Oh how much class the ruling class have. On a conference call with investors and analysts JP Morgan CEO Jamie Dimon displayed the kind of wit and grace one could only expect from the truly refined – not only agreeing to answer a mere peasant’s question but offering illumination into his heavenly projection into the boundless stratosphere of plutocracy.
At a J.P. Morgan investor event this week Mike Mayo, an analyst at CLSA, who has been a critic of large banks and, at times, Dimon, asked if J.P. Morgan wasn’t at a competitive disadvantage compared to more highly capitalized peers.
Mayo: I think what I hear UBS saying in the presentation is that if I’m an affluent customer I’ll feel a lot better going to UBS if they have 13.5 (percent) capital ratio than another big bank with a 10 percent ratio. Do you agree with that?
Dimon: You would go to UBS and not JPMorgan?
Mayo: I didn’t say that. That’s their argument.
Dimon: That’s why I’m richer than you.
Laughter, perhaps embarrassed, perhaps of the schoolyard variety, ensues.
Beyond the arrogance is something equally offensive. Dimon is right, he did get rich having low capital ratios – which is why his form of banking is dangerous. It’s the precise reason the banks could not protect themselves during the crisis, they were over-leveraged.
The real issue isn’t who is rich, but rather whose interests are being fairly served and whose aren’t. Dimon’s approach gives short shrift to both shareholders and taxpayers. Taxpayers still carry substantial risks for which they are not being compensated, a state that will only change when regulations are tightened, and hopefully vastly simplified.
Shareholders do badly because the kind of bank Dimon runs is prone to loss and volatility, leading markets to set a low value on the bank’s earnings.
So congratulations on how rich you are Mr. Dimon, the rest of us are paying for it.





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ha ha ha ha… funny NOT.
I heard a segment of this on National Propoganda Radio last night with the smooth-talking ever-so-slick parcel-tongued Ky Risdall making it seem like Jamie the Dimon was just teh greatest! w00t!
I turned off the radio. My loathing knows no bounds.
Thanks for the info.
And btw, shithead greedy Dimon is “richer than me” because I bailed him out. Bastard.
Were the Robber Barons of yore like Carnegie, Rockefeller and JP Morgan as smug and arrogant as the Neo Robber Barons of today? Too bad there isn’t a Roosevelt from the left or right to save us this time around.
The riches of Dimon that the rest of us pay for are just about anything he wants that can be considered “business”. It takes a small office of tax attorneys and accountants to know and use every write-off and loophole their congressional toadies have baked and served up to them. From the “business” lunches to the offshore “business” conferences. From the cleaners the corporation pays to give the “home office” a through dusting to the necessary private jets and limos needed to take these MOTU to the far reaches of their empire. Borrowing from the national treasury for free supports a lifestyle we’re supposed to envy. And we do. Unions are socialists, Occupy is a bunch of lazy genXers living in their parents basement collecting the government dole, and we believe it. Who’s the fool?
It was the threat of the Leftists and the CIO behind FDR that gave him the leverage. The 1% learned that lesson the first time and have made sure it doesn’t happen again.
Obama thinks Jamie Dimon manages JP Morgan very well.
http://en.wikipedia.org/wiki/Jamie_Dimon
Chase and the other big banks need to be atomized into many banks each, perhaps by state as well as separating commercial and investment functions. In a just country, we’d have seen a few thousand bankers thrown into prison by now, but they’ve been protected by the Great Satans Obama and Holder.
The rest of the clip was interesting, as well. Evidently Mr. Mayo had pointed out some inconvenient truths and was cut off from maybe a call in with Sandy Weill?
Might I recommend a new address for the esteemed Mr. Dimon? And since I’m feeling so generous, I’m going to assert that there would be plenty of room there for Lloyd Blankfein, etal, too.
What can I say? I’m a giver.
Guess Mr D forgot what America’s Revolution was really about, aye? “Fucken Scumbag”
He’s also richer because he no doubt receives “carried interest” income [all these hedge fund maggots do] which is taxed @ 15%, not at “normal” income rates [which of course are lower than they should be for rich guys].
Ditto for the tax rate on the dividends, interest and capital gains he receives.
And us??? Why we’re just too dumb and too poor to take advantage of these tax breaks granted to the “job creators.”
And 1der @ 4: they don’t even NEED an army of accountants. This is a simple provision of the tax laws.
Yes and these folks expense out their travel cost write it off, while most Americans are simply fucked hard!
The love affair between Obombya and the 1% – a mystery to the bots, obvious to the rest of us. O is the tool of choice for the PTB to further their feudal serf economy.
Obama hides very little.
The USA has a national stockholm syndrome infection.
wikipedia says ” Stockholm syndrome can be seen as a form of traumatic bonding, which does not necessarily require a hostage scenario, but which describes “strong emotional ties that develop between two persons where one person intermittently harasses, beats, threatens, abuses, or intimidates the other.”
The Bush tax cuts ended for those making more than $400,000? Not really. One example: Dividends are now taxed as capital gains at a 20% rate, not as ordinary income at a 39.6% rate. As another example: the inheritance tax was not increased, it is actually lower than it was under Bush. http://topics.nytimes.com/top/reference/timestopics/subjects/i/inheritance_and_estate_taxes/index.html. It would be more accurate to state, certain taxes on those making over $400,000 were raised in a minor way, but some of the most generous of the Bush era tax cuts were retained or even enhanced for those making over $400,000.
That is one reason Jamie Dimon has so much money.
You are absolutely correct. Obaminator left most of the Bush tax cuts for the wealthy alone, pretending he put taxes for the wealthy back to where they were under Clinton.