Thursday, March 12, 2009

Jamie Dimon Whines that Corporate America is Suffering Unfair "Vilification"


Jamie Dimon - head of the second largest bank, JP Morgan- is whining about the "vilification" of corporate America for the financial crisis.

Dimon is one to talk.

JP Morgan is by far the largest holder of derivatives.

JP Morgan also invented credit default swaps, which are largely responsible for the crisis, and is itself one of the largest CDS counterparties.

Government bailout money given to JP Morgan was invested in India.

JP Morgan also made bets that companies like GM - which actually make something (even if they are gas-guzzlers) - would fail. Such bets have sped up the demise of GM.

Damon also said "he was 'very optimistic' about JP Morgan and its ability to work through the financial crisis."

Uh huh . . .

Whenever the head of a corporation says he is optimistic that the company will survive, you know it is about to crash and burn. That's what the heads of Bear and Lehman and WaMu and every other failed company said right before their companies failed

In reality, JP Morgan is one of 5 "dead man walking" banks whose credit default swaps and other exotic investments have doomed the company to the dustbin. See this.

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1 comment:

  1. AnonymousMarch 12, 2009 at 2:11 AM

    It is well known that sociopaths/psychopaths often use the victim ploy when they are cornered.

    "Whenever the head of a corporation says he is optimistic that the company will survive, you know it is about to crash and burn."

    Very true. It's always a sign.

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