Ethical Failings of JP Morgan Chase
Top bankers have famously soured on President Obama because of his occasional criticisms of Wall Street -- despite the Administration's record of going easy on an arrogant financial elite who blew up the economy.
No banker has more frequently complained about being wrongly picked on than JP Morgan Chase CEO Jamie Dimon. JP Morgan emerged in a much better position than most banks and Dimon has suggested that his bank was one of the good guys and should not be lumped in with, say, Countrywide or AIG
“It’s never fair to punish everybody regardless of their behavior,” Dimon told the New Republic last year. “There are good banks and bad banks just like there are good politicians and bad politicians, and I’m not going to sit here and accept that somehow it’s OK.”
A year earlier, right after Obama took office, Dimon said something similar: "It's unfair to talk about us as one. . . . Not every company was responsible."
But, of course, JP Morgan was hardly a saint during the go-go years. According to a recent SEC settlement, it engaged in truly deplorable behavior around mortgage-backed securities. Specifically, in late June, the bank agreed to pay $154 million to settle charges by the SEC that it peddled a toxic derivatives product known as "Squared" to unwitting investors even as it knew the product -- designed by a hedge fund, Magnetar, who then bet against it -- would fail to perform.
Thursday, July 7, 2011 at 6:22PM | Share Article
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