When dealing with regulators from the Office of the Comptroller of Currency (OCC) JP Morgan Chase CEO Jamie Dimon reportedly started screaming and told regulators he did not believe they should have the documents they were required to have under the law.
Senator Levin asked a bank regulator with the OCC what had happened, how the regulator stopped getting information. The regulator said JP Morgan had stopped sending daily reports in August 2011. The OCC objected, and met with Dimon as well as CFO Doug Braunstein. At this meeting, the regulator said, Dimon said the bank was afraid of leaks, and that it was changing how it was distributing its information.
Dimon allegedly hammered the OCC regulator on why he needed the information – which, at that time, was standard and expected information for the regulator to have. “As Mr Dimon said: why we weren’t going to get it?” the regulator recalled. Braunstein said he had already sent the reports. Dimon turned on Braunstein, the regulator remembered. “Mr Dimon said it was his decision whether to send the reports to the OCC.”
“Did he raise his voice?” Levin asked.
“He did,” the regulator replied.
Only Wall Street could be so brazen, the confidence that comes from widespread bribery. In no other field could a corporate officer decide to break the law and when questioned by the regulator scream at them about the law being wrong. If you are looking for more evidence that it’s the rich not the law that rules – now you have it. How dare the regulators try to regulate! Don’t they know Dimon is special? Don’t they know that Wall Street is above the law?
The Senate Committee released a damning report on JP Morgan’s conduct in the London Whale trade and apparent cover up. Of course, there won’t be any real consequences, not only does Wall Street get to shop for its regulators but in the event the regulator actually tries to enforce the law they get to bully them out of their position which the public will only learn about if the Senate has a hearing.
No fines, no jail time, just break the law and never back down and you can get that big bonus. Too Big To Fail and Too Big To Jail. Just remember when the next crash hits, not only was it preventable but the government did everything it could to make sure it happened.




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The Economic Royalists are not amused by the little people.
FDR Speech before the 1936 Democratic National Convention
Philadelphia, Pennsylvania
June 27, 1936
A Rendezvous With Destiny
Great quote. Thanks.
In Jamie’s defense, he surely didn’t raise his voice.
He merely needed to flash his presidential cufflinks.
Forward!
I would give a lot to know when and by whom he was given those cuff links.
Why should Jamie Dimon following some trifling piffle called “Regulations.” Team USA is a Common Law country. That means that the laws are only for the commoners, not the Royals.
Got it? Hope we don’t have to refer to this again with the Help.
harumph!
But don’t ya know? Going after JP Morgan would threaten the financial system. Eric DickHolder says so.
January 20th, 2009, by Barack Hussein Obama?
That’s my bet for the pool.
Any other takers?
Of course, Dimon was *promised* those ‘links on November 4, 2008 around about 9:30 pm Chi-Town time or so…
The blame for it should fall on Obama and Holder.
“All Animals are created equal”But some Animals are MORE equal than others. How did that story end again? Do you think Dimon and Obama have read it?I don’t think that either is worried about anything that may bubble up from below. The police are militarized and you see what they do to protesters at every opportunity. dimon’s response tells you all anyone needs to know about where o’s allegiance is. Punishment? Sure, WE will be punished for even thinking that there should be any limits on the banksters. Nothing has been done so far, and nothing is planned to be done.
This is news? A powerful protected criminal throwing a tantrum?
Remember the wall street scumbag who hired the taxicab to take him from NYC to his home in Connecticut and then reneged on the deal, started screaming, pulled out a penknife and tried to slash the taxidriver over a fare that probably would have been tax-deductable anyway?
These jerkoffs know no other way to behave. Its the result of a professional lifetime of browbeating people, any people, anywhere to get in their way. The victims of this kind of assault are just the ‘little people’ who have no other purpose in life than to be fleeced by the grifters we have handed our government and our money over to.
Somewhat agree but I see the upper middle class bubbling up as austerity will cost (lower standard of living) most of them in the future. OWS with an influx of higher income malcontents might cause the fuse to be lit on real change. Austerity still can’t work and UI will go up dramatically even with the false statistical way they report it.
Impeach Obama for his many offenses. Failing to stop criminal activity is complicity. He is one complicit president. And drag Holder down with him.
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I say give Jamie a fair trial and hang him.
That’s the way we do things in Texas.
I’m not sure that I agree.
There is that field that hires former intelligence officials, then feeds their “news” to the MSM.
The guys in that field are untouchable too, even though law-breaking (or I’ll call it “authorized” leaking) also occurs.
I say
give Jamie a fair trial andhang him.That’s the way we do things in Texas.
Difference between authorized leaking or a murky kind of law breaking and being confronted by civil authority and telling them you won’t follow the law and screaming at them.
It’s beyond the behavior of typical corporate executives who yes the regulators to death then make a phone call to get them of their back. Open disrespect for the rule of law by Mr. Dimon.
Yeah… I agree. The screaming part is different. I was focused on making a point about the subversion of the rule of law. But that really is absurd what Dimon was doing.
I wonder how much of the screaming had to do with Dimon’s view of himself? It wouldn’t surprise me if his anger was due to both his disgust with the law AND his sense of self-worth that this OCC “functionary” was below him.
I wouldn’t be surprised if Dimon felt that the simple notion of him being “respectful” of Levin during hearings was “punishment enough!” I imagine Dimon views Levin as being below him too. I doubt Levin even wants to grace Obama with the presence of The Emperor (that being Dimon).
We should all remember that Dimon is a MOTU. MOTU are not to be questioned!
Does anyone in that class have any respect for the or anything else except people who have more money than they do?
John Dewey couldn’t have said it better. When your means to life are controlled, “democracy” and “freedom” mean nothing.
Levin is a faker. Levin’s act is old hat. Make a little noise, retreat and hide.
Levin knows he can’t touch Dimon and he doesn’t want to – if he knows what’s good for him. Airplanes and gravity for example.
The entire fish is rotten from the head down.
Kabuki.
After the Romney campaign, it was clear that the best thing about being the richest is NOT needing to respect anyone else. That’s why there’s no such thing as “enough”.
The important part about Dimon’s tantrum, is it means he has admitted his own culpability.
All the times that Preet Bharara winges about how hard these cases are to make? Well, Senator Levin’s hearing just laid out an open and shut case that any jury can understand. And it is not a case against a low level schmuck, it is case with an admission against interest by the CEO.
Back in my day, a nugget like that would have had federal prosecutors on their knees in thanksgiving prayer to whatever deity they worshipped.
Levin really has backed DOJ into a corner, they really do have to take Dimon to trial (unless he pleads to a full indictment)or admit that they are a sham of a law enforcement agency.
That’s a diary in and of itself.
Dimon yelled because that wasn’t the law HE paid for…
Correction: That’s His Royal Highness Jamie Dimon. Show some respect.
Admitting culpability does not matter. The Obama/Geithner/Holder Doctrine states that executives at the Big 5 Banks are never, ever to be prosecuted for anything. Ever. Never.
Thanks, Cynthia! Here’s hoping we see some action. I am not holdering my breath.