Daily Archives: July 30, 2017

Jamie Dimon: You Make Us Embarrassed to be Americans

By William K. Black
July 24, 2017     Kansas City, MO

Jamie Dimon talked about his personal pain recently using the exact phrase that many of us have used to explain his personal anguish that “It’s almost an embarrassment to be an American citizen traveling around the world and listening to the stupid sh—t we have to deal with in this country.”  The Wall Street Journal’s Market Watch” described Dimon’s fervor.

“J.P. Morgan Chase & Co.’s outspoken CEO on Friday broke into an impassioned, expletive-tinged rant.”

The WSJ, in the introduction of an online video interview of Paul Gigot, its editorial page editor, termed it a “remarkable diatribe.”

Most United States readers share Dimon’s embarrassment at President Trump’s actions and words and can empathize with Dimon’s rant.  Except, Dimon was not ranting about Trump’s actions and words that have dishonored America and everything that once made America great.  Dimon launched his diatribe because Trump has been too slow in completing the destruction of those things that once made America great.  The WSJ was praising, not criticizing, Dimon when they described his statements as an “expletive-tinged rant” and a “remarkable diatribe.”

Dimon said U.S. growth was held in check by a lack of policy momentum in D.C. that has failed to deliver a spate of pro-growth legislation that could help to boost an otherwise sluggish economy. “We have to focus on policy that is good for all Americans,” Dimon said, speaking Friday morning on a call with reporters to discuss earnings.

When Dimon calls for “policy that is good for all Americans,” one can be sure that he is calling for policies that will be great for Dimon and terrible for nearly all Americans.  The context is that Dimon was complaining that U.S. growth was too slow.

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Bank fraud shows failure of controls, says fraud expert

 

NEP’s Bill Black appears on ABS-CBN news discussing bank fraud and specifically Metrobank loan fraud involving one of its executives.

Major Banks Still on Hook in Interest-Rate Swap Case

MANHATTAN (CN) — A federal judge in New York advanced part of a consolidated lawsuit accusing 12 major banks — including Bank of America, Deutsche Bank and Goldman Sachs — of colluding to rig a $275 trillion market on interest-rate swaps.

An increasingly common and complex form of financial derivatives, interest-rate swaps allow two parties to trade interest-rate-based cash flows on a specific amount of money over a fixed time period.

U.S. District Judge Paul Engelmayer noted in his Friday ruling that this market has ballooned over the past three decades, estimating that its notional quantity grew from roughly $230 trillion in 2006 to $381 trillion by 2014.

Read on.

Gripped with fake-accounts scandal, Wells Fargo cuts 70 senior executive jobs

CALIFORNIA, U.S. – Amid a scandal over fake-accounts in its community bank, Wells Fargo & Co. has said that the division’s new leader is cutting about 70 senior executive jobs.

In a memo sent out to staff on Friday, Mary Mack, head of the retail bank reportedly said that the company will reduce the number of regional and area presidents to 91.

According to reports, the bank’s spokeswoman Bridget Braxton confirmed the contents of the memo and added that employees whose positions are eliminated will remain staff members for 60 days until further steps are decided.

The memo meanwhile highlighted that most of the remaining managers will be re-titled as region bank presidents with direct responsibility for more employees than before.

Read on.