Dimon Decries Washington’s Treatment of Banks
http://dealbook.blogs.nytimes.com/2010/02/25/dimon-decries-washingtons-treatment-of-banks/?partner=yahoofinance
February 25, 2010, 7:30 pm
Jamie Dimon, the chief executive of JPMorgan Chase, believes Washington has become increasingly erratic and unfair in its treatment of the banks over the last few months, and he now has some regrets about participating in the government’s Troubled Asset Relief Program.

“F.D.I.C. is going to cost us a lot of money. TARP cost us a lot of money. This bank tax, my first reaction was, ‘That will cost us a lot of money,’” Mr. Dimon said Thursday at the bank’s annual Investor Day conference in New York. “I think we are getting into the capricious, arbitrary and punitive behavior.”

Mr. Dimon said he did not know whether he would have taken the $25 billion that the government lent to JPMorgan during the 2008 financial crisis to bolster its capital if he knew then how troublesome the TARP money would be for the bank.

“The mistake was we let the government and the politicians not differentiate between irresponsible companies and prudent companies, from irresponsible, imprudent, and everybody got lumped together in the same boat,” Mr. Dimon said “Yes, a lot of those companies needed TARP to survive, and yes, a lot did not.”

Mr. Dimon has expressed some of these complaints before. During JPMorgan’s earnings conference call in January, he said it was unfair that the big banks would be the only ones forced to pay the Obama administration’s proposed bank tax to ensure that all the TARP money is repaid.

Mr. Dimon said Thursday at the Investor Day conference that he supported certain new regulations to secure the financial system, but not all of them. He said JPMorgan had always supported the creation of a systemic risk regulator, which would be controlled by the Federal Reserve, to monitor the largest and most interconnected banks in the nation.

He disagreed with one proposal to create a separate agency devoted to consumer protection, which would regulate a whole host of activities from mortgages to credit cards.

“We want better consumer protection; we just don’t want a new agency. We think it should be done by the O.C.C. and the Fed,” Mr. Dimon said, referring to the Office of the Comptroller of the Currency.

“Yes, you can say they didn’t do a great job, but they are professional people,” he said. The elegant solution is for Congress to tell them do a better job.”

Mr. Dimon may get his wish, thanks to some persuasive lobbyists in Washington. Senator Christopher J. Dodd, Democrat of Connecticut and chairman of the Senate Banking Committee, said last month that he might drop demands for a new agency after pushing for its creation.

Thursday was certainly a day for JPMorgan to express its concerns about regulatory changes in Washington. Earlier in the day, James E. Staley, the bank’s investment banking chief, acknowledged that regulatory changes being considered in Congress had influenced the bank’s acquisition strategy.

"LET ME CONTROL THE MONEY OF A NATION AND I CARE NOT WHO MAKES ITS LAWS"

Watch the video below stop and thing......................We are swimming in a sea of mud without anyone to help us. What the next great plan of JPM and Jaime Dimon? What the next big Bank JPM will buy in the breakfast for cents? This country always creates wrong idols like "The King". I hope that Washington Mutual will be a very good example, because it's impossible imagine a case like that unpunished.

https://mail.google.com/mail/?um=1&ie=UTF-8&sa=N&zx=okuqx3ihftc3&shva=1#inbox/12710902e2e27a21

http://finance.yahoo.com/news/JPMorgan-Chase-spends-19-apf-453202170.html?x=0

How much did JPM spend on Sheila Bair ???

China jump up became the NO#1 big boss of the world. Thanks to the corrupted FDIC Sheila Bair and Crook Dimon.
The wall Street crook made the mess had been awarded with huge bailout and bonus. The main street people got rob than paying for the Taxes. No wonder the TOYOTA CEO needs to go visit China as soon as he done with USA visit.
People around the world see USA has been running by the Wall Street Crooks. USA is BK and can do more WaMu way of " robbery " any time soon. We need Justice for WaMu to stop the crook eating up the country.

Mordicai - Investorshub forum

When Walrath rules on Summary Judgment on March 4th in favor of WMI, she will have decided that the $4 billion is a deposit of WMI and that JPM has to turn it over to WMI. JPM and FDIC were arguing that it was a capital contribution. FDIC then filed its motion to lift the automatic stay in the event it is ruled a deposit. The fdic believes it has the power under paragraph 9 of its Purchase And Sale Agreement with JPM, to prevent JPM from paying out the deposit presumably for the benefit of the receivership. But WMI is not responsible to pay the debts of the receivership, it wasn't a party to this contract, and such action would be unconstitutional. Walrath has already indicated she is not going to pierce the corporate veil. Moreover, the fdic in its motion still hasn't exercised its so called right under the P & A. The bankruptcy court is not going to lift the automatic stay. Otherwise , she could have ruled at the last hearing because even if the fdic wasn't there, it wouldn't appeal something it won.

As to fraudulent conveyance proof, if walrath rules in wmi favor, it was the property of wmi and JPM didn't buy it with the other assets for 1.88 billion so no it wouldn't prove it. If she ruled in favor of it being a capital contribution, then it would show the purchase price was not at fair liquidated value to say the least. A fraudulent conveyance, doesn't necessarily mean fraud was involved, it just means the conveyance was made without adequate consideration which in turn defrauds the creditors from being paid.

Anyway, I can't believe people can pay dimes for dollars even today. As you know , I have always stated that this has to be settled before the $4 billion bargaining chip is taken away from JPM and FDIC. This is the weekend for settlement imho.

JPM has disregarded the law time and time again throughout the century. $12 PLUS might seem like a big payout, but not if you accumulated over the past 15 months on the sly via side deals. All you end up doing is paying yourself. Sweet. JPM wins even when it appears it loses.

Rickszy Investorshub:

Problem is WaMu was stolen by JPM (JP Morgan Chase) and the FDIC (Federal Deposit Insurance Corporation). It was NOT stolen by TBHS (The Bank of Harvey Schmidlap) and DIP (Deposit Insurance Products)!

JPM cannot be seen as the evil megalomaniacal institution (that it is) and the FDIC cannot be seen as anything more than an entity that simply got overzealous in its attempt to protect the common mans hard earned deposits!

That is why I have always thought that a settlement will NOT be as much as the true value warrants! I am pleased as punch that we have an EC fighting for us but this is all about negotiation at this point! If the EC holds out for the $20 - $30 pps that was hinted at, or even $14 - $18 pps, this will drag on a long time and most likely have to go to trial!

Negotiation is just that – negotiating! Bargaining! If our EC has brass ones (and all indications show that they do), more power to em’! JPM and the FDIC however will fight to protect their respective public images! IMO it is not about the money at all but yes - their imperialistic image!

Fish again with the lights..................

It is important to always err on the side of caution when you are playing the market. You have to do a ton of DD and hard work to make sure you solidify your confidence in your investment. Some will pick an exit point for a % of shares, that will put them in the green and allow for the "riding of free shares!" I second that mindset, it is well-known by the average investor that a stock could tank/dump and be done with until revived resurrected and new money comes in a moves it northward.

WAMUQ is a different animal, we have done hundreds of hours of DD, we've read almost every single court document, we've bounced litigation strategies and the meanings of docs and financial reports to the point of wearing out the scenario's. We have done so much DD on this, that we are positive the outcome will go all the way down to commons and in a nice amount. Anyone with "half a brain" can read the new discovery docs and ascertain for themselves that a wrong was committed here and needs to be made in a right and the only way to do that is to ask Jamie to "SHOW ME THE MONEY!!!"

We have an EC made up of Ordinary Investors, who knows the wrong was committed and injured many a shareholders/employee/retiree, who were caught and could not get out. Joyce spent hours on the phone and meeting them in person, she vowed she would fight till her dying day to get then their investment back. Joyce,Dorthea and Tyson and Mike will fight the B.O.D. They will be fighting for the little guy. Hence calling the Board of Directors out and employing Peter Solomon to re-evaluate WMI. Wall Street knows this EC is getting active, we've done the work, now sit back and watch the EC "Full-Court Press" in action.

EC Game ON Baby!

GLTYA

~Fish~

just a bit "shakable" in this one-

-We have justice in this country. Believe it