While the Wall Street economy is booming, the real economy is in a dead stall. Only 36,000 jobs were created in January 2011. A roundup of recent headlines shines a light on how big banks like JPMorgan Chase make their big bucks.
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.