Jamie Dimon: U.S. Must Create a “Safe Harbor” Where JPM’s Corruption Is Not “Punished”
I want to give a hat tip to a recent Wall Street Journal article that brought to my attention two damning admissions by JPMorgan’s (JPM) CEO and Chairman of the Board, Jamie Dimon. The irony is that Dimon was lulled into making these admissions because he was basking in the perfect calm created by the confluence of Sorkin’s and CNBC’s storied sycophancy at the one place on earth where elite bankers feel most loved, honored, and protected – the annual meeting of the ultra-wealthy in Davos, Switzerland. Sorkin was the only interviewer, so Dimon faced no risk of tough questions. It may well have been this perfect setting that caused Dimon to let slip the mask and reveal two illustrative sins of elite bankers reported in the WSJ article.
“A spokesman for J.P. Morgan declined to comment on the continuing investigations. Mr. Dimon said in a January 2014 interview on CNBC that it has been a ‘norm of business for years’ for banks to hire [ex government officials and the] sons and daughters of companies’ [controlling officers] and to give them ‘proper jobs’ without violating the law.
‘But we got to figure out exactly how to create a safe harbor for that so you don’t…end up getting punished,’ he told the interviewer, according to a CNBC transcript.”
Yes, you read that correctly. It has been a “norm of business for years” for multinational corporations to hire the “sons and daughters of companies’ [controlling officials]” and to hire “ex government officials” in order to secure the favor of those powerful officials for the banks. Dimon’s concern is that it is essential that firms should be able to continue to purchase this influence with other elites in this manner with no threat of ever “getting punished” for buying influence with such powerful foreign officials.” JPM’s priority is “to figure out exactly how to create a safe haven for that.” The elite firms’ “norm of business for years” is not an admission from Dimon’s perspective, but rather a claim of right. Anything that elite firms have done successfully for years to purchase influence with other elites (including hiring “ex government officials”) is obviously something that they have a right to continue to do – with total impunity from “getting punished.” It’s not bribery, it’s buying influence with powerful officials who run firms and government agencies and ministries.
http://neweconomicperspectives.org/2014/10/jamie-dimon-u-s-must-create-safe-harbor-jpms-corruption-punished.html
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Perfect!!
but your is better. 
I so enjoyed last years ... Lord, what a tone-deaf imbecile this man is.
His back is well covered. 
corruption. 
and guillotine at this point, aren't they? "We are entitled to steal as much as we wish, because we are rich."
I saw my initials in the title and thought, "What corruption, and who wants to punish me for it?" 
