Serious Question

Who are the people who want to listen to Jamie Dimon whine about being over-regulated? Seriously. I want to know who is actually sympathetic.

Jamie Dimon, grappling with multibillion-dollar legal costs and rising capital requirements at JPMorgan Chase & Co. (JPM), lashed out at U.S. regulators for putting his bank “under assault.”

“We have five or six regulators or people coming after us on every different issue,” Dimon, 58, said today on a call with reporters after New York-based JPMorgan reported fourth-quarter results. “It’s a hard thing to deal with.”

JPMorgan, the largest U.S. bank by assets, posted a drop in fourth-quarter profit amid $990 million of legal expenses, about double what some analysts predicted. The legal costs, mostly tied to probes into currency rate-rigging, follow even bigger payments in 2013 related to mortgage bonds sold before the 2008 crisis by JPMorgan and two firms it acquired.

In my opinion, JPMorgan’s legal costs are a bad joke. If corporations were really people, JPMorgan would be in jail.

Irrespective of my opinion, people are selling off JPMorgan stock like mad at the moment. Despite a lot of very positive economic news over the last week, retail sales in December didn’t meet expectations and the market is reacting.

As far as I am concerned, all the right people are losing money.

8 Comments

Andrew Longman on January 14, 2015 at 11:57 am

If they follow the law their legal costs will always be lower. 😉

MNPundit on January 14, 2015 at 12:03 pm

Here’s a thought, don’t fucking rig the currency!

Raypc800 on January 14, 2015 at 12:19 pm

Want no problem with regulators, then be HONEST in all transactions. All of his whining and gnashing of his teeth does one thing to me. Makes me wonder what he has done that he is so afraid of the regulators?

Errol on January 14, 2015 at 12:22 pm

Guess currency rigging doesn’t pay the way it used to

gratuitous on January 14, 2015 at 1:03 pm

It’s tough having to defend all your criminal wrong-doing. Who knew lawyers were so expensive? If only Jamie had a pal in the Department of Justice or Treasury that could clout for him. What’s that nice Mr. Weiss up to these days?

rikyrah on January 14, 2015 at 1:30 pm

the violin is so small……a microscope can barely see it

TarheelDem on January 14, 2015 at 5:04 pm

The answer to your serious question: the other members of Jamie Dimon’s industry social circle–CEOs of TBTF financial institutions. They not only listen to Dimon whine, they whine along in seven-part harmony.

Arthur Gilroy on January 14, 2015 at 9:26 pm

Lemme see…wasn’t there somthing about an Obama/Dimon alliance at one time?

Oh yeah.

Here it is. (Emphases mine.)

Jamie Dimon was once the silver-haired hero of Wall Street, scooping up failing banks during the worst of the financial crisis and avoiding the kind of toxic mortgage bonds that sent competitors into bankruptcy and pushed the American economy to the brink.

He was also one of President Barack Obama’s most prominent Wall Street friends, a rare high-profile Democrat in an industry dominated by low-tax, free-market Republicans. Dimon spent several years in Obama’s hometown of Chicago, where he ran Bank One after a nasty breakup with his one-time mentor. He got to know Rahm Emanuel. He hired Bill Daley as a top executive before Daley became Obama’s second chief of staff. He gave hundreds of thousands of dollars in contributions to Democrats.

Obama returned all the love, at least at first. Dimon made at least 16 trips to the White House and met at least three times with Obama — a bond that allowed the president to appear business-friendly. The New York Times in 2009 called Dimon Obama’s “favorite banker.”

—snip—

Follow the money to know who’s gonna win.

And loses.

Bet on it.

Andrew Longman on January 14, 2015 at 11:57 am

If they follow the law their legal costs will always be lower. 😉
MNPundit on January 14, 2015 at 12:03 pm

Here’s a thought, don’t fucking rig the currency!
Raypc800 on January 14, 2015 at 12:19 pm

Want no problem with regulators, then be HONEST in all transactions. All of his whining and gnashing of his teeth does one thing to me. Makes me wonder what he has done that he is so afraid of the regulators?
Errol on January 14, 2015 at 12:22 pm

Guess currency rigging doesn’t pay the way it used to
gratuitous on January 14, 2015 at 1:03 pm

It’s tough having to defend all your criminal wrong-doing. Who knew lawyers were so expensive? If only Jamie had a pal in the Department of Justice or Treasury that could clout for him. What’s that nice Mr. Weiss up to these days?
rikyrah on January 14, 2015 at 1:30 pm

the violin is so small……a microscope can barely see it
TarheelDem on January 14, 2015 at 5:04 pm

The answer to your serious question: the other members of Jamie Dimon’s industry social circle–CEOs of TBTF financial institutions. They not only listen to Dimon whine, they whine along in seven-part harmony.
Arthur Gilroy on January 14, 2015 at 9:26 pm

Lemme see…wasn’t there somthing about an Obama/Dimon alliance at one time?

Oh yeah.

Here it is. (Emphases mine.)

Jamie Dimon was once the silver-haired hero of Wall Street, scooping up failing banks during the worst of the financial crisis and avoiding the kind of toxic mortgage bonds that sent competitors into bankruptcy and pushed the American economy to the brink.

He was also one of President Barack Obama’s most prominent Wall Street friends, a rare high-profile Democrat in an industry dominated by low-tax, free-market Republicans. Dimon spent several years in Obama’s hometown of Chicago, where he ran Bank One after a nasty breakup with his one-time mentor. He got to know Rahm Emanuel. He hired Bill Daley as a top executive before Daley became Obama’s second chief of staff. He gave hundreds of thousands of dollars in contributions to Democrats.

Obama returned all the love, at least at first. Dimon made at least 16 trips to the White House and met at least three times with Obama — a bond that allowed the president to appear business-friendly. The New York Times in 2009 called Dimon Obama’s “favorite banker.”

—snip—

Follow the money to know who’s gonna win.

And loses.

Bet on it.

AG

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