Why the American Economy is Chronically Dysfunctional in One Article

This is a must read article from Bloomberg.  So the banksters steal billions (if not trillions) from the American economy and then they spit out a couple of million to desperate charities at black tie events in order to feel good about themselves.  Robot-man himself, John Thain (I remain unconvinced that he is human), then comes out and says the following: “The demonization of Wall Street and bankers is very much a function of the press and of Washington, and not much more broadly held.”  Really?!  Thanks for the memo Johnny.  Oh and the best part…his three children have apparently followed him into finance.  I need a shower.

Key Quotes:
Dimon was named executive of the year by the University of Rochester’s Simon Graduate School of Business at its May 3 conference, “Economic Action and the Management of Risk.” The honor is given to a leader who “demonstrates a deep respect for our nation’s fiscal health,” according to the school’s website.

A week later, Dimon, 56, disclosed a $2 billion trading loss in a division that helps manage the firm’s risk.

“In a difficult situation you find out what people are made of, who runs for help and who runs away, who takes responsibility and who scapegoats others, who you can trust and who makes it all about them,” Dimon said, according to a transcript of his remarks. “To all the active military members and veterans in the room: I’d go into the foxhole with any of you, and I hope I wouldn’t let you down.”

Last year the bank agreed to pay $56 million to settle claims that it overcharged soldiers on their mortgages and improperly seized the homes of active-duty military personnel. Dimon said then that he and the bank “deeply apologize.”

Jeffrey Peek, Thain’s predecessor at CIT and its CEO when the company filed for bankruptcy in 2009, was honored with his wife at a February gala for the Citizens Committee for New York City, which funds volunteer-led neighborhood groups.

School children sang “Bridge Over Troubled Water” to a crowd that included Paul Simon, the song’s writer. Peek oversaw CIT’s expansion into subprime mortgages, leaving the firm after it emerged from bankruptcy protection. He is now vice chairman of investment banking at Barclays Plc.

Move along serfs, nothing to see here.  Full article.


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