ximmy
27th January 2011, 04:23 PM
Davos 2011: JP Morgan boss hits out at 'banker bashing'
An angry Jamie Dimon tells World Economic Forum that blanket criticism of banking industry is unfair
The head of JP Morgan has delivered a furious tirade against "banker bashing", complaining that the entire industry is being tarred with the same brush and implying that bankers have become political whipping boys...
In fact, he said, JP Morgan and its stronger rivals were "stabilising" influences and he insisted that banks would not "bend down and accept" abuse...
Dimon... made clear his fury at the tone of public, political and media attacks on banks...
Bob Diamond, chief executive of Barclays, told the Treasury select committee of MPs earlier this month that the "period of remorse and apology" for banks needed to end.
JP Morgan, which employs more than 200,000 people globally including about 17,000 in Britain, was among the more profitable financial players throughout the credit crunch. When smaller rival Bear Stearns failed in March 2008, JP Morgan bought the business to rescue it from bankruptcy – an act, Dimon said, that was at the behest of Washington: "JP Morgan bought Bear Stearns because the US government asked us to."
He reminded an audience of business chiefs and policymakers that JP Morgan subsequently bought another struggling US high street lender, Washington Mutual, to help stabilise the financial system.
Good God ... Bullshit... they stole the other banks by design
http://www.guardian.co.uk/business/2011/jan/27/jp-morgan-boss-banker-bashing
An angry Jamie Dimon tells World Economic Forum that blanket criticism of banking industry is unfair
The head of JP Morgan has delivered a furious tirade against "banker bashing", complaining that the entire industry is being tarred with the same brush and implying that bankers have become political whipping boys...
In fact, he said, JP Morgan and its stronger rivals were "stabilising" influences and he insisted that banks would not "bend down and accept" abuse...
Dimon... made clear his fury at the tone of public, political and media attacks on banks...
Bob Diamond, chief executive of Barclays, told the Treasury select committee of MPs earlier this month that the "period of remorse and apology" for banks needed to end.
JP Morgan, which employs more than 200,000 people globally including about 17,000 in Britain, was among the more profitable financial players throughout the credit crunch. When smaller rival Bear Stearns failed in March 2008, JP Morgan bought the business to rescue it from bankruptcy – an act, Dimon said, that was at the behest of Washington: "JP Morgan bought Bear Stearns because the US government asked us to."
He reminded an audience of business chiefs and policymakers that JP Morgan subsequently bought another struggling US high street lender, Washington Mutual, to help stabilise the financial system.
Good God ... Bullshit... they stole the other banks by design
http://www.guardian.co.uk/business/2011/jan/27/jp-morgan-boss-banker-bashing