Who wants Jamie Dimon’s job?
It’s Jamie Dimon day for me today, I’ve offered to write a first draft of a Alternative Banking piece on the JP Morgan $2,000,000,000 “hedging loss” that he announced last week and which resulted in a 12% stock price loss in the past 5 trading days. There are many sordid details to wade through to prepare, but here’s the question I’d like you to think about for a minute.
Who would want to take that job once he resigns or gets booted?
I’m thinking the world is divided into people who are realistic about how ridiculously large and unmanageable any too-big-to-fail bank actually is, and the psychopaths that think they are the guy who can tame the beast. Jamie Dimon was definitely one of the most psychopathic of the original crowd of CEO’s left over from before the credit crisis, and honestly he played his part so well it was amazing. It didn’t hurt that JP Morgan was never the worst example of any kind of underhanded and outrageous risk-taking, until now.
For example: Dimon consistently and vehemently complained about any regulation as “strangulation” for his industry, and as anti-american. He was so adamant that people (read: regulators, politicians, and the Fed) took him very very seriously and he was on the verge of fatally weakening the Volcker Rule. We’ll see how that pans out now, but I’m hopeful for something a bit less pathetic.
Is there anyone left who can take that over? Who has the required psychopathic balls?
mathbabe 
That’s not just the question of the day, but the question for our time. Trouble is, give highly paid executives enough wriggle room to earn a bonus with no complementary malus through weak employment contracts (negotiated with the help of executive recruitment consultants playing both sides), we end up with the psychopaths believing “they” are the one because they’ve come from nothing/ worked hard/highly educated/well-connected/better than others.
I’ve always believed those character traits selfish and evidenced the epistemic arrogance and aggression of many climbing the financial service industry ladder.
As a former catastrophe underwriter who worked at AIG when it collapsed/ was ‘saved’, I’m only too aware of the silence in the room if you admit “I really don’t understand that” or “I won’t underprice risk simply to hit the monthly budget numbers”
When I underwrote Gold Mines, for example, I met many Mining CFO’s/ Risk Managers who’d claim “we have zero tolerance for loss of life”. However, when migrant workers in S Africa for example are working in aging mines where only the pillars holding up the roofs are likely to contain any gold, roof collapses would occur and the families of the dead would receive a few hundred or thousand dollars as compensation if they received anything. CFO’s would come back head in hands the following year and say how awful they feel and they’d made improvements to ensure such an event won’t recur. They meant it, sincerely. But of course It was a platitude. as it was for BP execs with their “laser-like focus on risk. It’s easy to increase ROE when you reduce safety/replace aging plant more slowly/reduce compliance with Original Equipment Manufacturers guidelines/outsource risk costs to society. Deaths rarely impacted bonuses. And thank goodness for globalisation, as it enabled corporates “restricted” by regulation meant to look after its domestic workers to go overseas where no such restrictions( costs) existed and ROE could be “enhanced.”
Executive remuneration should be open-source. Contracts should define explicitly financial and non-financial performance indicators and contractual terms for failure must be clear.
Such clarity will encourage those with the necessary psychological characteristics for the role to apply as well as those self-publicising braggards often over-confident with a high opinion of themselves who believe there is an ‘I” in “Bonus” but a “you” in Malus.
Most now face career risk and want to exit with their remuneration intact. This is as much a brake on growth as any mass employment law deregulation. And it would build trust amongst investors who don’t want to put more of their capital feed in the trough.
Boy, apologies for the length but that question got me going.
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SIMPLE, CLEAR FOCUS WE CAN UNIFY BEHIND
The confluence of the Teflon Jamie Dimon’s loud fight against Banking Regulations with JP Morgan’s Whale explosion constitutes the best opportunity so far for grassroots organizers, OWS, the country, the world, to begin meaningful banking and finance change. Fall 2008, we weren’t out there en masse in the streets and on the talk shows when the earthquake was at critical mass. We have to seize this moment.
I, too, always felt the knock on Occupy Wall Street “not knowing what they want” was specious. I think it’s obvious. But, doesn’t it feel like a larger portion of the American public than ever before has understood an untame protest movement? My sense is that the Gen Pub misses seeing Occupy everyday.
In NYC, May Day was a great success. I have been hearing from some OWS folks who have been meeting in working groups and putting out great contributions, not the least of which was Occupy the SEC’s 325 pages of formal commentary regarding Dodd-Frank’s “Volcker Rule”.
I believe that in this exact moment we, meaning all concerned citizens, in the Occupy Movement, in, as I am, local grassroots organizing groups, in the progressive blogosphere, in all of fed-up America, have a unique, and short window to slam out a highly focused, clear demand. We would be joining Elizabeth Warren, and now, Daily Kos, in demanding Jamie Dimon step down from the NY Federal Reserve Board now.
The majority of the country is angry and disillusioned that no execs have been indicted, let alone convicted, of the frauds they perpetrated. These bank dudes seem untouchable. Let’s face it, we have less impact on prosecution decisions than we have on forcing the retirement of Jamie Dimon from regulating his own business. For those of us who still believe that there are honest public servants out there, this is the kind of support those public servants need to lasso the bastards and discourage the future ones from more of the same.
This would go a long way to establishing a strong message that WE, the people, will not tolerate the rich and powerful getting off with no punishment for screwing with our stability, our shelter, our nows and our futures.
1. Elizabeth Warren http://goo.gl/U1WWn
2. Daily Kos http://goo.gl/a8NLA
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Excerpts from “Great News !! Zero Income Taxes Solves Worldwide Economic Crises” by http://www.justaluckyfool.wordpress.com
CHALLENGE IT,IMPROVE IT, then POST IT A MILLION TIMES !
“The Federal RESERVE Bank of America,make it the melting pot for Federal Reserve.,FDIC,FHFA,and the GSE’s,Fannie,Freddie,Ginnie and Sally, as well as the IRS.These organizations will be needed to service the federal loans.
All loans by any financial institution must be backed with 100% reserves.No more Fractional Reserve Banking.No more production by private banks of this Monetary Sovereignty’s currency.All loans may be used as assets for borrowing from The FRBA so that they comply with the 100% reserve. Any loan that is not in compliance must be sold to the FRBA or the financial institution would be placed into receivership.
Private banks will have to be self-insured. Risk 100% their own investors money for 100% reward.
It will be operated by the people,of the people and for the people”.THE FEDERAL RESERVE BANK OF AMERICA will be the source for the American borrower to acquire funds and the interest paid shall be revenue income to be used as funding of their government agenda,for the general welfare,It will be operated by the people,of the people and for the people”.
THE FEDERAL RESERVE BANK OF AMERICA will be the maker of all loans,not guarantee them for others, they will be the maker of these loans and will retain all profits. Profits which by law will be turned over to the US Treasury,as funds for Congress for government expensive’s.
The Federal Reserve Bank of America:
-Will no longer allow the paying of interest for the use of its own money,rather it will charge interest for the use of its money..
Will take away from others the right to “print” our own currency.
Will stop the stupid practice of paying interest on our own money.
Will wake up and realize that “There is only one fair Income Tax,period; only zero is fair.
-Will not take deposits from anyone other than for the US Treasury.
-Will not be involved in any financial investment services.
The Federal Reserve Bank of America will be the sole lender of legal tender. Any financial institution that wishes to loan American Dollars ,those dollars must be acquired (read borrowed) from the Federal Reserve Bank of America,as all loans must be backed with a 100% reserve from either dollars on hand or borrowed from the FRBA.
FRBA will purchase ALL residential and commercial REAL ESTATE loans outstanding at full balance owed.Any private lender may retain any loan it has by simply showing 100% reserve.
The American people will be the lenders and no longer will they be the victims of private greed of those printing our own money..No longer will they allow the banks that they have entrusted with their money to use that money to make profits for themselves .Profits will be made by the people,of the people, for the people. Taxpayers bailout for Taxpayers by Taxpayers paying compounded interest to Taxpayers . These loans would provide trillions of dollars as TAXPAYER PROFIT (REVENUE)!
Compound interest will cause any amount to double over a certain period of time.This doubling alone will provide an enormous income stream. If loans are made for $100 trillion,the incoming payments would exceed $5 trillion a year for 36 years @2%. What a magnificent way to fund a government.
Since the FRBA will be taking back all currency issued,it would be absolutely necessary to redistribute most if not all over a period of time.(If not ,then the debt would be UN PAYABLE).
As Einstein said,”Make it simple.”
“TERMINATE THE STUPID PRACTICE OF PAYING INTEREST ON OUR OWN MONEY TO PRIVATE BANKS .A PRACTICE THAT CAN ONLY END WITH A FINANCIAL BUST” (Ellen Brown ) OR SERVITUDE !
Ben Franklin,Thomas Jefferson,and many more used this method ,the lending of taxpayers money , to start the colonies on the road to financial success. Then the lender banks took it away from the people by having legislators replace the practice allowing them to make the loans (make our money) and keep the interest for themselves,and at the same time guarantee that they the lenders get paid. We the people will no longer pay interest for the use of our own money,or guarantee lenders that they will be paid interest on our money for making loans.
To insure the funding of this great society and insure prosperity there would be a great stream of income:
(INTEREST FROM DOLLAR LOANS.):
Lets use a start figure of $51 trillion in loans,that which is already in circulation.(guesstimate,hope it is more)It will go on the balance sheet as $51 trillion loan assets. This asset will double every 18 years….1 X 18 = 102 trillion,2 X 18 =204 trillion.
Private Banks will be the only source for deposits and savings. Private Banks will no longer be allowed to do fractional banking . All loans will require 100% deposit backing. PRIVATE BANKS WILL BE ENTITLED TO THEIR PROFITS SINCE THEY WILL BE RISKING THEIR OWN MONEY AND MONEY THEY ARE INSURING THEMSELVES. Banks may borrow from The Federal Reserve Bank of the United States of America (HOPE THEY NEED ANOTHER $51 TRILLION) and use that borrowed money for their own account for their own investing;at the prevailing rate and terms.(2012 would be 2% for 36 years) NO MORE FREE RIDE !( Some say they may need over $200 trillion to unwind their derivatives, and yes we could do international lending.)
Good-bye income taxes as they are known today.
CAUTION: They will try FEAR tactics to keep US away from our rights. Remember ,”We have nothing to fear but fear itself”
They will use the fear producing words,”inflation, hyperinflation, stagnation”.
You can answer with the words,”I will not be enslaved by the most powerful force in the universe because we the people can use that most powerful force for the betterment of mankind and prosperity.”
We the people can use that “most powerful force in the universe to control inflation,hyperinflation and stagnation “! !
We the people will deal with the present possible economic tsunami,one tidal wave at a time .
WE THE PEOPLE MUST TAKE CONTROL OF THE MOST POWERFUL FORCE IN THE UNIVERSE AND USE IT FOR THE BETTERMENT OF MANKIND, OR WE SHALL PERISH !
-WE NEED:
TO CHANGE OUR ELECTED CHOICES!
TO GET THOSE ELECTED TO OFFICE TO AGREE TO THE ONE MOST IMPORTANT ITEM OF CHANGE;THEY WILL ENDORSE THE “AMEND THE FEDERAL RESERVE CHARTER,THE NEW INCOME TAX OF ZERO PERCENT, ( 0% )
May “The Invisible Hand” continue to bless America.
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Place all th make Gurus and Economist in a room and ask, “Who is willig to pay a percentage of their salary to cover losses or accept a equal percentage of winnings ?
Who among those would also admit that they wold have to be a “Justaluckyfool”.
“Anyone that attemps to predict a future event (price) is a fool, if by chance correctly
then they are just a luckyfool yet still a fool.”
And please ask if they would be willing to give back to the “people” the sole right to issue theiron currncyand also give up the right to charge compound interest on that money.
Read how to solve the problem….”Great News !!Zero Income Taxes Solves Worldwide Ecnomic Crises” by justaluckyfool
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Now we will try this reply in English.
Place all the market Gurus and Economist in a room and ask, “Who is willing to pay a percentage of their salary to cover losses or only accept a equal percentage of the winnings ?”
Who among those would also admit that they would have to be “Justaluckyfool”.That is,
“Anyone that attemps to predict a future event (price) is a fool, if by chance correctly
then they are just a lucky fool, yet still a fool.”
And please ask if they would be willing to give back to the “people” the sole right to issue their own currency and also give up the right to charge compound interest on that newly created money.
Read: Where we went wrong and How we can fix it.Read ..”Great News !!Zero Income Taxes Solves Worldwide Ecnomic Crises” by justaluckyfool
THEN:
For the solution:”We cannot solve our problems with the same thinking we used when we created them”.Albert Einstein
Perhaps the answer lies in how you redistribute the wealth of a nation; not in how you acquire it.
***** “Believe nothing merely because you have been told it…But whatsoever, after due examination and analysis,you find to be kind, conducive to the good, the benefit,the welfare of all beings – that doctrine believe and cling to,and take it as your guide.”- Buddha[Gautama Siddharta] (563 – 483 BC), Hindu Prince, founder of Buddhism
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Lets be real. The choice is simple: Jamie Dimon or Kenny Fucken Powers.
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That’s the whole point: we’re not supposed to have a savior, a messiah, a person with super-special abilities. An average smart person, with sensible rules in place, should be able to run firms like JPM. Why should we constantly be in search of a superhero?
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“with sensible rules in place”
That is where we went wrong.The rules are against the 99% and in favor of the 1%
They are allowed to bet taxpayers money and in unlimited amounts.
To correct this we need to have banks and investment firms operate on a 100% reserve basis.
They would also have to be insured for losses, not by FDIC or taxpayers, but with their own money in an insurance pool.
This is all part of the plan -“Great News !! Zero Income Taxes …” by justaluckyfool.
A plan that calls for “We the People” to AMEND the FED, not to End the Fed.
Take back the control of our own money and do away with personal income taxes.
A plan that allows an increase in revenue while eliminating personal income taxes.
A foolish question, in hope of getting a profound answer.
“How great would it be to fund our government at $5 trillion a year, not from an unfair income tax system,rather from INTEREST ON BORROWED MONEY ?
This could be done with no new law, or change in present law.
The Federal Reserve Bank need only to change reserve requirements from 10% to 100%.
Allow the banks and financial institutions to borrow the $90 trillion needed at 2% for 36 years.Banks, financial institutions, even nations (PIIGS) paying interest on borrowed money.
I await your profound answers.
Justaluckyfool.
www,justaluckyfool.wordpress.com
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This is not a math/business response to your post, Cathy. But its an idea that is Simple and that I believe would reap huge dividends.
The confluence of the Teflon Jamie Dimon’s loud fight against Banking Regulations with JP Morgan’s Whale explosion constitutes the best opportunity so far for grassroots organizers, OWS, the country, the world, to begin meaningful banking and finance change. Fall 2008, we weren’t out there en masse in the streets and on the talk shows when the earthquake was at critical mass. We have to seize this moment.
I, too, always felt the knock on Occupy Wall Street “not knowing what they want” was specious. I think it’s obvious. But, doesn’t it feel like a larger portion of the American public than ever before has understood an untame protest movement? My sense is that the Gen Pub misses seeing Occupy everyday.
In NYC, May Day was a great success. I have been hearing from some OWS folks who have been meeting in working groups and putting out great contributions, not the least of which was Occupy the SEC’s 325 pages of formal commentary regarding Dodd-Frank’s “Volcker Rule”.
I believe that in this exact moment we, meaning all concerned citizens, in the Occupy Movement, in, as I am, local grassroots organizing groups, in the progressive blogosphere, in all of fed-up America, have a unique, and short window to slam out a highly focused, clear demand. We would be joining Elizabeth Warren, and now, Daily Kos, in demanding Jamie Dimon step down from the NY Federal Reserve Board now.
The majority of the country is angry and disillusioned that no execs have been indicted, let alone convicted, of the frauds they perpetrated. These bank dudes seem untouchable. Let’s face it, we have less impact on prosecution decisions than we have on forcing the retirement of Jamie Dimon from regulating his own business. For those of us who still believe that there are honest public servants out there, this is the kind of support those public servants need to lasso the bastards and discourage the future ones from more of the same.
This would go a long way to establishing a strong message that WE, the people, will not tolerate the rich and powerful getting off with no punishment for screwing with our stability, our shelter, our nows and our futures.
1. Elizabeth Warren http://goo.gl/U1WWn
2. Daily Kos http://goo.gl/a8NLA
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I’ll take it. Even if I do a crumby job, I’ll make a few million in the process from salary.
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