Jamie Dimon's 'Biggest Disaster' Is Waiting: Simon Jonson

Bloomberg News:

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., has harsh words for Fannie Mae and Freddie Mac. They are "the biggest disasters of all time," Dimon told the Financial Crisis Inquiry Commission last fall, according to his just-released interview.

Read the whole story: Bloomberg News

Comments

[Carl Caroli]

08:31 AM on 02/18/2011

Breaking up the TBTFs was the ONLY right thing to do. Our leaders failed us on a magnitude of devastating proportion. The middle class will hover above poverty until the oligarchs cause the final blow to our economy and society as we know it will cease to exist in this country for century if not more.

[wdw808]

10:03 AM on 02/18/2011

gee, that was just a little overblown........

[Brant Kelsey]

12:50 AM on 02/18/2011

Further to that point..........the Rothchildes exacted their Retribution against the Czar massacring all of them. And finally the Constitution purposes the Federal Government in a couple principle duties: To protect our Borders........yeah right........and to "coin currency (money)......So can someone explain to me why we would ever consent to contract out the coining of a Nations currency to a Private Firm? A Private Consortium, secretive, yet to be audited, who cannot account for Trillions of printed paper............

[peaceandfreedom]

01:30 AM on 02/18/2011

They played a role in our revolution, the French revolution--Napolean woldn't play ball, 1812, attempts against Jackson, the Civil war (remember greenback dollars?), etc...including jay eff kay.

[Brant Kelsey]

12:42 AM on 02/18/2011

It was Rothchilde the Elder who said "Give me control of a Nations currency and I care not what the law says." And it was his emissary along with Rockefeller, and oh, yeah, JP Morgan who were the principles that slithered off the Coast of Georgia to Jekyll Island and hatched the Federal Reserve: And if I recall correctly it was Andrew Jackson, who fought a protracted battle with the Central Bank incurring recession in the process as the Banksters fought for their very existence. The ramifications of this battle were so important to Jackson that it is suggested, that on his tombstone was inscribed "I killed the Bank".........Take it further to Lincoln, the Civil War, and the Greenback: And how the European Powers of the time doing the bidding of the Rothchildes were camped to the South in Mexico, and to the North in Canada while the Hostilities ensued between the North and South.......and if one recalls it was the Czar of Russia who intervened on behalf of the North: As the essence of the Civil War was really about the Banksters of Europe extorting the South by imposing punitive Tax on the Export of Cotton from the fledgling America......And of Course it was the Banksters of America who sought to impose an exorbitant interest rate for funding the war effort of the North, Lincolns War, that resulted in the printing of OUR own currency.

[peaceandfreedom]

08:28 PM on 02/17/2011

Dimon wants ALL the money--and he wants it bad!

Once Obama is done destroying the other best thing to come out of FDR's New Deal (the first being Social Security) all that's left to transfer to the bankers will be SS, and THAT is the holy grail of banksterism today.

[Frog in a pot]

08:18 PM on 02/17/2011

Inside Job: how bankers caused the financial crisis

The film Inside Job brilliantly exposes the corruption in US banking that led to the 2008 crash. We ask four bankers for their verdict on this damning indictment of their world

Peter Bradshaw reviews Inside Job


In Inside Job, the name that keeps cropping up is Larry Summers, a friend of President Bill Clinton and more recently Barack Obama. Summers exemplifies the links between cheerleaders in academia, Wall Street, supine regulators and an ignorant Capitol Hill that Ferguson stresses were at the root of the problem. It helps that Summers looks like a mafia boss, but the difficulties in making the case against him are shown by the need to explain financial products like credit default swaps and how securitisation was used by banks to increase their borrowing.

The Guardian

[Lorianne]

06:16 PM on 02/17/2011

Without Fannie and Freddie banks would not have been able to sell off their mortages as securities.
This created a moral hazard which will take decades to recover from.

[MyTake]

06:15 PM on 02/17/2011

If there ever was two people that should be jailed for life, it this guy and Blankfein.

All these banking heads WORRIED but not one of them MARCHED over to the FBI office and lodged a complaint that would have compelled the FBI to investigate.

Dimon watched the Madoff pyramid scam, profited from it all along and did not report the crime to the FBI. For that he should be jailed.

The UNITED STATES OF CORPORATE AMERICA is just a cesspool of crime from the Administration, to the Congress, to the Senate, to the Supreme Court and to all the elite corporations.

It is too late to correct by enforcing the laws. Only mass streets protests will tear it down so that it can be rebuilt with a new constitution that moves quickly to put these elite criminals out of business in short order.

[Sparks Magoo]

05:50 PM on 02/17/2011

Relax ! Barney Frank said that F&F were fine.... Just relax !

[Veri]

05:32 PM on 02/17/2011

Jamie Dimon and his ilk, their bought cronies in Congress, are vultures hovering over the carcass of America. He must be waiting to make billions off of F&F.

[cardholder]

04:32 PM on 02/17/2011

The "Tar and Feathers" prepared by outraged Americans in 2008 is now unusable. The tar has cooled to a gelatinous glob and the feathers have blown away. And about those lethal "pitchforks" Obama mentioned? They are rusted beyond recognition. If any justice was to be had these men would already have been indicted.

[Monday Morning]

04:30 PM on 02/17/2011

The Untouchables: Why Isn't Wall Street in Jail?

MSNBC's Cenk Uygur talked to Rolling Stone's Matt Taibbi about his new article on Wall Street and the revolving door preventing any of them from being prosecuted -- Why Isn't Wall Street in Jail?:

Financial crooks brought down the world's economy — but the feds are doing more to protect them than to prosecute them

Over drinks at a bar on a dreary, snowy night in Washington this past month, a former Senate investigator laughed as he polished off his beer.

"Everything's f**ked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."

I put down my notebook. "Just that?"

"That's right," he said, signaling to the waitress for the check. "Everything's f**ked up, and nobody goes to jail. You can end the piece right there."

Nobody goes to jail. This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world's wealth — and nobody went to jail. Nobody, that is, except Bernie Madoff, a flamboyant and pathological celebrity con artist, whose victims happened to be other rich and famous people.

http://crooksandliars.com/

[dg knutsen]

04:03 PM on 02/17/2011

Why is this man not in jail. Could it be that our justice system dosen't apply to the CEO of the Bank that has been at the very center of our economic policies since the inception of the Fed in 1913 ? He and his ilk is the problem. How much did he himself take home from the bailout ? Thats the question that needs answering.

[Lorianne]

06:17 PM on 02/17/2011

Why were they given a bailout to begin with ... that is the question that needs answering.
 
It won't be though, because too many in Congress (mostly Dem) voted for the bailouts.

[Patriot86]

03:46 PM on 02/17/2011

No doubt Mr. Diamond they backed the fraudulent loans you and your other bankster friends created...they have to go or perhaps you all will get called out for what you are criminals and what the banks you represent are...criminal enterprises.

[Brant Kelsey]

04:04 PM on 02/17/2011

This is the equivalent of one of the little piggies standing on the street corner announcing "watch out America I'm going to Huff and Puff and Blow your House Down." AGAIN.

Everywhere one looks, all of our senses, are plagued by the hypocrisy, the devastation, the pain that can directly laid at the doorstep of the Principles of this Piece. They are the unclean puppeteers who have orchestrated every conflict, every war, every expansion and subsequent contraction of World economies: They are the the War Criminals of the New Age and all Ages since the 1800's. Irony doesn't begin to cover it: They have relegated Senators, Congressman and Presidents to little more than Capos and Hitmen. While WE THE PEOPLE continue mired in a multitude of contrived diversions. Attempting to address the plethora of Symptoms unleashed while they cozy up to their oligarchical selves laughing all the way to their destination of a One World Walmart: One can only help but Hope, when the time arrives, and it will, when we can no longer absorb the punishment and take to the streets, our Regime of the day, our Military, will have flowers in the barrels of their Cannon, and allow us at least the Hope of ridding ourselves of this institutionalized malaise...........

[Patriot86]

07:14 PM on 02/17/2011

Well said...and you have a fan.

[VTya]

03:14 PM on 02/17/2011

Oh P-L-E-A-Z-E This is coming from Chase the ones who were in bed with Madoff and who also profited from sub-prime loans ????

[sophiemaki]

03:02 PM on 02/17/2011

he has the ba/lls to bash F and F?!

[drkazmd65]

05:06 PM on 02/17/2011

Classic case of 'The Big Lie' combined with skillful misdirection.

The Big Media guys have already established (with little actual evidence) in the minds of many Americans that F&F were the at the root cause of the meltdown. By nudging the blame away from JPM (again) and towards the '"EVIL" that is F&F they are giving the public an easy, already blamed target to refocus on.

Of course Mr. Dimon has cajones of shiny polished metal,... that's how the game is played in big finance.

[sophiemaki]

05:24 PM on 02/17/2011

i get it..i listen to Dylan and Matt T and Spitzer.