'It Pisses Me Off, Too': Jamie Dimon Goes Off On Bailouts

This is the 3rd clip from Dimon's headline CFR speech last Tuesday.

Wait 'till you hear this nonsense.

'The American public feels that there was no Old Testament justice.'

Again, Jamie?  We appreciate the anger, the intensity.  We're glad you're on our side, Hoss. You understand just how we feel.  Yeah, right.

Listen up J.D., erstwhile capitalist.

Bernanke is your one and only best friend, secretly lending you billions, and you decide to complain publicly about bailouts, in a transparent attempt to paint yourself as an outsider. If it's a free market that you're after, then let's be clear - that means no secret Federal Reserve loans at .008% interest, no discount window borrowing, and no bailouts.

This is at least the 10th time Dimon has made this point publicly and each and every time he thinks no one is paying attention.  When he speaks of bank bailouts, he is ONLY talking about TARP.  That's the only way he can get away with this insanity.  As DB readers know well, the TARP bailouts of $700 billion were a mere pittance compared to the $7.7 trillion in total support provided by the Fed.

And Dimon's bank JPMorgan was, according to this Bloomberg report, perhaps the single greatest beneficiary of Federal Reserve largesse:

Do NOT skip this:

Secret Fed Loans Helped JP Morgan - Bloomberg

$7.77 Trillion

The amount of money the central bank parceled out was surprising even to Gary H. Stern, president of the Federal Reserve Bank of Minneapolis from 1985 to 2009, who says he “wasn’t aware of the magnitude.”

“TARP at least had some strings attached,” says Brad Miller, a North Carolina Democrat on the House Financial Services Committee, referring to the program’s executive-pay ceiling. “With the Fed programs, there was nothing.”

Jamie Dimon told shareholders in a letter that his bank used the Fed’s Term Auction Facility "at the request of the Federal Reserve to help motivate others to use the system."

He didn’t say that the New York-based bank’s total TAF borrowings were almost twice its cash holdings or that its peak borrowing of $48 billion on Feb. 26, 2009, came more than a year after the program’s creation.

Last week from Dimon's CFR speech:

• Dimon Does Favors For Bernanke
• Bond Market Vigilantes Are Coming To The U.S.

Comments

[DailyBail]

Madoff Trustee Sues JPMorgan For $6.4 Billion: "They Were At The Very Center Of Madoff Fraud"

http://dailybail.com/home/madoff-trustee-sues-jpmorgan-for-64-billion-they-were-at-the.html

Some funny clips in here.

[DailyBail]

Jamie Dimon Goes Ballistic: "This Is Not The Soviet Union. This Is The USA. It’s A Free. Fucking. Country."

http://dailybail.com/home/jamie-dimon-goes-ballistic-this-is-not-the-soviet-union-this.html

[SKINFLINT]

Totally off topic, huge explosion in Louisiana last night. Munitions dump exploded, however, thousands of witnesses report some kind of fire ball before explosion. Traveled across sky from west to east and landed on ammo dump. Debris flys 7200 ft or so. As bright as sunset at 11:30 pm. Anyone live in La. ?http://www.srh.noaa.gov/shv/?n=webster-parish

[Harry Johnson]

Things will not improve till a whole bunch of these guys end up in prison.

[ohara]

San Francisco condones committee nullification but demands folks pay $0.10 per paper bag. The new financing tool in SF is revenue bonds. Bonds to be paid back from revenues generated by its many revenue "enterprises." In 2002 votes created an independent Revenue Bond Oversight Committee to monitor $15 billion in revenue bonds to be spent by its large multi-utility Hetch Hetchy system (water, power, and wastewater). This committee was hijacked (foxes guarding and guiding the hen house) immediately by the City. This committee has been the lapdog for city excess and many failures to implement. All well documented. It legally ends on 1/1/2013, however, marketeer Supervisor Mark Farrell wants to extend its life for 5 more years - admitting it is not perfect - but we have a committee (leave the malignancy in the body politic). We expect all the paper bag liberals will go along with him. Real oversight is extremely unpopular even among progressives. Leave the foxes in place? The 2008 financial crisis was no coincidence. There was no one guarding the money changers. This is yet another case in point.

[Karen Pooley]

FUCK YOU JAMIE DIMON! You need to be hanging from lampposts.