Dimon Claims Banks Under Assault by U.S. Regulators
Merry Christmas, Suckers!One of America’s most prominent welfare queens is not very happy with the government who handed him Bear Stearns as a Christmas present shortly before he and the rest of his buddies broke most of the world economy and then stole what was left.
“We have five or six regulators or people coming after us on every different issue,” Dimon, 58, said today on a call with reporters after New York-based JPMorgan reported fourth-quarter results. “It’s a hard thing to deal with.” JPMorgan, the largest U.S. bank by assets, posted a drop in fourth-quarter profit amid $990 million of legal expenses, about double what some analysts predicted. The legal costs, mostly tied to probes into currency rate-rigging, follow even bigger payments in 2013 related to mortgage bonds sold before the 2008 crisis by JPMorgan and two firms it acquired.
Yes, the amount you have to pay your lawyers to keep your well-tailored buns out of the federal prison system will put a crimp in the old profit margin. Maybe it’s time to take a look at where you can cut back. How about that line in the quarterly report labelled, “Cheating and Stealing”? Might be a good place to start.
