(JPMorgan CEO) Dimon seen as successor to Geithner: report

[Newsjock]

Source: Reuters

Several U.S. policy makers consider JPMorgan Chase & Co Chief Executive Jamie Dimon as a potential successor to U.S. Treasury Secretary Timothy Geithner, the New York Post said, citing sources.

Dimon "would love to serve his country," the paper quoted people familiar with his thinking as saying.

Read more: http://www.nytimes.com/reuters/2009/11/23/us/politics/politics-us-dimon-geithner.html

---

Here is the link to the NY Post story:
http://www.nypost.com/p/news/business/polishing_dimon_IKfyRK8PArjjlMYflWAvDK

... Dimon has long been a big Democratic supporter, and his ties with Obama go back to when he ran Chicago-based Bank One. In addition, White House visitor logs show Dimon has been a repeated guest there. He also was a point man during the previous administration, rescuing Bear and WaMu.

[Newsjock]

1. They've got to be freaking kidding

Then again, they're probably not. But it is Murdoch's Post that's doing the "sources say" on this one.

[Jim Sagle]

2. New worthless sonofabitch, same as the old worthless sonofabitch.

[Tansy_Gold]

4. Oh, no, dimon isn't worthless. In fact he's worth billions.

More accurate (but with the same sense of disgust) would be

"New greedy-ass piece of shit, same as the old greedy-ass piece of shit."

:hi:


TG

[Jim Sagle]

13. I sit corrected.

:thumbsup:

[IndianaGreen]

49. I seldom agree with you, but you are so much on target here!

Can't expect the Wall Street moguls responsible for our current problems to fix it. We need an outsider!

[rfranklin]

3. Change we can believe in!

Give me a break!

[Dr.Phool]

20. Revised version.

Change we can make believe in! New and improved with extra strength Kool-Aid.

[skoalyman]

51. at this point we should just hire the kool aid mascot

couldn't be any worse:rofl:

[TheCoxwain]

5. Obama's .. BIGGEST FUCKING MISTAKE .. is not having someone like Paul Krugman within earshot..

Infact totally distancing from the neo-Keynesians mirrors his approach to Single payer ....

or maybe ..just maybe ..

He's not a man of Big Ideas like he says he is about ....

He is just about Big Talk

Honestly I am getting a little tired...

"Yes We Can" .... maybe we should have asked "Yes We Can - WHAT???"

[OHdem10]

6. This is the joke of the year. I told you people -- you will only get

worse.

Look there is a reality. We must admit that Geithner, Bernake
Kept the Financial system from going over the cliff and pulled
it back from the brink.

If the financial system had failed, every last one us ordinary
people would have lost everything. If you wish to punish
someone put your anger in the right place. The GOP Congress
who did absolutely no oversight during their 8 years of reign
Repealed Glass-Steagall (De-Regualtion of Banking System)
This permitted the Commercial Banks and Investment Banks to
CO_Mingle Moneys, funds etc. which led to the Gambling with
average Americans Money and the ultimate failure.

Yes it appears now the Administration and Geithner are more
interested in Wall Street and Business Interests rather than
Main Street. This is the perception. In Politics Perception
often trumps reality.

You cannot lay all of this on Geithner. The Administration
has many many advisors including Paul Volker.

My point is --Do not become Teabaggers on the Left with
misplaced anger and cut off your own nose to spite your
face.

The truth is Bernanke, Geithner saved us--yes I hated TAR
as much as anyone. Sometimes we have to take bitter Medicine

It is past time the Administration focused on Main Street.
There are those who think this sorry HCIR might be poorly
timed. Congress and WH should be focused on Jobs and MainSreet
Recovery. Who can affored to buy the Insurance or pay the
taxes with no jobs. We are continuing to bleed jobs. There
is no money to subsidize all the out of work Americans.

Yes we all have a right to be angry. Let us not just look
for a scapegoat when Congress(House and Senate) ultimately
permitted this whold d---mess

Be Careful for what you wish for. There are no angels on
Wall Street. I understand Volker has been pushed out.


"The Work goes on, the cause endures, the Hope still lives,
and the dream shall never die."

[Demeter]

8. Ahem, Real People Have Already Lost Everything

Jobs, homes, health care, marriages, health, suicides/murders. And not just in my home state of Michigan, but all over.

And the losses continue to mount.

The Zombie Banks must be put out of our misery. They are parasites killing the host country, and scavengers eating the corpses. The Oscenely Wealthy must be stripped of their loot and prevented from ever looting again.

What cannot continue, will not.

[optimator]

10. you are wrong

those scum bags did not "save us."
And it is not a perception that they are more interested in Wall St, it is a fact.

[mbperrin]

16. I don't believe for a moment that there was an abyss for us, just for

gamblers whose bets went bad.

We covered those bets, and now the gamblers, born on third base, think they hit a home run, with huge bonuses in the offing.

Now we're on the hook for at least 12 TRILLION more in gambling debts with an upside exposure of 166 TRILLION, which is a DOZEN YEARS of US GDP, as if it could be converted into cash and spent like that.

Anyone who has or hopes to have anything real has it isolated from Wall Street and would do even better to have it out of their sight, before they see it and want it and use their power of eminent domain for private gain to get it.

[Dr.Phool]

21. And Geithner was the "alleged" watchdog during the Bush years.

He ran the NY Fed. This whole lack of oversight and no regulation happened on his watch.

[sendero]

47. That's a ridiculous..

... bit of revisionist history. No one knows there was any other solution than funneling wheelbarrows of cash to the banks, no one ever even tried.

I'm sick of this dumb ass excuse. The Fed and the likes of Geithner have a HUGE RESPOSIBILITY in creating the mess, and then conveniently to them, the only solution is to hand out cash to their buddies.

You are a fool.

[Blue_Tires]

63. my major problem was that Wall Street should have been made to agree

to a new wave of strict re-regulation, and ideally there SHOULD have been VERY strict accounts for the TARP money along with a very narrow avenue for how and when the banks could distribute the monies...if no one had the stones to demand that, then at the bare minimum there should have been COMPLETE transparency on which bank got what and how it was spent instead of the massive 3-card monte game they are playing now...

History will see this as an opportunity missed due to (perhaps intentional) lack of will and foresight...I mean, let's be honest: Were the banks really going to say no to conditions similar to the ones I posted before getting the handout? If they did, then they maybe weren't in as dire a situation as believed...

And as an aside, I know it doesn't mean much in the long run, but the day the tidal wave of cash rescued Wall Street, I don't remember hearing the FIRST public "thank you" from any of those CEO assclowns...No, it just continued to enable their entitlement-based attitudes and risky behaviors...Even today, they continue to flood the OP-ED pages of the Wall Street Journal saying Obama is a know-nothing free-market hating Marxist-Leninist burning the economy and constitution, OR recycling one of their "over-regulation/big labor/diversity/equal rights in the workplace/tree huggers/the fed/anti-H-1B visa folks/etc. are hurting the free markets..."

That's not even the best part -- Wait until the REAL revisionist history starts a few years from now when some RW media-darling economist publishes his bestseller about how either Obama really did nothing, and Wall Street would have survived without him, or the TARP actually slowed down the Wall Street recovery instead of speeding it up, or most likely; how a dedicated backroom cabal of capitalist-loving libertarian CEOs singlehandedly saved Wall Street, and how Obama stole the credit...We all know the RW ghostwriters are scribbling away as we speak...

[Demeter]

7. Dimon "would love to serve his country," on Toast, With Champagne

to all his Wall Street buddies, and any Chinese he wants to butter up.

[Tansy_Gold]

9. +10,000 --- or whatever the Dow is at today. n/t

[OHdem10]

11. Of course that Dow is based on our Transnationals doing business

overseas. The Dow does not reflect business activity here in US.

[Tansy_Gold]

14. I understand completely

I shoulda used the :sarcasm: thingy.

[tinrobot]

26. It's a cookbook!

[Demeter]

27. Truer Words Were Never Typed!

:rofl:

[msongs]

12. great another of Obama's filthy rich corporate friends. more change you can believe in? nt

[Autumn]

15. That impresses the fuck out of me

NOT. :mad:

[no limit]

17. Does anyone here already bitching about this actually know anything about Jamie Dimon?

Or are all of you talking out of your asses assuming he's evil because he's rich?

[Dr.Phool]

18. No, he's downright fucking evil because of his corporate practices.

I've had a lot of dealings with Chase, and they never were pleasurable.

They're parasites. And he's the top parasite.

[no limit]

23. How are chase's corporate policies different than anyone else?

Different from Bank of America for example?

It just seems that people did absolutely no research before posting their bitching. I dunno, he might actually be evil. But until I see some evidance of this Im not gonna jump on that bandwagon.

[oge]

28. "How are chase's corporate policies different than anyone else" umm they're not...durrr

that's the fucking problem!

[no limit]

30. So as a CEO is it your job to make the public happy or is your job to compete?

If everyone else is making obsene money off overdraft fees as a CEO you would be dumb to do otherwise.

I also have to do things in my job I don't always think are right, but shit dude, thats my job. And I would hate to be judged based on that.

[mbperrin]

32. Same logic applies to the Mafia and to the Mexican drug cartels.

Everybody else is making big bucks off prostitution, drugs, kidnapping, and murder for hire. They'd be dumb to do otherwise.

Sorry, there are business models that are criminal activities, and the criminals behind them should spend time between bars and without money. The old "I just followed orders" doesn't work.

Or we could let each of their victims hit them one time each in the gut. Line forms at the left.

[no limit]

37. Except that all those things you listed are illegal

so no, your argument is not logical.

[mbperrin]

41. You don't think that telling customers one thing and doing another is

illegal?

But that's okay. I am free to make those things illegal, and then your arguments about dumb and so forth no longer apply, right.

I don't like Dimon because the things we want to make illegal, he likes. He's against regulating credit cards and sizes of banks.

[no limit]

46. Yes, those things should be made illegal. But at this time they are not

that is my only point.

So comparing a late fee your bank charges you to kidnapping, rape, or murder is just a little irrational.

[mbperrin]

48. I'm talking about taking my TARP money to gamble with, THEN charging

me late fees, maximum interest rates even if never late and so on.

We OWN some of these banks, or should. It's fraud to take money for no exchange of value.

[no limit]

52. According to the law you don't own anything

yes it sucks, but again, its not the same as rape, murder, or kidnapping.

[mbperrin]

53. Which law, please, says that I must hand over my money to a company

and receive nothing of value?

Very nice that you don't consider theft, fraud, malfeasance, misfeasance, conspiracy, nor seigniorage, crimes.

[no limit]

55. You are asking me to prove a negative. Jesus christ, you know better than this

the simple point is that when our government raped our tax dollars to bailout wall street it was completely legal. And anyone in wall street not to take advantage of that would have been a sucker. If you disagree you show me the laws that were broken. The burden of proof is on you.

Comparing this to rape and murder is on the level of Beck constantly comparing Obama to Hitler. Stop this illogical bullcrap.

[mbperrin]

62. Reread my post. I'm saying fraud, various violations of fiduciary responsbility

and false conveyance are illegal.
I've asked and asked you to show me the exception written in for these folks. You can't. They're criminals. Prosecute.

[Blue_Tires]

64. um... for the most part, the ONLY differences between Cartels, Mafia and MegaBankCorp CEOs

are:

1. the markets they individually profit in

2. methodologies -- the first two use guns, violence and physical intimidation as a part of the job while the third uses pens, computers, market manipulation and generous campaign contributions...The end results for all three are STILL the same...

Ironically, if you look at the most successful corporations and the most successful cartels and crime organizations, you would see quite a few shared traits -- The lines dividing them can be very blurry at the top...

[oge]

34. logic fail

a treasury secretary is NOT a fucking CEO. I know, I know, it's impossible to tell teh difference in this corporate-laced governmental culture, but the fact of the matter is if you're a public servant then YES it is your job to do right by the PUBLIC rather than fleecing us for corporate gain. That you fail to see this and it has to be spelled out to you is worrisome to say the least.

Besides the obvious truth that there ARE more responsible business models besides profit by raping hte workforce, the environment, the unions, the community, all the while expecting government bailouts. As a matter of fact, the free market doesn't even exist...if it did, then failing behemoths would be allowed to fall, chalked up to bad business practices instead of being rewarded with taxpayer lifeboats and cushy administration positions. Actually, scratch that, they wouldn't even exist in the first place in a true free market competitive environment without the benefit of taxpayer subsidies and government-sponsored monopolization of their respective industries.

The fail is strong with you, young padewan.

[no limit]

38. Who said anything about a treasury secretary being a ceo?

[mbperrin]

31. Well, he opposes regulating credit cards, and he thinks that limiting the

size of banks is bad.

http://blogs.wsj.com/deals/2009/11/23/jamie-dimon-for-treasury-secretary-the-contradictor-in-chief/

Dimon, head of one of the nation’s largest credit-card issuers, opposes the creation of a consumer-protection agency that would oversee credit cards and mortgages. Dimon has said publicly on multiple occasions that such an agency would only create additional costs for banks that would eventually be passed along to consumers. President Obama has said the agency would be critical in protecting consumers from predatory mortgage brokers and excessive credit-card fees.

Second, Dimon has contradicted the White House economic team on how to deal with banks that are “too big to fail.” The J.P. Morgan chief wrote in the Washington Post that artificially capping the size of large banks would hinder banks from creating scale which could benefit shareholders and consumers alike.


He also helped create Citi, a crime against humanity, but that's just me.

[no limit]

40. Thank you, that's what I was looking for.

I totally agree that he should not be made treasury secretary.

[Ruby the Liberal]

39. He is ruthless, and quite well known in financial circles.

Not the "looking out for the people" type of person needed guarding the people's money at Treasury, IMO.

[truebrit71]

58. Yes I do...

Laid me off right after 9/11...then cashed in $2 million in options...Me? Oot of work for 13 months lost the house I built..Jagoff Dimon? Continued to roll in the money...Double Fuck Jamie Dimon...

[dixiegrrrrl]

59. Know aything about him?

yeah, a bit . I could TELL you what I know, but have learned tis better to show the proof.

Since you asked how much info there is on Dimon, I know you will want to read the below sources carefully, and I also suggest you Google for much much more on J.P. Morgan/Dimon.

so, here..from one aggregate source:
http://www.innercitypress.org/jpmchase.html

JP Morgan Chase's CEO James Dimon has trashed the proposed Consumer Financial Protection Agency, saying it "would create cumbersome, costly restrictions and the banks will likely pass those costs onto the consumers." Let's see how it work for Chase..

JPMorgan Chase has a Community Reinvestment Act duty in West Virginia and Kentucky, for example, and in neighboring states. Meanwhile, Chase is funding 6 out of the top 8 corporate producers of MTR coal in Appalachia. (Massey, International Coal Group, Arch Coal, Consol Energy, TECO and Foundation Coal.), per RAN. Chase was a co-lead arranger and underwriter for more than $1 billion in new financing to Massey Energy less than 12 months ago. Massey Energy is the biggest and most controversial MTR mining company in Appalachia, and is responsible for nearly 20% of all MTR coal mined. Others have stopped funding it -- why not Chase?

or here

J.P. Morgan ( before it ate Chase) was a major player in subprime mortgages and CDOs.

http://www.marketwatch.com/story/jp-morgan-profit-falls-investors-relieved-damage-wasnt-worse
and here

http://money.cnn.com/2008/08/29/news/companies/tully_jpmorgan.fortune/index.htm


btw...didja know that Chase hired Tony Blair?
And this:
Embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build "the premier corporate aircraft hangar on the eastern seaboard" to house them, ABC News has learned.
http://abcnews.go.com/Blotter/WallStreet/story?id=7146474&page=1

Also deeply involved in Enron.

[ieoeja]

19. The guy running Chase ran Bank One?

I find that surprising. Bank One was great. Chase (which purchased Bank One, and therefore all my accounts) sucks. Bank One had really low fees while Chase seems to invent new ones every couple of months.

He has definitely run the two in very different fashions. Of course, it is possible he spent his entire time in charge of Bank One negotiating its sale to Chase, and just left everything else alone while he concentrated on that. Wouldn't surprise me.

[Zorra]

22. Great. Now we'll pay our taxes on time, but they'll say we didn't, and then charge us a late fee.

Just like all the credit card companies that these banksters run do.

[fascisthunter]

24. open your eyes DU...

who do you think this admin is working for?

[EFerrari]

29. It's not just the administration. It's the whole structure.

That's why we can kick and scream and write and call and nada.

[justabob]

43. the whole structure

is rotten to the core. I can't believe it has held together this long. It doesn't matter who is running it at this point. The rot has taken on a life of its own.

[fascisthunter]

44. yeah... it is worse

the system has been compromised.... from voting to allowing the wealthy to buy off politicians.

[optimator]

25. This would be such a bad political move

but since protecting the robber barons is the goal, then I'm sure Dimon will be picked.

[Kitsune]

33. ....okay, that fucking does it.

I got conned once. Not getting conned again.

Time to organize a primary challenge in 2012. Let's elect a Democrat this time.

[Tansy_Gold]

45. I'll run. But I'm a DINO.

I'm really a socialist.




Tansy Gold

[mbperrin]

50. Me, too! As a trained economist, it's the only logical choice.

nt

[chill_wind]

35. Trial Balloon?

NY Post Floats Dimon to Replace Geithner
By: emptywheel Monday November 23, 2009 5:37 am


Talk about unclear on the concept! The NY Post claims that “a number of policy makers” have proposed ousting Geithner and giving the position of Treasury Secretary to one of the MOTUs who was effectively Geithner’s “client” at both the NY Fed and Treasury.

Sources tell The Post that a number of policy makers have begun mentioning Dimon as a successor to Geithner, whose standing in Washington has suffered because of the country’s high unemployment rate, the weakness of the dollar, the slow pace of the recovery and the government’s mounting deficit.

(see the rest)

Now, you can never tell whether the Post is reporting news or spewing propaganda, and the fact that the Post reports only that Republicans want to get rid of Geithner and not–for example–Democrat Peter DeFazio suggests that this might be the current state of Republican spin.

Still, it is true that Obama thinks Dimon can do no wrong. And it is true that Obama’s economic policy has been totally captured by people like … Dimon.

So who knows? Maybe this is a genuine trial balloon?

http://www.nypost.com/p/news/business/polishing_dimon_IKfyRK8PArjjlMYflWAvDK#ixzz0XgnTRWTW

Bold emphasis mine.

Here's the NYP article



Marketwatch has a blurb too:

http://www.marketwatch.com/story/dimon-potential-successor-to-geithner-report-2009-11-23

Daily Finance:
http://www.dailyfinance.com/2009/11/23/jamie-dimon-for-treasury-chief-or-will-geithner-be-obamas-rums/

DKos

Long-time Obama supporter Jamie Dimon at Treasury?

Mon Nov 23, 2009 at 07:59:22 AM PST

With the heat intensifying on Tim Geithner at Treasury speculation is growing as to who his replacement might be. Jamie Dimon is a long time Democrat who knew President Obama while both were in Chicago (Dimon was head of Bank One) and is now CEO of JP Morgan. Dimon has remained a trusted advisor to the President to this day. Dimon is the most highly regarded financial executive in the USA today.

http://www.dailykos.com/story/2009/11/23/807247/-Long-time-Obama-supporter-Jamie-Dimon-at-Treasury

[Ruby the Liberal]

36. This would be a HUGE mistake

Just how tone deaf is the administration?

The ONLY thing the left and the right agree on right now is animosity at Wall Street.

[fascisthunter]

54. and the government that works with and for Wall Street

imagine... both pissed at the same thing.

[Odin2005]

42. WTF?

[Steerpike]

56. Another predatory CEO?

Is this guy another supply sider (we cannot allow the rich to fail)?

[DonkeyHoTay]

Dimon must be Rahmbo's pick....

Surely President Obama would not be that insensitive to public opinion, would he?

[DonkeyHoTay]

60. Dimon must be Rahmbo's pick....

Surely President Obama would not be that insensitive to public opinion, would he?

[truebrit71]

57. Fuck that...

:grr:

[Vidar]

61. That's it , pick another robber baron instead of an economist.

[lonestarnot]

65. Aye yae yae! WTF

:wtf:

[DonkeyHoTay]

66. And so it goes...

Why don't we just forget Dimon and AUDIT THE FED?