Sunday’s New York Times had a story on how influential Jamie Dimon, Chair of JP Morgan/Chase is with the current administration. So influential that White House Chief of Staff, Rahm Emanuel, would be appearing at a meeting of JP Morgan/Chase’s Board of Directors in Washington, DC.
Now, here comes today’s Times with a follow-up story about Rahm having second thoughts and declining the appearance after all. This should not have required second thoughts but obviously, someone engaged their brain after the appearance leaked.
But I had to laugh when I read this little nugget in today’s story:
Mr. Emanuel’s decision came after a New York Times article on Sunday about Mr. Dimon’s heightened profile and influence in Washington amid an economic crisis that has humbled much of the industry, both financially and politically.
Humbled? Really? Since when?
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Humbled?
not possible.
Yeah, I didn’t go searching but can recall something like a dozen or more stories in just the last week on Banks:
Fighting against regulations.
Fighting against Consumer Protection Boards.
Once again reporting record profits.
Abusing TARP.
Once again re-packing loans as securities.
And the beat goes on and on and on ad infinitum.
I’d sure love to have slice of those humbled profits.
Maybe someone pointed out to Rahm that JP Morgan Chase is under investigation for securities fraud. Maybe Obama pointed out that we can’t be so open about being controlled by our bankster cronies.
If you look through Bloomberg’s economy section today, it is chock full of stories about how the recession is ending or has already ended and how the economy has stabilized. And somehow this has managed to happen despite no fundamental problem which brought on the financial meltdown having been addressed let alone fixed, despite massive ongoing job losses, and despite no one being able to point to any sector of the economy that has really moved out of recession (except for the financial industry bloated with government subsidies).
Just because Rahm declined to appear doesn’t mean he isn’t still Jamie Dimon’s cabana boy.
Don’t see any Wall Streeters eating humble pie.