For as many questions as JPMorgan Chase CEO Jamie Dimon’s recent testimony answered, there was one that it raised: What’s with the presidential cufflinks?
Better yet, maybe Dimon is reminding people that it’s President Obama that’s in fact supporting him? Even after recent criticism of the bank CEO, President Obama called Dimon “one of the smartest bankers we’ve got” during an interview on The View in May, according to Politico.
Whatever the reason behind the cufflinks, one thing that’s for certain is that both Jamie Dimon and JPMorgan Chase have plenty of close ties with Washington. Aside from the fact that JPMorgan spent more money than any other major bank on Washington lobbying in 2009, both Republican and Democratic members of the Senate Committee itself have associations with America's biggest bank by assets. Senators Tim Johnson, Richard Selby, Jack Reed, Mike Crapo and Charles Schumer, for example, all count JPMorgan Chase as one of their top five biggest campaign contributors, according to American Banker.
Check out some of Dimon's most memorable quotes on financial regulation below:
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Trading Loss 'Puts Egg On Our Face'
Dimon said JPMorgan Chase's unexpected $2 billion loss on credit trades in May "<a href="http://www.huffingtonpost.com/2012/05/10/jpmorgan-chase-london-whale_n_1507662.html?ref=business" target="_hplink">puts egg on our face, and we deserve any criticism we get</a>."
Regulation 'The Nail In Our Coffin'
In March 2011, Dimon expressed his fear over new regulations, warning that higher capital requirements would be "pretty much the nail in our coffin for big American banks," according to the <a href="http://www.ft.com/intl/cms/s/0/3157bcbe-5b05-11e0-a290-00144feab49a.html?ftcamp=rss#axzz1IB5kVGLG" target="_hplink">Financial Times</a>.
Losing Liquidity
Warning that limiting proprietary trading would also affect market making, <a href="http://www.cnbc.com/id/45986077/Jamie_Dimon_Regulators_Undermining_Economic_Objectives" target="_hplink">Dimon was quoted by CNBC</a>, "The United States has...the most liquid [capital markets in the world]. If you lose liquidity because you lose market making, you cost investors money."
'Little To Do With Financial Crisis'
"Proprietary trading had very little to do with the financial crisis," <a href="http://www.gurufocus.com/news/159099/interview--jpmorgan-ceo-jamie-dimon-on-regulation-volcker-rule-some-of-the-global-regulations-are-unamerican)" target="_hplink">Dimon told FOX Business Network Senior Correspondent Charlie Gasparino</a> in January, adding that "you can't even make markets for your clients" with the Volcker Rule.
Volcker 'Doesn't Understand'
"Paul Volcker by his own admission has said he doesn't understand capital markets," <a href="http://dealbook.nytimes.com/2012/04/06/what-volcker-rule-could-mean-for-jpmorgans-big-trades" target="_hplink">Dimon told FOX Business.</a> "He has proven that to me."
Volcker Rule Too Narrow
in February, Dimon asserted the Volcker Rule had been written too narrowly. "If you want to be trading, you have to have a lawyer and a psychiatrist sitting next to you determining what was your intent every time you did something," he was quoted as saying in <a href="http://news.businessweek.com/article.asp?documentKey=1377-aIjS6U8zr2Z8-1PEFKF7I5P2SI88Q43D587IV8L" target="_hplink">Businessweek</a>.
For as many questions as JPMorgan Chase CEO Jamie Dimon’s recent testimony answered, there was one that it raised: What’s with the presidential cufflinks?
Several sources have now reported that...
For as many questions as JPMorgan Chase CEO Jamie Dimon’s recent testimony answered, there was one that it raised: What’s with the presidential cufflinks?
Several sources have now reported that...
WASHINGTON -- At least 18 current and former directors of Federal Reserve banks received a stunning total of $4 trillion in near-zero-interest Fed loans for...
On the "PBS NewsHour" in late May, Treasury Secretary Timothy F. Geithner indicated that the continued presence of Jamie Dimon, the chief executive of JPMorgan...
He wore them to simply say Na Na Na Na Na to all of us ... That he's too big to be questioned ! BULLS**T ! His hearing was outrageous ! He was just short of having been apologized to .... Our representatives in Washington are bought and sold sycophants to these banking criminals .. Our Republic is over and everyone is blind to this .
MarkBoston: He wore them to simply say Na Na Na Na
This Meglomaniac is boasting by wearing the cuff links how connected he is to the seat of power! He owns it all! He will not be affected by the enormous loss his company has suffered! That's how arrogant these capitalist are! This was a charade nothing more to quell the public! That same night he probably had diner with those fools on the panel and laughed!
nypapajoe: This Meglomaniac is boasting by wearing the cuff links how
The sad part is the cuff links get more story and all the propoganda outlets form here to Fox spend time on this story, rather than telling us witch sen. got what kind bribe or how much Dimon has in off shore accts. I thnk all reporters ask softball questions of bankers and poloticains.
RONALD_MCKENZIE: The sad part is the cuff links get more story
Why do we have presidential cufflinks to begin with?? That's ridiculous!!!.......we have a $15 trillion debt!!!! The bankster can afford to buy his own!
smo1111: Why do we have presidential cufflinks to begin with?? That's
"Better yet, maybe Dimon is reminding people that it’s President Obama that’s in fact supporting him? Even after recent criticism of the bank CEO, President Obama called Dimon “one of the smartest bankers we’ve got” during an interview on The View in May, according to Politico."
Don't know why this is being interpreted as a bad thing, law enforcement officers always describe criminals as being smart or stupid.
ChaCubed: "Better yet, maybe Dimon is reminding people that it’s President
I watched several broadcasts of Mr. Dimon,s visit to the Senate meeting! It showed me a number of things about our Government, none of them especially pretty! First, Mr. Dimon's attitude was more of DISDAIN (like why are you bothering me with this piddling committee?) Second: the degree of NON-INTIMIDATION the Senators gave him. It was almost like listening to the Senators (republican/democrat no difference) say sir can we get you anything, is your chair comfortable, is the temperature in here okay for you? My only question for EACH of those Senators is this: Over the last five years how much J P Morgan Chase MONEY went into YOUR CAMPAIGN FUNDS? You sanctimonious hypocrites!
lhoffman5: I watched several broadcasts of Mr. Dimon,s visit to the
You've got it backwards, Dimon is on the politicians' payroll. The politicians give Dimon favors like bailouts, low interest loans from the Fed we can't get, etc. And Dimon pays them in campaign contributions. The politicians also provide him threats like more regulation to look over his shoulder regarding JPM's investment decisions.
The key point, is Dimon can't force politicians to do anything. But politicians can threaten JPM's earnings and stock price. Politicians have all the power. That JPM gets these favors is more an indictment of the politicians selling us out and providing these favors to JPM at our expense, than of JPM. The "truly disgusting anti-Americans" are the politicians selling us out.
If politicians were truly concerned about citizens, they wouldn't be providing favors to special interests for campaign cash, and would just say NO. Instead, they say YES, thanks for the cash, and screw the other citizens.
MoreFreedom: You've got it backwards, Dimon is on the politicians' payroll.
This shows the world is more complicated than left/right. Your enemies aren't the ones who disagree with you on policy; they're the ones that seek power... they're the ones who feel it is their right to rule rather than serve the populace... In short, we should seek to oppose ANY wealthy or powerful force in this nation, because as far as I can tell, they're all in it together.
HabeusPorpoise: This shows the world is more complicated than left/right. Your
The Huffington Post | By Harry Bradford Posted: 06/15/2012 12:53 pm Updated: 06/15/2012 2:20 pm