Heh Dimon: Go To Hell
The Market Ticker ® - Commentary on The Capital Markets
Posted 2011-01-27 17:11
by Karl Denninger
in Editorial
Ignore this thread
Heh Dimon: Go To Hell
 

I don't usually swear in the header.  But this time it's appropriate.

The head of JP Morgan has delivered a furious tirade against "banker bashing", complaining that the entire industry is being tarred with the same brush and implying that bankers have become political whipping boys.

Oh on the contrary. 

There are a lot of local banks and credit unions that did nothing wrong, and they are in fact honorable people.  I bank at one of them, a local credit union.

I single out for my criticism financial institutions that do things like attempting to prevent disclosure of a lawsuit alleging fraud and double-dipping, the latter amounting to theft of investor funds.

Former Bear Stearns mortgage executives who now run mortgage divisions of Goldman Sachs, Bank of America, and Ally Financial have been accused of cheating and defrauding investors through the mortgage securities they created and sold while at Bear. According to e-mails and internal audits, JPMorgan had known about this fraud since the spring of 2008, but hid it from the public eye through legal maneuvering.

Remember that.... from two days ago?

I do.

Remember this?

The lawsuit's supporting e-mails, going back as far as 2005, highlight Bear traders telling their superiors they were selling investors like Ambac a "sack of ****."

Emails eh? 

From the actual traders? 

Telling their superiors that they were selling Ambac "A sack of ****"?

We shouldn't "criticize" or even "bash" bankers for doing things like that? 

Screwing people is supposed to be beyond reproach?

Really Jamie? 

And we definitely shouldn't bash bankers for trying to cover up that lawsuit, because, well, the people who were alleged to be responsible might still be working in the mortgage business, right?

That wouldn't be true, would it?

They say senior traders under Tom Marano, who was a Senior Managing Director and Global Head of Mortgages for Bear and is now CEO of Ally's mortgage operations, were pocketing cash that should have gone to securities holders after Bear had already sold them bonds and moved the loans off its books.

Mike Nierenberg, who ran the adjustable-rate mortgage trading desk at Bear and is now the head of mortgages and securitization for Bank of America, was a key player ensuring the defaulting loans Bear was buying would move off their books right after they bought them, with little concern for the firm's due diligence standards. He was joined in this scheme by Jeff Verschleiser, his peer and Senior Managing Director on the mortgage and asset-backed securities trading desk and head of whole loan trading. He is now an executive in Goldman Sachs' mortgage division.

Aw crap, it appears, if The Atlantic's reporting is correct, that it is true!

If I rob a bank, can I get a job as a bank teller after I get out of prison?  After all I'm a very trustworthy person who can work industriously in a banking environment.... as proven by the fact that I already know how to rob banks! 

If not, can you explain why your bank tried to keep the public - and investors - from knowing that the people alleged to have robbed the bank's clients are still working in a banking capacity all over Wall Street? 

It's just a question Jamie. 

I don't expect that you'll answer it.

Discussion below (registration required to post)
 

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User Info Heh Dimon: Go To Hell in forum [Market-Ticker]
Maddymax
Posts: 4660
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PONZIVILLE
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tell the bastard to go to egypt. I cant wait till some of these *******s get **** kicked out of them by joe 6 pack and I do believe it will happen

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Ben's policy will lead to wage deflation and commodity inflation which will lead to the Greatest Depression and Uprising Ever.
Who needs TA we got POMO
End_the_bubbles
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Green
The New 3rd World
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Banker Bashing? How about we get ****ing serious about this **** and do some BANKER LYNCHING?

They've certainly earned it!

smileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmiley

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In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrant's feet and rise in rebellion to overthrow their masters.
Widgeon
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Region formerly known as the United States
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If They've Become Political Whipping Boys, I'll Sign Up for 1 Year of Service for Their Bonus' and Take It Like a Man.

Tesla
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Green A True American Patriot!
State of Disbelief
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And the Sarkozy response:

http://www.reuters.com/article/idUSLDE70....
French president says banks need tough regulation

* Attacks bankers' behaviour

* JP Morgan's Dimon says "unproductive" to bash banks

(Adds Barclays' Bob Diamond, Bernanke comments)

By Lisa Jucca and Paul Taylor

DAVOS, Switzerland, Jan 27 (Reuters) - French President Nicolas Sarkozy clashed with the head of U.S. bank JP Morgan Chase (JPM.N) at the Davos forum on Thursday, telling him bankers had done things which defied common sense.

Jamie Dimon, credited with having steered JP Morgan through financial turmoil in 2007-08, had earlier in the day lashed out at persistent bank bashing nearly three years after the global credit crisis began, saying it was "unproductive and unfair".

But when he rose at a later session of the World Economic Forum to ask Sarkozy to get the G20 to avoid overregulation of banks, the French president launched into a broadside accusing financiers of behaviour that he said had caused the crisis.

"The world has paid with tens of millions of unemployed, who were in no way to blame and who paid for everything," Sarkozy said to Dimon. "It caused a lot of anger."

smiley

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"Even a dog knows the difference between being stumbled over and being kicked." -Justice Oliver Wendell Holmes

"Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." -Samuel Adams
Trades50
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Quote:
JPMorgan had known about this fraud since the spring of 2008, but hid it from the public eye through legal maneuvering.


What else would would you expect from Jamie Dimon, groomed by Sandy Weil(former Citibank CEO)?

25 People to Blame for the Financial Crisis
http://www.time.com/time/specials/packag....


Who decided banks had to be all things to all customers? Weill did. Starting with a low-end lender in Baltimore, he cobbled together the first great financial supermarket, Citigroup. Along the way, Weill's acquisitions (Smith Barney, Travelers, etc.) and persistent lobbying shattered Glass-Steagall, the law that limited the investing risks banks could take. Rivals followed Citi. The swollen banks are now one of the country's major economic problems. Every major financial firm seems too big to fail, leading the government to spend hundreds of billions of dollars to keep them afloat. The biggest problem bank is Weill's Citigroup. The government has already spent $45 billion trying to fix it.


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When the people fear the government, there is tyranny. When the government fears the people, there is liberty. - Thomas Jefferson
Themortgagedude
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saint louis
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Hey Jamie FOADIAF

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I'm already visualizing you with duct tape over your mouth.
Hihoherewego
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"God's work."



.......................

Via1
Posts: 43
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Me thinks that these banksters have withdawn all there is left of the people´s emotional bank account. We trust that the plundering of the people´s remaining assets can be averted and the only way for them to make a buck in the future is by playing with themselves
Rktbrkr
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US
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I never thought of the Banksters as worthy as pity rather than scorn. I wonder what tone Jamie will adopt the next time the Banksters march into meet with Turbo Tim for their next bailout, not that Chase really needed one last time.

I remember an interview Dimon gave about 15 innings ago describing the banking crisis as being in the 7th inning.It's not even a double header, they're in a 4 game series with a couple games left!
Bearshort
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I wrote about one of these guys back in '09.
J6P gets it! That was awesome, thanks Mish.
If I may contribute to the outrage......one of the untold stories of how Wall Street works (or doesn't).
One of the people (perpertrators) most responsible for the failure of Bear Stearns, Mike Nierenberg (ran the ARMS desk and CDO's). This A-hole totally missed the coming collapse of housing despite research showing the increase in delinquencies back in '06, and continued to buy the worst crap on the way down, eventually leading to the destruction of 10's of Billions of loss wealth and over 11,000 lost jobs.
He gets rewarded for his greed, huberous, arrogance by getting hired by Merrill Lynch for a reported $20 million a yeat for 4 years, then BofA puts him in charge of the entire Mortgage Dept! Party on Dude.

Last modified: 2009-01-25 11:44:47 by bearshort
2009-01-25 11:32:37

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"How long to the point of know return?"
Enemies of the State: Bernanke, Geithner, Frank, Dodd, Greenspan, Paulson.

Genesis
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Yep. **** Dimon.

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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Tallystick
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Summoning the powers of the internets to echo this proclamation, I hereby proclaim this July 4th, National Sue JP Morgan Day.

Frat
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He's worried about being figuratively "tarred?"

Just wait cock-sucker, someone would prefer do it LITERALLY next time. And that will be the BEST part of your experience.

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We're ****ed. Where's Henry Bowman when you need him?
Jstanley01
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"Old pigmen never go broke, they just switch troughs."

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You can't cheat an honest man. ~P.T. Barnum

Mezcal
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Did you see this one, Karl?

http://blogs.wsj.com/davos/2011/01/27/a-....
Dimon wrote..
“J.P. Morgan bought Bear Stearns because the United States government asked us to!” Mr. Dimon said, nearly shouting.

Temper, temper, Icarus.
Flying a bit too close to the sun there.

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"God knows who is a counter-party to whom in the mammoth international cluster**** of accounting fraud that passes for a commerce in capital."
Kunstler, 13 June 2011
Lordhumongous
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Must be nice to get paid billions to sell people worthless **** for years and get away with it.

Imagine the jail time if any other industry did this?
Tumblebug
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"tell the bastard to go to egypt. I cant wait till some of these *******s get **** kicked out of them by joe 6 pack and I do believe it will happen" - MaddyMax

Favorite comment!

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Im0077
Posts: 9
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And thus you get this . . .

http://apnews.excite.com/article/2011012....

Where's mine?
Icarus
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The boyz of cell block "B" are ready to party with the Banksters.

Here's one they threw for Allen Stanford:

inline

Reason: url corrected
Mannfm11
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DFW, Tx
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Dimon must read the Ticker and read what a POC I called him the other day. The banking industry idolizes this guy. He must have invented some control fraud they have mimicked to the tune of trillions.

I read that about the Bear guys. Looks like crooks in banking are in high demand. They should put that guy on the bottom of a deep well and dump in a load of rocks, not enough to kill him, but to beat him to death one by one. Then cover him up with what they clean out of the pig sty.

I made the mistake of turning on CNBS today. Of course they had their bulls blowing smoke, boasting about this rebound. For all practical purposes, the market bottomed in late November 2008, though we did have the lower bottom. It took 3 months to go from 1300 on the SPX to that bottom and over 2 years to get back with the use of balance sheet fraud and Bennie Bank liquidity to cash hot checks. I think EOB has the right idea.

Now they talk about recovery. What was that upside surprise in new home sales? Was it a seasonally adjusted 320K or so? The lowest figure I have seen for a year coming into this mess was 401K in 1981 when interest rates hit 16% on home mortgages. They couldn't get there with 4% rates. If there is a shortage of LSD in your town, it appears you might have to go to NYC or Washington DC because everyone there seems to be on it. Just like Dimon, they are delusional.

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The only function of economic forecasting is to make astrology look respectable.---John Kenneth Galbraith
Karen1p
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I investigated this Jeffrey L. Verschleiser, who is also named in the suit. He is Treasurer of....get this....UJA, a Jewish non-profit who says they "give to those families who've lost their homes." So, this ****ing Jewish organization also gave this ****er an award for being "Wall Street Young Leadership Award" for demonstrating uncompromising integrity in business and philanthropy!! It is a Jewish non-profit that let's these Wall Streeters masterbate and call them the "Masters of Wall Street." Mother ****ers.

This Jeffrey L. Verschleiser also is President of a company named, MLQ, LLC. This corporation just invested in the Vegas gaming industry. So, now the mob money comes into being "legitimately" through Wall Street and not the other way around......

....God save our souls.....cuz there ain't nothin' else.
End_the_bubbles
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You people are ****ing SOFT! (except apparently just Mannfm11.)

THE BANKSTER ****S ARE FINANCIAL TERRORISTS!!!!!

THEY NEED TO BE ****ING DESTROYED FOR THEIR CRIMES AGAINST HUMANITY BEFORE THEY DO EVEN MORE DAMAGE GLOBALLY!


Why is that so hard to agree on?
smileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmileysmiley

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In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrant's feet and rise in rebellion to overthrow their masters.

Reason: Off with their mother****ing heads!
Lordhumongous
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He needs to EABODADIAF.
Stillfishin
Posts: 159
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I do agree with you bubbles. It would be a great day indeed if all the pigmen were herded into a pen, left to suck one anothers dicks, just like the **********s they are, then shot and left for dogs to eat. Then send their families a bill for the bullet, and eviction notices to get the **** out of their stolen properties. Then finally have every asset the bastards have in the whole damn world confiscated. Including their relatives, freinds, and leech**** politicians they've bedded with.... Only then might justice get close to being served.
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