There is a very substantive argument against Dimon being a patriot and a very persuasive argument that he’s a crime boss sitting atop a federally-insured bank backstopped by the U.S. taxpayer that has scooped up $1.6 trillion in deposits from honest folks across America.
By Pam Martens and Russ Martens of Wall Street on Parade.
Jamie Dimon was interviewed by Lesley Stahl this evening on the CBS investigative news program, 60 Minutes. The gist of Dimon’s argument is that candidates for President, such as Senator Elizabeth Warren, should stop vilifying him simply because he’s “successful.” Dimon also wants the public to know that it’s “dead wrong” to think he’s not a “patriot.”
Dimon is a bit more than “successful” when it comes to the pile of money he has accumulated. According to Forbes, Dimon is worth $1.6 billion. The bulk of that money has come from stock grants while serving as Chief Executive Officer of the largest bank in the U.S., JPMorgan Chase, since December 31, 2005 as well as Chairman of the Board since December 31, 2006.
Unfortunately, there is a very substantive argument against Dimon being a patriot and a very persuasive argument that he’s a crime boss sitting atop a federally-insured bank backstopped by the U.S. taxpayer that has scooped up $1.6 trillion in deposits from honest folks across America.
No one has made this argument more effectively than two trial lawyers, Helen Davis Chaitman and Lance Gotthoffer in their 2016 book, JPMadoff: The Unholy Alliance between America’s Biggest Bank and America’s Biggest Crook.
Chapter Five of the book is titled: “The Case for Prosecuting Officers of JPMorgan Chase Under RICO.” The trial lawyers write:
“This country cannot move forward with integrity until it faces the fact that bankers have criminalized the financial services industry. We, the people, have to demand an honest government that enforces the law, even against super rich criminals. As Robert Kennedy said, ‘Every society gets the kind of criminal it deserves. What is equally true is that every community gets the kind of law enforcement it insists on…If Jamie Dimon is running a criminal institution, he should be prosecuted for it. And law enforcement has the perfect tool for such a prosecution: the Racketeer Influenced and Corrupt Organizations Act (‘RICO’).”
What gave the trial lawyers the idea that Jamie Dimon might be running a criminal institution? For starters, it is the only U.S. bank in history to have pleaded guilty to three criminal felony counts and kept the same man, Dimon, as its CEO despite the unprecedented criminal charges. (Remember, this is a federally-insured bank that will put the taxpayer on the hook if it goes belly up from criminal activities)…