"'Banks
are under assault,' JP Morgan Chase CEO Jamie Dimon said yesterday on a
conference call with reporters. 'We have five or six regulators coming
at us on every issue.' Dimon seems to be missing the point. The reason
regulators are coming at him and other big banks is they’re up to their
old tricks, making risky bets with other peoples’ money on the way to
another bank bailout. Meanwhile, Dimon has been spending time in
Washington doing everything he can to roll back the Dodd-Frank Act,
which was supposed to prevent big banks from going back to their old
tricks. And Congress has been willing to do Dimon’s bidding. Over the
last month, Wall Street has twice attached measures to unrelated bills
that roll back banking regulations, and got them signed into law. (One
of the last acts of the 113th congress was to block regulations
requiring that the trading of exotic financial known as swaps be done
with money not insured by the federal government.)
"My message to reporters: Ask Dimon how much money he and JPMorgan has contributed to political campaigns over the last three election cycles, why neither he nor any other big bank executive has yet been prosecuted for criminal fraud."
"My message to reporters: Ask Dimon how much money he and JPMorgan has contributed to political campaigns over the last three election cycles, why neither he nor any other big bank executive has yet been prosecuted for criminal fraud."
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