Monday, February 14, 2011

Jamie Dimon: Don't be hatin' on bankers when it's all YOUR fault! #p2


Jamie Dimon: Don't be hatin' on bankers when it's all YOUR fault!

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Jamie Dimon kicked off his Sunday morning appearance on Fareed Zakaria's show with a bit of whine about how mean, mean, mean we all are to bankers. He kicks things right off by blaming the victims:

DIMON: OK. In the United States of America, only one-third of credit is provided by banks. Bank lending actually went up after Lehman Brothers failed, not down. It's a huge misconception. Two- thirds of credit is provided by individuals, corporations, pension plans, you know, et cetera. The huge reduction in credit supplied was the credit supplied in directly to the marketplace. In fact, if you go to any place around the world, you ask people, did you do something more conservative with your money after Lehman went down? Which everyone says, yes.

I would say, well, you caused the crisis. You got scared. You ran. It's perfectly legitimate as an individual protecting yourself. And JPMorgan last year lent or financed $1.4 trillion for corporations, individual around the world, up pretty substantially from the year before and I believe substantially from the year before that.

Really, Jamie Dimon? REALLY? We caused the crisis how? Were we the ones playing high stakes games with mortgages, lending money to people based on fraudulent, jacked up valuations and credit histories and then selling them off to the likes of YOU to gamble? Um no. Not so much.

Funny how the story changes. When he testified before the Financial Crisis Inquiry Commission, he said this:

"Reflecting on the causes of the crisis, Jamie Dimon, CEO of JPMorgan testified to the FCIC, "I blame the management teams 100% and...no one else. (Page 18)"

Or here, where he realizes what gambling with those brokered subprime loans cost JP Morgan (Page 91):

"JP Morgan CEO Jamie Dimon testified to the FCIC that his firm eventually ended its [mortgage] broker-originated business in 2009 after discovering the loans had more than twice the losses of the loans that JP Morgan itself originated."

Of course, 2009 was too late. Everything had gone to hell in handbasket by then, so rippy-rah-hoo for Jamie Dimon's stellar fiduciary standards.

Or here, where he's talking about how they were shocked -- SHOCKED -- to discover that home prices just don't keep rising when markets collapse (Page 111):

rest at http://crooksandliars.com/karoli/jamie-dimon-dont-be-hatin-bankers-when-its

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