Search Results for: Jamie Dimon

By Pam Martens and Russ Martens: April 11, 2019 ~ What a difference a day makes. On April 9, the day before JPMorgan Chase CEO Jamie Dimon was to testify at a House Financial Services Committee hearing along with six of his fellow mega bank CEOs, his legions of publicists and handlers still thought there might be a presidential run in his future. Today, not so much. You know just how torturous the day was for Dimon when the worst part wasn’t his being forced to admit that his bank previously accepted African-American slaves as collateral for loans. That line of questioning came from Congressman Al Green of Texas. Green said that his ancestors were slaves and asked Dimon if it was true that JPMorgan Chase had released information in 2005 “indicating that it directly benefited from slavery” and had made loans using slaves as collateral. Dimon said he believed … Continue reading →

By Pam Martens and Russ Martens: April 3, 2019 ~ Since March 9 of last year, Bloomberg News has published over 80 negative articles on the mega bank Wells Fargo. Some of the more recent headlines are: Wells Fargo CEO Abruptly Steps Down, Succumbing to Scandals; Wells Fargo’s CEO Disputes Claim His Bank Is Too Big to Manage; Elizabeth Warren on Wells Fargo CEO’s Departure: ‘About Damn Time’. Judging by the reporting, one would think that Wells Fargo is either the most dangerous U.S. mega bank or the most criminal. But according to Federal regulators, that distinction goes to JPMorgan Chase. But oddly enough, Jamie Dimon, the Chairman and CEO of JPMorgan Chase, has been canonized by Bloomberg News for years, effectively endorsing him as the all-wise and customer-focused oracle of Wall Street. Wells Fargo has not been charged with a criminal felony count. Jamie Dimon, on the other hand, has … Continue reading →

By Pam Martens and Russ Martens: March 25, 2019 ~ JPMorgan Chase’s CEO, Jamie Dimon, gave a CNN interview last week in which he said that the U.S. economy is “fundamentally anti-poor.” Two weeks before that, Dimon boasted in an OpEd for CNN that was co-authored by his fellow Board Member, Mellody Hobson, that the bank was doing all kinds of wonderful things to address the wealth gap among African Americans in the U.S. Under Dimon’s tenure as top dog of JPMorgan Chase over the past 13 years, the bank has excelled at settling its crimes on the cheap, launching a big public relations offensive, then being charged with more crimes, settling on the cheap, and spending more on its public relations offensive to massage both the bank’s and Dimon’s reputation. Many of the charges against JPMorgan Chase relate directly to ripping off Americans who can least afford it. In … Continue reading →

By Pam Martens and Russ Martens: September 20, 2018 ~ Michael Bloomberg served three terms as New York City’s Mayor from January 2002 to January 2014. In 2009, the New York Times reported that Bloomberg had spent “$261 million of his own money” in order to get elected to those three terms as Mayor. When Bloomberg took office, there was a two-term limit in place which had been voted on in public referendums in 1993 and 1996. But two years before Bloomberg’s second four-year term ended, he asked the City Council to repeal the two-term limit to allow him to serve a third term. Because voters had already expressed their will in a public referendum twice, numerous members of the City Council felt it would be unethical for them to repeal that decision and that the matter should be determined by another voter referendum. But the City Council went forward … Continue reading →

By Pam Martens and Russ Martens: May 31, 2018 ~ JPMorgan Chase likes to hold its annual shareholders’ meetings far away from the media glare of New York City’s pesky press corps. Jamie Dimon, Chairman and CEO of JPMorgan Chase, has good reason to want to dodge Manhattan’s investigative reporters – who might start to see a pattern of fraudulent behavior. At the 2011 shareholders’ meeting in Columbus, Ohio more than 1,000 protesters descended on the event to protest the bank’s unsavory foreclosure practices. JPMorgan Chase’s 2013 shareholders’ meeting in Tampa – 1100 miles from New York City — came less than two months after the U.S. Senate’s Permanent Subcommittee on Investigations issued a 300-page report on how JPMorgan Chase had used its bank depositors’ money to gamble in risky derivatives in London, eventually losing $6.2 billion of that money. The 2014 shareholders’ meeting, also in Tampa, came four months … Continue reading →