There is no sense here that anything much has changed. Sure, we’ve lost some banks, we’re in a big recession, and everything we thought sensible for banks in terms of regulation/risk management/corporate governance lies in tatters. But it is obvious, from the words, tone, and body language of Mr. Dimon that he thinks his side has won and it is back to business as usual, albeit now with a somewhat larger market share. On all of this, he probably has inside information.
Originally published at the Baseline Scenario and reproduced here with the author’s permission.
3 Responses to “Business As Usual”
Yes, Mr. Dimon probably has inside information as do Messrs. Lewis and Pandit who had the temerity to announce “profits” at Citibank and BofA for January and February, 2009. Geithner, Summers, and Bernanke will socialize the losses of the entire world, if necessary, to pacify Wall Street and prevent another “Lehman” from happening.
I hope some of them bankers go to prison for their actions.
Dimon finds fault with govt. for asking questions to bankers and seeking some straight answers and accountabilty from them and labels that as “volification”. If these are the type immoral and unethical people continue to be incharge of banks , I can guarentee we havent seen the bottom yet. He wants taxpayers to pickup the tab for his and his cronies stupendous self serving incompetency. Until these idiots are locked up for an extended period of time they are not going to reform.