One of the Worst Pieces of Journalism Ever

Read one of the worst pieces of journalism ever: http://tinyurl.com/3ydtead

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Back in 2004, way before the mortgage bust and before Americans thought of banks as four-letter words, Jamie Dimon took charge of JPMorgan Chase & Company. Known as a tough, hands-on manager, Dimon was supposed to avert the sort of foolish risks that tempted so many of his peers. And sure enough, he was different.

Instead of reviewing brief summaries of the bank's operations, as his predecessor had, Dimon demanded to see the raw data — hundreds of pages detailing J. P. Morgan's businesses every month. Instead of simply trusting his traders, Dimon put himself through a tutorial, so that he would understand the complex trades the bank was exposed to. And rather than run its mortgage machine at full throttle for as long as possible, Dimon reined in lending earlier than did others and warned his shareholders of looming trouble.

Prudent as they were, his precautions were not enough. Over the last two years, JPMorgan Chase suffered an astonishing $51 billion in faulty mortgages, unpaid credit cards and other bad loans. And Dimon has landed dead center in the controversies that have caused many Americans to lose faith in banking. Chase issued too many faulty mortgages, it was embarrassed by high overdraft fees on debit cards and recently it has admitted to cutting corners in processing home foreclosures. Americans are angry at bankers for helping to bring the financial system to its knees; they are especially angry at those like Dimon whose banks accepted taxpayer investment.

The popular animus has come as a shock to Dimon. Recently, while entertaining a roomful of corporate clients over a tenderloin dinner, he felt the need to assert his and his industry's worthiness. "I am not embarrassed to be a banker," he noted. "I am not embarrassed to be in business." In truth, Dimon has plenty not to be embarrassed about. He fulfilled a banker's first obligation: he made sure his bank survived. This was thanks to his strategy of maintaining a healthy cushion of capital for a rainy day. When markets melted down and the economy plunged into recession, J. P. Morgan remained not only solvent but profitable every quarter. When other banks were refusing to lend, Dimon's continued to offer credit to customers ranging from homeowners to Pfizer to the State of California. And when the United States needed a strong institution to bail out a failing bank, it turned — twice — to JPMorgan Chase.

Dimon sees himself as a patriotic citizen who helped his country in a time of crisis. Now the most visible face of Wall Street, he thinks banks and bankers have a role not only in rebuilding the economy but in coming up with remedies for the financial system. Critics say that, as a part — even a solvent part — of a failed system, he should be grateful for the government's assistance rather than stridently critical, as he has been, of some of its reforms. Dimon, they note, took advantage of the crisis to acquire Bear Stearns and Washington Mutual, and J. P. Morgan emerged from the crisis as a vastly larger institution. That is a cause for alarm to 33 U.S. senators, who voted this spring for an amendment that would have forced big banks to dismantle. The country is deeply divided over the proper role, and the size, of banks, and nothing epitomizes these tensions quite like the narrative of Jamie Dimon.

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[LightJehuety]

@parkerchewbacca How was this biased? You totally missed the point of the vid. Cenk was trying to expose lowenstein. 

[BeveledSpilchOnion]

"His buttocks quivered with anticipation as I nestled my nose betwixt those heavenly buns of glistening steel. 'Mmm, poofume No.5,' said a proud Dimon, as he guffed his heavenly scent up my expectant blow holes. I simply hadn't the heart to tell him that he'd followed through." ROGER LOWENSTEIN, NYT

[mckenna2502]

You are amazing, if people watched channels like this instead of music videos, the world would be a much smarter/better place.

[reverenceforall]

What is the point of your gibberish? Tell us something useful but don't be a clown and keep repeating ad nauseam what everyone already knows.

[Hugh983]

The Juden capitalistic system is falling apart GREAT

[Hugh983]

Id like to bring back the Wolf Packs to sink their yachts with these rich dushbags going down with the ship LOL. they should just hang Madoff and others like him like this Dimon asshole. He looks like a typical bad guy from a Bruce Willis Movie

[Hugh983]

We not just talking numbers here this is people getting ripped off so rich schmucks can drink wine that cost $36.000 a bottle and have people kissing there ass. and have yachts and go on elaborate vacations and have more expensive cars than they need Like JAY LENO who is not funny and isn't worth what he is paid Nor is Jim Carey Paris Hilton, all of Hollywood, and political figures that get on TV and say the dumbiest sht. Senators Congressmen, all need to be shot or at least made broke

[Hugh983]

CDOs are BS that are so complicated that they don't make sense and boggle The mind there is an old saying "if you can't dazzle them with brilliance Baffle them with Bullshit.That what banks and wall street does so That we are so baffled with the scams they pull> they should be taken out into a field and Shot by the Gastopo.

[Hugh983]

A friend of mine just lost 17% of his investment, which totaled $27.000 in one month with Morgan Stanley and his broker quit to sell insurance and wanted my friend to come work for him. Morgan Stanley has yet to explain how he lost so much in one month . What a bunch of crooks I think his broker ripped off lots of people to open an insurance Company

[Sariccia13]

You clearly don't understand how Wall Street works. Complicated derivatives such as CDOs (which are bundled sub-prime mortgages) are barely understood by the most brilliant men on Wall-Street, and they represent a minuscule part of a banks practices. The fact that a CEO, whose job has NOTHING to do with CDOs, doesn't understand how they work, is completely reasonable. Jamie Dimon managed to make money during the recession by learning about them. For that, he SHOULD be commended.