Photo credit: @julesdwit.
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JPMorgan Chase & Co. chairman and CEO Jamie Dimon looks on while speaking at a conference on May 3, 2012
(Mario Tama/Getty Images)
Heidi Moore, New York bureau chief and Wall Street correspondent for Marketplace, discusses the latest developments in the JP Morgan story and the FBI's investigation into the matter.
I think we actually agree!!
Obama and his economic "team", Geithner and Summers et al. should be investigated.
Except, my call is not fueled by blatant and ODIOUS racism as yours ALWAYS is.
The corruption of our government by corporate banking is nauseating but, not nearly as nauseating as your pathological RACISM!!!
Correct me if I am wrong (or don't):I thought Glass-Steagle prevented FDIC protected Banks from using depositors' money for certain types of investments. Who is claiming that depositors' money was used to make these investments?
(And not to cause him any further embarrassment, but:Why hasn't president Obama been beating the drum for a reinstatement of Glass-Steagle.)
President Obama did not praise Jamie Diamond on the View a couple of weeks ago. The show was taped Monday afternoon May 14 & aired Tuesday May 15, after this horrific story was in the public. Heidi Moore has her timeline backwards.
I haven't reviewed the other comments yet.I'm wondering what the measure of "Embarrassment" for this president is given the actions he has taken especially with regard to personal and professional associations that he has continued during his presidency. (First, your WSJ expert's opinion of "what the most unpardonable sin" of the current administration might be seems a bit foolish given the Mr. Geitner was appointed by this president after his malfeasance working for the Federal Reserve Board during the 2006-2008 debacle (or did he only have a "mole-like" ceremonial position there?) or was his (Geitner's) failure to advise this president of the role Mr. Geitner played in assuring the continuing unregulated bonuses for the investment banking executives after they received taxpayer bailouts not an embarrassment?)Mr. Obama is not noticeably "embarrassed" by a Secretary of Energy who argues for a policy in favor of higher gasoline prices and multi-million dollar investments in alternate energy companies headed for bankruptcy.In a country that has aspirations to the "rule of law" one would think there is a more serious infraction than causing embarrassment to the current (inflated) self image of the currently reigning ego maniac.But I digress -
As JP Morgan tries to unwind the rest of their position everyone should note how the hedge funds and others are swooping in like sharks - and will be quite happy to take the bank down if they get a big profit. The size of the final loss is unknown because it will depend in large part on how JP can fight off these savage competitors. We should watch closely because in any financial crisis to come, this is how the players operate. While we squeak about regulating banks, the other financial gamblers are laughing at us!
BTW Heidi Moore was careless to joke 'have you ever tried to get your money from the FDIC" In case of a bank failure depositors gets ALL their money up to the insured limit and VERY quickly.
why couldn't we all, as a society, remove our meager earnings from any bank that does not adhere to the glass-steagall boundaries and put them into a bank that does. wouldn't that make s huge impact if done on a worldwide basis? true capitalism at work. shouldn't OWS be organizing actions such as this?
Heidi Moore is wrong on so many counts. JPMorgan has stockholders and it exists to earn money for its stockholders. It is supposed to take risks to do so. The stockholders know this, the depositors know this and financial journalists definitely ought to know this. Furthermore, every loan made is a risk, as those that loaned to Greece have found out, and those than made supposedly low risk mortgage loans found out.
If anything the President should be a part of the class action suit. Typical jealous *e*.
@ John from NYC -
It's weird, prior to the elimination of Glass-Steagall in 1999, JP-Morgan Chase and others would NOT have been permitted to both hold deposits and do proprietary investments, which is what Moore was discussing. But you're right, during the anti-Communist furor of the 1950s and '60s, U.S. bankers/capitalists that made oodles of money were really closet socialists. I forgot!
Brian-If Obama embarrassed himself by praising Jamie Dimon on THE VIEW....
maybe Obama should stop appearing on fluffy TV talk shows.Doesn't this guy have enough work to do in a normal day.....given the lousy recovery???
The Brits told Rupert Murdoch he was not fit to run his global corporation after all the stuff that went down within his corporation. What would happen if our government leader and or president told Jamie Dimon he was not fit to run JP Morgan after this very risky behavior?
Right after they finish the bush cheney investigation I suppose. Two biggest criminals in America.
@martin-president obama has sold millions of books and therefore he is rich. where should he keep his money, under the mattress? the problem is not that he keeps his money at jp morgan but that he HAS to court and accept wall st. money if he wants to realistically get elected to higher office. he's playing by the rules of a rotten game. campaign finance reform and the citizens untied decision are at the core of every problem, including this one.
@ Chuzzlewit -
So what charges would be investigated for our 1% president (a status constantly acknowledged by he and his staff)?
"The rigour of law enforcement" to uncover this??? Wow, that worked well in 2008 didn't it? Remember all those arrests.... me neither. But, hey these guys have young black men to stop and frisk and students to pepper spray, you can't expect them to do everything.
this is just weird -- why does she just not say she wants socialism -- all would be secure -- there would be no looses, and they would just be the grey poverty we saw in eastern europe for the past half century.
Since it has now been revealed that Barack Hussein Obama has as much as $1,000,000 at JP Morgan.....(of his possible $10,000,000 net worth...er, President 1%).....and since Mr. Dimon is famously an FOB (Friend of Barack) who greatly aided Obama's early acceptance by Wall Street donors in 2008, maybe the FBI investigation should include our Maximum Leader.
Yahoo News 5-15-12"US President Barack Obama has up to $1 million in a JPMorgan Chase checking account, the White House said Tuesday....as well as the JPMorgan Chase Private Client Asset Management checking account, Obama also has millions of dollars in a variety of other accounts and funds, bonds and treasuries."http://ca.news.yahoo.com/obama-1-million-jpmorgan-chase-204632283.html
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