Re: JPMORGAN GETTING CLOSE TO RECORD SETTLEMENT OVER THE BANK'S MORTGAGE PRACTICES
posted at 10/21/2013 7:24 AM EDT
In response to andiejen's comment:
In response to skeeter20's comment:
In response to andiejen's comment:
"Not disagreeing. Keep in mind that The Bear was bought by JP in 2008 in a rush deal. But if you think the pursuit of the punishment is even-handed after Dimon turned on Obama, well."
You know there is that perception that Obama can be vindictive at times. However, I am not crying at all for Dimon and JPMorgan.
Dimon was raking it in in compensation, Morgan got a boatlad of bailout money all the while it was committing unbelieveable amounts of fraud.
Morgan would never agree to a settlement, nevermind a record settlement if Justice did not have them dead to rights. Banks are loathe to agree to settlements since they are afraid they will open the doors to many more lawsuits.
The injustice here will be if no criminal charges are pursued.
Granted there is plenty of injustice to go around. there just seems to be an awful lot of focus on JP Morgan since Dimon flipped away from Obama. that's all I'm saying. That's not only vindictive, that's using the force of government to send a message to other companies to tow the Obama line or they wi l be next.
Funny how he gets wacked for crimes committed by a company that the Feds begged him to buy. Plenty of banks out there that sold into the collapse while Dimon steered clear. Plenty of banks that should be fined, but JP Morgan seemsto be taking the hit for everyone.
Others, like Solyndra, that stole out money, walk free.
The ending of the bromance between Jamie Dimon and Obama happened gradually. with each side backing away at different times.
Politico.com had a nice take on Dimon and Obama. The below excerpt goes up tpo the time of what seems to be the first break between the two men.
"Jamie Dimon was once the silver-haired hero of Wall Street, scooping up failing banks during the worst of the financial crisis and avoiding the kind of toxic mortgage bonds that sent competitors into bankruptcy and pushed the American economy to the brink.
He was also one of President Barack Obama’s most prominent Wall Street friends, a rare high-profile Democrat in an industry dominated by low-tax, free-market Republicans. Dimon spent several years in Obama’s hometown of Chicago, where he ran Bank One after a nasty breakup with his one-time mentor. He got to know Rahm Emanuel. He hired Bill Daley as a top executive before Daley became Obama’s second chief of staff. He gave hundreds of thousands of dollars in contributions to Democrats.
Obama returned all the love, at least at first. Dimon made at least 16 trips to the White House and met at least three times with Obama — a bond that allowed the president to appear business-friendly. The New York Times in 2009 called Dimon Obama’s “favorite banker.”
But in the wake of a $2 billion trading loss, Dimon’s reputation as a blunder-free Master of the Universe is badly tarnished. And Dimon’s connection to the president, which the JPMorgan CEO now says was never all that strong, seems gone for good. Dimon has joined the loud chorus of Obama’s Wall Street critics, calling himself a “barely Democrat” who is turned off by what he views as the administration’s anti-business rhetoric and policies.
As for Solyndra, it seems to me we have had numerous threads on Solyndra.
To cut to the chase, what happened there can hardly be characterized as them having stole all the money and walking away.
Check out the WSJ this morning. Several articles on JP.
Solyndra stole our money. That's an absolute. What protects them is that the government was their accomplice.