I think the following comments will come back to haunt Jamie Dimon. They represent the perspective of an out of touch, financial oligarch who is so consistently fed bullshit compliments by all those surrounding him, he has no idea how badly this will backfire in the long-run.

What Jamie Dimon doesn’t understand, is that people still hate the big banks. Half a decade into this oligarch theft marketed as an economic recovery, have you ever met a single person who didn’t harbor bad feelings toward the banks and the bailouts? I haven’t.

While Elizabeth Warren herself might not be personally popular across the political spectrum, her message on the banks is. If this message still resonates now, it will only resonate much more in the years ahead when the economy enters its next downturn. At that point, Mr. Dimon will be very sorry he made this comment.

You don’t want to poke Elizabeth Warren in the eye with a stick, and that is exactly what he just did. This was a really stupid move. One that can only be explained away by mindless hubris; something disconnected elites are famous for throughout history.

From Bloomberg:

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon took aim at U.S. Senator Elizabeth Warren, a critic of large banks, as he expressed broad concerns about leadership in Washington. “I don’t know if she fully understands the global banking system,” Dimon, speaking Wednesday at an event in Chicago, said of the Massachusetts Democrat. Still, he said he agrees with some of her concerns about risks. Warren, a Senate Banking Committee member, has won popular support and gained influence in her party by openly challenging the size of large lenders and their political power. She has said it was a mistake for the U.S. government to refrain from breaking up big banks, such as Citigroup Inc., after the 2008 financial crisis. Last month, as firms including JPMorgan pleaded guilty to resolve probes into market-rigging, she criticized regulators for granting waivers that let the companies continue operating certain businesses.

Personally, I think she understands the global banking system perfectly well:

For related articles, see:

Jamie Dimon’s Big $13 Billion Secret – The Truth Behind the JP Morgan Settlement

Another Settlement – JP Morgan Receives Slap on the Wrist Despite Years of Fraudulent CFTC Data

Wall Street on Parade Explores JP Morgan’s Disturbing Links to the CIA, NYPD and More…

Further Proof the Justice Department is Protecting JP Morgan from Criminal Prosecution

Video of the Day: Interview with Matt Taibbi About JP Morgan and the CNBC “Presstitutes”

In Liberty,

Michael Krieger



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