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The Market Ticker – Janet Skewers Jamie
Me loves me some Janet on a nice, bright Tuesday:
Dimon has created his own Catch-22: he wants to be in charge, without doing the work that it takes to actually be in charge. If he’d like to now claim that he did do the work required of him, then he has to admit that he lied to the public.
Given the choice between admitting negligence and lying, Dimon chose negligence. He now suggests that it shouldn’t matter, anyway, because JPMorgan has made up for the $6.2 billion in losses through revenues generated elsewhere—in units that, unlike the CIO, don’t report directly to him.
Right.
He stole it, with the help of The Fed and Congress, from the taxpayer.
Oh sure, not quite as directly as when the bailouts were performed, but just as certainly. That such theft was done with the permission of those who write and enforce laws, that is, it was legal, doesn't change the essential character of the act.
And the worst part of it is that the stealing came from those who can least afford it, and who these firms have preyed on for a generation — those who are now on fixed income and retired but have seen their ability to pull yield destroyed.
Then there's this, which Janet points out quite-clearly (and as I have as well) — Sarbox:
According to Section 302 of the Sarbanes-Oxley Act (SOX) of 2002, the CEO and CFO of publicly traded companies must certify the appropriateness of their financial statements and disclosures and fairly present, in all material respects, the operations and financial condition of the company.
Right.
And now there's a “financial” settlement.
But no criminal charges aimed at “Sir” Dimon.
Even though the “losses” were effectively robbed from society as a whole.
It must be nice to be able to steal $6 billion and get a fine for doing it — a fine that is smaller than the amount you “made.”
Gee, that makes the calculation quite simple on what you should do, doesn't it?
Now you know exactly why it happens.
And the worst part of it? You enable it every time you either do business with one of these institutions or do business with anyone else who does business with them.
If you choose not to decide you still have made a choice. (Rush the band, not the commentator)
Source: http://www.market-ticker.org/akcs-www?post=224594
