Saturday, April 16, 2016

JPMORGAN-CHASE A THREAT TO "THE FINANCIAL STABILITY OF THE UNITED STATES" ... CEO JAMIE DIMON YAWNS, WILL NO DOUBT GET ANOTHER BONUS

JPMorgan Chase's financial infrastructure represents a potential threat "to the financial stability of the United States." This is the assessment of the Federal Reserve and the FDIC in a 19-page letter they sent to the CEO of JPMorgan Chase, Jamie Dimon.

After reviewing JPMorgan Chase's "what if" plan should another market meltdown happen (and it will) both the Federal Reserve and the FDIC determined that the bank's emergency response plan wasn't up to snuff. This makes the bank the third of our nation's five largest banks to fail the "what if" standard (Wells Fargo and Bank of America are the other fails).

Let's be clear what the Fed and the FDIC are saying here. JPMorgan Chase doesn't simply pose a risk to it's investors, Wall Street, or even to markets in general. Again, the Fed-FDIC letter is telling us that JPMorgan Chase represents a threat to "the financial stability of the United States."

You can read the details here.

And, for what it's worth, Jamie Dimon's response to being called out by government regulators, has been to effectively smirk and say, "Sure, whatever. Don't you know, I own you ...".



If you need proof of this, take a look at how U.S. senators fell over themselves as they "groveled" and tried to kiss Jamie Dimon's ring when he went in front of Congress in 2012. While he was supposed to be there to explain a $2 billion derivative loss, Jamie Dimon ended up telling sitting U.S. senators who's the boss ...


This is effectively what happened when Dimon went before the U.S. Congress in 2012.

At the end of the day, Jamie Dimon will end up getting another big bonus. And he'll get this bonus, in part, because of his ability to snake charm the U.S. Congress and clueless ass-kissing cable pundits who drool over themselves as Dimon explains that the only thing worrying him is "badly designed public policy" that could hurt his business interests. 

- Mark

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