JP Morgan could be "complicit", i.e. aiding and abetting the Madoff Ponzi scheme, by omission -- that is not fulfilling its duty as a fiduciary -- as well as by commission, according to white collar lawyers I have consulted today.
I don't hate Dimon, but his bank continues to harm millions of Americans, and his political activism is helping an entire industry pilfer and endanger the economy. Fortunately, we have a six-step program designed to heal Dimon's Inner Banker.
JP Morgan's Jamie Dimon is very good at getting what he wants. And now he wants to run a bigger, more interconnected, and more global bank that -- if it were to fail -- would cause great chaos around the world.
Firms don't engage in price competition because they have a "gentlemen's agreement. If one of them starts undercutting the other they will drive down fees, and all of them see less money. The only way to end this is government action.
"Financial Reform" will be a boom for people in the payday loan business. There will be many new customers who need bank-like services. It's almost like Congress implemented a plan of "Reverse Robin Hood."