Pam Martens on Wall Street on Parade unloads once again on Jamie Dimon of JPMorgan. This time it's over Dimon's comments in the annual report.
Dimon writes that the year was “marred by significant legal settlements largely related to mortgages.” Martens points out that mortgages had little to do with the legal settlements, which included Madoff, the London, Libor, rigging electric rates and abusing credit card customers.She berates him for not giving enough credit to American small businesses. Last year they got $19 billion, while consumer lending got $274 billion.
1 comment:
If our regulators keep pounding our large, global institutions, one should not be surprised if this backfires and impacts very negatively our economy.
Yes, our banks appear safer, as overcapitalized, but
for the price of increase in cost and money is only available to the best credit scores and ratings.
JPM had to hire 15000 people for compliance functions. Well, who in this country can be anymore without
a lawyer at his/her side?
Lack of self discipline leads to overregulation.
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