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.