This Fraudster isn't a felon (yet), but he should be in prison. Meet Jamie Dimon, CEO of JP Morgan Chase, the man who borrowed 25 billion from the taxpayers in 2008, and made over 20 million dollars last year. His net worth is estimated to just over one billion dollars.
Just four years after Mr. Dimon received billions of dollars from the taxpayers to bail out JP Morgan Chase, his firm bet and lost over 6 billion dollars on speculative derivatives in London. That's a lot of risk for anyone, but for a firm taking handouts from the taxpayers, that's criminal. But no jail for Jamie. I'm wondering what would happen if I took government aid and used it to speculate on stock options or go to the racetrack.
One only has to look at his close government ties, and his past "service" as a director on the board of The Federal Reserve Bank of New York to understand Jamie's freedom and net worth. What I find most interesting is that even with all the inside information his firm is privy to, they still lost all that money on derivatives. That's like knowing what horse will win and still losing. Good job, Jamie!
He commits crimes that harm working Americans, and he gets away with it by paying large fines. Those fines are already included in his business model. Who cares if they have to pay a 100 million fine when the illegal activity is bringing in a billion or more?
In a nutshell the Jamie Dimon business model is:
1)Gains need to be greater than fines paid
2) Government contacts
3) Take handouts from taxpayers
4) No conscience
5) Good lawyers
And that all adds up to a very nice lifestyle at our expense.