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: