I’ve tended to ignore the litany of “poor oppressed rich folks” articles that have popped up over the last year. It has been exhilarating to see those who get every advantage in American life so weepy because some of the unwashed masses have decided not to love them unconditionally anymore. But it’s just kind of a broken record at this point, and it’s an attempt to work the refs on Capitol Hill so they get even more favorable policies. That’s a game I’m not interested in helping them play.
However, you do have to marvel at the way in which the 1% tries to pull off this trick, as if a commentary on income inequality above where it was during the Roman empire is actually just an attack on their character. A case in point:
“Acting like everyone who’s been successful is bad and because you’re rich you’re bad, I don’t understand it,” the JPMorgan Chase & Co. (JPM) CEO told an audience member who asked about hostility toward bankers. “Sometimes there’s a bad apple, yet we denigrate the whole.”
Dimon, 55, whose 2010 compensation was $23 million, joined billionaires including hedge-fund manager John Paulson and Home Depot Inc. (HD) co-founder Bernard Marcus in using speeches, open letters and television appearances to defend themselves and the richest 1 percent of the population targeted by Occupy Wall Street demonstrators.
If successful businesspeople don’t go public to share their stories and talk about their troubles, “they deserve what they’re going to get,” said Marcus, 82, a founding member of Job Creators Alliance, a Dallas-based nonprofit that develops talking points and op-ed pieces aimed at “shaping the national agenda,” according to the group’s website. He said he isn’t worried that speaking out might make him a target of protesters.
Job Creators Alliance’s apparent job is to give a platform for billionaires to whine and cry in public about how persecuted they’ve all become. I would have gone with Martyrs With Nine Zeroes as an honorific but that’s just me.
One actual policy these oppressed rich oppose comes from the Dodd-Frank law, which would require publicly traded companies to actually disclose to the Office of Financial Research the ratio between the salaries of their median employee and their CEO. That’s really the only policy I’ve seen from this whine-fest. So they are going public to defend themselves from having to go public with how much more money they make than their average worker.
It should come as no surprise that this coterie of self-pitying “job creators” lines up pretty perfectly with right-wing Republicans and free-market fundamentalists. Just because this attitude completely crashed the economy about three years ago doesn’t mean they should be made to feel bad about it, however.




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Ah, the hubris! Dontcha just love it? I was saving this for the Round-Up. So happy you got it and gave it what it deserves.
Notice that a large number of these self-made Galtian overlord he-men had rich parents and/or the good fortune to grow up in the postwar boom years when college was affordable for all?
http://my.firedoglake.com/phoenix/2011/12/20/one-percenter-rugged-individualist-randroids-born-on-third-base-hitting-a-triple/
Imagine how persecuted they will feel when they are rended limb from limb in the streets and all their legacy cast to the fires and ashes of history. I still won’t cry for them, even then. When you cook the golden goose, expect to be the next dish served.
Pitchforks at the castle gates ,are peasants wihout clout !
http://www.youtube.com/watch?v=wMgvwUMK314&feature=channel_video_title
That’s what gets me.
does anyone know what they actually do?
Hey, nothing like a good, old school caste system.
If we needed any proof about what OWS is doing to these critters (and we don’t) just look at the crying and whining from the privileged 1%.
I am preaching to the choir here but OWS has awakened a sleeping giant of people who felt helpless as individuals against the forces of evil, but no more.
Thank you to each of the OWS folks who sacrifice on our behalf every day.
Jeeze, this isn’t even a tax they have to pay or a regulation that controls their behavior. It’s only DISCLOSURE of what they’re doing [greedy, immoral compensation of CEO].
And even this minor action gets them howling.
One thing we can be sure of is that when the shit hits the fan at their respective companies, they won’t know anything about anything.
The greatest thing about this is not even a majority of people who oppose OWS are buying what the 1% are putting out there.
OWS needs to find out when and where these characters are making public appearances so they can be greeted and MIC-checked with the question
I would love some talented individual to create a Broadway musical starring the Occupiers with the other characters being the banksters and the president and congress. I can almost hear the banksters whining in song, the Occupiers doing a mic check, and the politicians singing denials. Maybe someone will do this; in fact, I think it’s very possible.
Job Creator Alliance…holy shit….the Luntz focus group terminology just dripping from that name…and all speak with not an ounce of humility or self awareness….narcissists to the core. All I want is a little respect…wtf? Um how about you get what you give pal.
For only being .01 percent of the population, their poor persecuted pity parties and mindless misunderstood victim whineathons certainly get a lot of coverage in the mainstream media.
Gawd can you say pa.the.tic! Talk about totally clueless…just like Ebenezer Scrooge before he was visited by all those ghosts….have we no poor houses, I pay my taxes, you should be grateful to meeeeeee that I walk the earth and grace you all with my presence. All I want is some respect dammit…I deserve it because I’m rich you see…..
Just what.the.eff. Sadly they never seem to learn the mistakes and lessons from history and History certainly has a way of repeating itself….sigh. I do feel sorry for them, but certainly not for the reasons they want me too. Oh They will reap what they sow. Their disdain for us all and total lack of self reflection, graciousness, and empathy just oozes from their cores, their words, their actions, it’s so very palpable even trhough the intertubz, cyberspace, and /printed words. /rant
It bothers me a LOT that someone like Jamie thinks he has done something wonderful and deserves the compensation that he receives. A true entrepreneur, someone with a really successful idea, deserves applause — and I have had the pleasure of knowing several.
These idiots seem to think that by bending or changing the laws using other peoples’ money, or simply fighting and clawing their way to the top of some big corporation, that they deserve what they can get (or pocket without anyone knowing it). I know what I think they should get but it ain’t gonna happen…
I just wonder if Dimon resembles some of the other 1% turds out there…
Sounds like a hit. (In both meanings of the word.)
Sorry… I just scared myself! Could it be that ALL of the 1%-ers look alike and resemble, well…
Not to mention that these guys would have lost everything if not for the (ongoing) bailouts of the Federal Government and Federal Reserve. Hell, most of the bank “profits”, on which management bonuses are based, of the past 3 years are attributable to the legalized fraud permitted by repeal of FASB 157 alone. Without this and numerous other actions all of the major banks would still be in the red.
Agreed. True entrepreneurs risk their own money. These guys are nothing but ladder climbing monkeys with MBAs playing with other people’s money. Good at self-promotion but producing little to nothing of value.
Jon Corzine ring any bells; I have no idea what happened to $1.2 billion, it could be behind the dresser at the Ritz Carlton .
Just for fun, let me throw in that crazy asshat Ted Nugent;
In his December 16 Washington Times column, Ted Nugent wrote that “[b]eing poor is largely a choice, a daily, if not hourly decision,” and that “we need to punish poor decisions instead of rewarding them. We cannot continue to offer a safety blanket to those Americans who make poor choices. The fewer social welfare programs, the better.”
Seriously?
If there was ever a self inflicted gunshot wound needing to happen, I haven’t seen it yet.
The real whiners are right here.
So what if Dimon makes $23 million?
It isn’t coming out of the pocket of anyone here.
It isn’t about influence. Every Govt has lobbyists, even theocracies.
It isn’t about anything except envy, and covetousness.
Are you fucking serious?
No kibbles for you.
Maybe he gets his money straight from Timmy Geithner?
Idiot.
Fees baby, lots and lots of fees, that is where that money comes from.
No doubt hiding with Iraq’s WMDs and Iran’s nukes.
So what? If you have a problem with Chase there’s always a credit union.
Nobody says you have to do business there.
I’m always puzzled why defenders of 0.1%ers choose to spend dinner hour with us losers & whiners rather than dining at Per Se and spending $1000/bottle of wine.
Actually since his pathetic lack of forethought and inability to actually comprehend good banking policy not to mention his criminal behavior(settled weith the SEC for 153.6 million) was paid for and bailed out by US citizens I’d argue you have that wrong. TARP ring a bell? Yeah they paid it back. Most likely with the FREE money the Fed offered them(also backed by US Taxpayers).
You are ignorant.
Go look up Quantitative Easing.
The Fed loans G-S money at near zero. G-S buys Treasury notes, marks them up and sells them back to the Fed. A lucrative profit stream is being created for them at your expense. They add no value to anything other than the bank accounts of politician’s campaigns.
The Fed could buy treasury notes directly. Ask yourself why is G-S even in the middle of this.
Even you could make $23 million if the Fed liked you.
Jamie Dimon- poster boy for entitled assholes and billion dollar banker extraordinaire
“Who could have ever imagined the misjudgement of our aggressive underwriting standards could be problematic.”
Uh Jamie, if you’re being paid billions of dollars then I think there should be some expectation that YOU should have imagined.
Again, so what?
The money was paid back.
It didn’t come out of your pocket.
Like I said, envy and covetousness.
Jamie Dimon, no silver spoon baby. /s
wiki
Heh
Can you lend me $50 dollars so I can pay you back the $20 that I owe you and lend the $30 out to some other schmuck that I’ll charge $15 to for borrowing the money from me?
Sweet little racket the bankers got going for them. If any of us 5 figure income folks had done what these overpaid schmucks had done in our daily work life what these guys did to the economy we’d be fired or in jail.
I used Goldman Sachs as an example but the same is true for JPMorgan.
You are rude.
What does the carry trade have to do with Dimon’s salary?
Nothing. Giving money to banks is a political decision.
You’d be the first dipstick to whine if the government loaned your neighbor money at .005% who then loaned it back to the government at substantially higher rate while you where jumping through hoops to borrow money at market rate to repair your Pinto.
It was paid back at the taxpayers expense(via Fed trillion dollar backdoor bailout). And frankly it should have never been “lent out” to begin with.
I forgot the “hypocrite rule”. Markets are only supposed to be “free” when it works to the 1%ers advantage and the right is good with “welfare programs” that benefit six figure CEOs, just not anyone else.
http://www.infowars.com/have-you-heard-about-the-16-trillion-dollar-bailout-the-federal-reserve-handed-to-the-too-big-to-fail-banks/
If someone handed me 391 billion dollars I could pay off 25 billion too.
You are rude and ignorant.
It was his salary your were talking about when you accused others of being envious. I was explaining to you how he made such an enormous salary.
Giving money for political reasons is why this country is in such a mess.
shooter, shooter….bless your heart. I guess you think you’re going to strike it rich some day. Silly you. Have a merry.
I can’t even imagine having $23 million and certainly not making it in one year. What do these people do with all that money?
People. Bitching about Obama bailing out the banksters is fine by me but has nothing to do with what Dimon makes. Conflating the banksters with everyone else who makes a lot of money is wrong.
Either way, it’s still true that whatever Dimon makes, it could go away tomorrow, and your life won’t change one little bit.
Meh
I’d guess that shooter is the one who is envious of the masterful, savvy Jamie Dimon. Me? I think the guy is a schmuck. And frankly since I actually believe that eventually we all end up accountable for our actions I wouldn’t be Jamie Dimon for anything.
Some people measure their lives in terms other than money amassed. I suspect shooter doesn’t comprehend that type of person though.
Right on FTF!! I cannot believe how radical these bastards and their BS are making me! I am so sick of this crap!
Actually it does. If the banking system had been allowed to fail jamie wouldn’t be collecting any income. You can’t collect income from a defunct company.
You do realize Dimon is a banker, don’t you?
Person. Bitching about us may be fine by you but nothing has to do with much of anything other than you must have a sad life if coming here and being a rude, arrogant, scold and spouting opinion backed up by zero facts is so important to you.
Not true. It would make me feel better.
Apparently the answer to that is cheat- er I mean “mislead.
That wonderous and worth every penny Dimon paid out 153.6 million for “misleading” investors.
http://sec.gov/news/press/2011/2011-131.htm
Heckuva guy that Dimon is.
The truth hurts. Get used to it.
Isn’t there some traffic you could go play in?
You seem to get enormous satisfaction out of nipping at people ankles. Go for the gold and chase some tires.
Hoard it. It’s how the measure their self-esteem.
Dimon is a sociopath. He wouldn’t waste his spit on shooter.
And shooter thinks the guy is a hero.
pooter242
Glass Steagal.
Have a nice day.
The fact that we had to bail those criminals out in the first place should give you a clue like falling off a swing head first.
The fact that they paid US back is tantamount to admitting guilt to stay the fuck out of jail.
your arguments are invalid, stick around and spout bullshit at your own peril, there are so many people around here to counter your pitiful arguments that I can go to the store and not have to waste my time on your sorry ass.
I figured I’d post more about the” totally praiseworthy and worth the billions he’s paid because it takes a special type of sociopathic personality to run a bank” Dimon.
Lest you think he confined his cheating to that 153.6 million, here’s where he settled for 211 million for cheating local governments in 31 states by rigging the bidding process.
http://www.nytimes.com/2011/07/08/business/jpmorgan-settles-bond-bid-rigging-case-for-211-million.html?_r=1
What a brilliant on top of things CEO Dimon was! Certainly worth every penny for his stellar leadership!/s
Only the latest to follow the Reagan paradigm. “I’m not a criminal, I’m just stupid.” BTW, I trade S&P futures for one single client, he and I are both “little guys.” Can you guess where his trading account was located? (Hint: “was”) I am more than ready to lead all these insider mofo’s to the guillotine. No further discussion necessary.
You are a pathetically ignorant moron. But you’re consistent about it, I’ll give you that.
See? He pulled himself up by his Daddy’s bootstraps. Pure merit. All us whiners just picked the wrong guy to fuck our mommas.
I guess some folks set the bar low for their hero worship.
You wouldn’t catch me being a one man cheerleading squad for someone who, based on his record, is barely straddling the line between crook and CEO.
It’s an insult to every man and woman who puts in an honest days labor that Dimon has managed to amass his million dollar paychecks by basically saying “I had no idea that our company was engaging in unethical behavior.”
Theye hire 10,000 guys like shooter to parrot their lying rationales. They put the other $22,995,000 in the bank.
Exactly. To sum it up, Dimon makes his money by ripping people off and getting handouts from the government.
He has no accountability and the govt supports his losses and guarantees him profit while saying there’s no money for the unemployed, infrastructure, or the sick and leaving him untouched while throwing people in jail for smoking pot.
And we’re upset because we’re envious.
No one is worth $23 million a year. Period.
David,
Please post something if you ever discover what Congresswoman Jackson Lee was talking about with her comment (that you mentioned on twitter) that the President should extend the expiring payroll tax cut by executive order.
http://thehill.com/blogs/blog-briefing-room/news/200585-jackson-lee-urges-obama-to-use-executive-power-to-extend-payroll-tax-cut-
I would be genuinely interested what law she cites to justify that position. The obvious reason I don’t think she can is that if Presidents had the legal authority could cut taxes by executive order, President Bush would have jumped on that loophole years ago.
I couldn’t agree more.
And it makes my blood boil that out govt supports and coddles rich sociopaths while so much suffering goes on.
I have zero patience for the apologists who fawn over them and defend them.
BTW, the carry trade has nothing to do with Quantitative Easing.
The Fed could stimulate the economy by buying Treasuries directly. Instead, they loan money to JPM at near zero. JPM then uses that money to buy Treasuries which the Fed then buys from JPM at a markup. That markup is money drained from us that goes to JPM for no reason other than corruption.
Jamie’s salary comes from that. Your goes money to an obscenely rich sociopath simply because he can bribe politicians with campaign contributions.
Keep that in mind the next time you feel the urge to extoll the wonders of our “free market”.
I think they count money in the back office like the old man on the pawn shop program.
So is giving protection money to a mobster with a gun pointed at your head.
Two words: Soweto, necklace. Give them something to cry about.
Let’s try a thought experiment.
Rather than Jamie Dimon, let’s postulate that it was Steve Jobs making $23 million. I’m betting that makes a world of difference to you folk.
Not at all surprising or noteworthy in any way that the Jamie Dimons of the world imagine themselves to be Galtian overlords.
What is truly shocking is that any working person would kowtow to their rather thin and unconvincing propaganda. Depressing.
Disclosure has the same effect on these people than light on the cockroaches.
He’a no hero of mine but if he worked his way up from nothing and isn’t ripping me off like Jammie then I have little problem with what he made.
More like a nonsensical experiment.
Steve Jobs was not an un-indicted criminal and the govt didn’t socialize Apple’s losses while creating lucrative profit streams for it on the backs of the 99%.