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Top Banker Accused of Misleading Feds.

Written by Gary North on March 15, 2013

Jamie Dimon, the most vocal, in-your-face banker on earth, has been accused in a government report for not being forthright about the losses at J. P. Morgan Chase. Then the Federal Reserve said that the bank’s capital plans are not quite right.

Dimon, in response, said nothing.

This is the first time I recall his being quiet about anything.

The Board of Directors may decide that it would be better to pay him to retire “for family reasons,” of course. Or the members may decide the Senate has no power over specific banks (true), and that the Federal Reserve is gutless (true). Everyone at the bank may decide to stonewall. Why not? The big banks run the country. They are too big to fail. The unnamed authors of a government report can whine, but so what? It’s not as though the Senate can do anything about it.

Sure, the Attorney General could go after Dimon for perjury. Could he get a jury to convict? Probably not. Did Dimon break any law? The laws are so varied, anyone can break a law. But will a jury convict? Probably not. Can Dimon afford to hire good lawyers? Yes. Are these lawyers better than salaried government lawyers? Of course.

So, the government can fuss and fume. But if the bank’s Board of Directors decide to ignore this tempest in a teapot, Dimon will still have his job at the end of the year.

That’s my guess, anyway.

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One thought on “Top Banker Accused of Misleading Feds.

  1. Phase 1–Glass-Steagall HR129. (We need a Senate bill, too.) Separate commercial banks from investment banks. Let the commercial banks get the country back on its feet. Let the investment banks die a slow death & jail their operators. NO MORE BAILOUTS!
    Phase 2–Reinstate the federal credit system as designed by Alexander Hamilton.

    There is hope; we've GOT to do this.