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Tag Archives: The Most Dangerous Man in America

The Most Dangerous Man in the World

20 Tuesday Apr 2010

Posted by Craig in bailout, economy, financial reform, financial regulation, Obama, Politics, too big to fail, Wall Street

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Baseline Scenario, blackmail, German newspaper, interview, Jamie Dimon, JPMorgan Chase, Simon Johnson, The Most Dangerous Man in America, White House visitor log

In an April 3 post at Baseline Scenario, Simon Johnson called JPMorgan Chase CEO Jamie Dimon “The Most Dangerous Man in America.” Johnson wrote:

“There are two kinds of bankers to fear.  The first is incompetent and runs a big bank.  This includes such people as Chuck Prince (formerly of Citigroup) and Ken Lewis (Bank of America).  These people run their banks onto the rocks – and end up costing the taxpayer a great deal of money.  But, on the other hand, you can see them coming and, if we ever get the politics of bank regulation straightened out again, work hard to contain the problems they present.

The second type of banker is much more dangerous.  This person understands how to control risk within a massive organization, manage political relationships across the political spectrum, and generate the right kind of public relations.  When all is said and done, this banker runs a big bank and – here’s the danger – makes it even bigger.

Jamie Dimon is by far the most dangerous American banker of this or any other recent generation.”

Following an interview with German newspaper Welt am Sonntag on Sunday, that should be amended to read “the most dangerous man in the world” as Dimon issued this not-so-veiled threat on the possibility of stricter bank regulations:

“When profits fall too sharply then capital will move somewhere else, where there is more money to be earned, for example non-regulated markets. The question is, is that what regulators want?”

Blackmail, anyone?

“[Dimon] also said the banking industry could do with more influence on politicians.”

More influence? According to the White House log, since October 30, 2009 Mr. Dimon has made 8, count ‘em 8, visits. What do you want to do, Jamie? Move in?

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Financial Crisis Round-Up

04 Sunday Apr 2010

Posted by Craig in bailout, economy, Financial Crisis, financial reform, financial regulation, Politics, too big to fail, Wall Street

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13 Bankers, Baseline Scenario, Debt Disaster Ahead, How Washington Abetted the Bank Job, Jamie Dimon, Market Oracle, McClatchy, Moody's board, New York Times, Politico, Reuters, Robert Reich, Simon Johnson, Sniveling Scamster, The Fed in Hot Water, The Most Dangerous Man in America, Thomas Hoenig, Timothy Geithner, Wall Street cabal, Zero Hedge

The constraints of time, due in large part to my newly-arrived copy of 13 Bankers, doesn’t allow extensive commentary on any of these posts from around the financial blogosphere, but all are deserving of a closer look:

Speaking of 13 Bankers, co-author Simon Johnson has a piece at Baseline Scenario on how a combination of political savvy and public relations acumen make JPMorgan Chase CEO Jamie Dimon “The Most Dangerous Man in America.”

Mike Whitney’s “Timothy Geithner is a Sniveling Scamster” at The Market Oracle describes how President Obama’s new mortgage modification program is “just another stealth bailout” for the banksters.

Tyler Durden at Zero Hedge comments on  Kansas City Fed President Thomas Hoenig’s extensive interview with Shahien Narisirpour of the Huffington Post.

Robert Reich’s “The Fed in Hot Water” on the belated admission of its taking tens of millions of bad loans off Bear Stearn’s books in order to facilitate their takeover by JPMorgan Chase.

Susan P. Koniak, George M. Cohen, David A. Dana and Thomas Ross in a New York Times op-ed entitled “How Washington Abetted the Bank Job” on the D.C buck-passing in regards to the regulators who were either incompetent or complicit (I choose the latter) in the Lehman Brothers Enron-like bookkeeping scam.

Speaking of inept, incompetent, or complicit so-called regulators, a McClatchy article asks, “Where was Moody’s board when top-rated bonds blew up?”

Herbert Lash at Reuters on the “Wall Street cabal” blocking derivative reform.

Finally, Rick Berman at Politico on the “Debt Disaster Dead Ahead.”

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