Journal (WSJ) reported today that the general counsel, Mr. Stephen Cutler, of J. P. Morgan has publicly complained about the fines here (Subscriptions only).
Mr. Cutler kind of helplessly and naive asked in a public panel discussion “At what point does this stop?”.
Mr. Cutler was previously known as an aggressive chief attorney of enforcement between 2001 to 2005 with the SEC. Lesson learnt: Attorneys who worked for big government before are not necessarily the sharpest knife in the drawer. And they might be quite dull when dealing with government attorneys (are you reading this Mr. James Dimon?).
WSJ reports Mr. Cutler “”followed the defense playbook …”. What an idiot! Pardon my French!
WSJ reports that Mr. Cutler “was a key part of the team that approved the 2008 purchases of Bear Stearns Cos. and Washington Mutual Inc.’s banking operations. The hurried acquisitions ...” (emphasis added). History is full of irony, or is it not.
WSJ reports that CEO James Dimon “has defended the job done by Mr. Cutler. “Steve’s the best at what he does, and we’re lucky to have him.””
Perhaps it is time for James Dimon to step down?
By Any Other Name
What the People have witnessed is a blatant crime committed by big government against a private enterprise. This act is like a partial expropriation! Totally unconstitutional!
J.P. Morgan Chase was the only large bank, which received no bail-out money!
I believe, a lot has already been written about this subject along the lines I am describing here. See e.g. here, here.
A Crucial Detail
“There's also the detail that close to 80% of the securities at issue weren't even sold by Morgan, but by two failing firms it bought at the government's request, Bear Stearns and Washington Mutual.” (source). At the government’s request is a Orwellian euphemism of what actually happened. Perhaps, one day we will learn more about this “government’s request”.
This should be taught to every high school kid in America!
Jamie Dimon Has No Backbone
Like so many other CEO’s of America’s large corporations he has no spine to tough it out with big government.
Or do the People have to believe now he is guilty of something and he just tried to hide it?
Before I would have forked over $13 billion I would have hired the best lawyers money can buy in America. I think, Jamie Dimon and other CEOs owed this to all the mainstream shareholders of America.
Similar Story - Bank Of America
See my previous blog post here.
Like Wells Fargo Before - Spineless
See my previous blog post about it here.
