“Acting like everyone who’s been successful is bad and because you’re rich you’re bad, I don’t understand it,” the JPMorgan Chase & Co. (JPM) CEO told an audience member who asked about hostility toward bankers. “Sometimes there’s a bad apple, yet we denigrate the whole.”
Ha ha ha Jamie... that's a good one. You and your big investment banks, taking basically free money from the Fed window, levering it up to the hilt and then selling toxic crap to the underlings in the lower 99% to become obscenely rich. You would have to be a real dope not to profit greatly from this system.
Jamie, nobody is acting like you are bad because you are rich. They are acting like you are bad because you created your wealth not only from non productive means, but within a rigged game. You pig.
Dimon, 55, whose 2010 compensation was $23 million, joined billionaires including hedge-fund manager John Paulson and Home Depot Inc. (HD) co-founder Bernard Marcus in using speeches, open letters and television appearances to defend themselves and the richest 1 percent of the population targeted by Occupy Wall Street demonstrators.
Paulson gets by on his own merits, and Marcus built a company. Don't lump yourself in with them Jamie. You are a parasite, they at least - as far as I know anyway - play by rules that do not depend on back room winks, nudges and the ear of the most important monetary policy makers on the planet.
If successful businesspeople don’t go public to share their stories and talk about their troubles, “they deserve what they’re going to get,” said Marcus, 82, a founding member of Job Creators Alliance, a Dallas-based nonprofit that develops talking points and op-ed pieces aimed at “shaping the national agenda,” according to the group’s website. He said he isn’t worried that speaking out might make him a target of protesters.
“Who gives a crap about some imbecile?” Marcus said. “Are you kidding me?”
Well, I wrote that Marcus probably earned his billions according to the rules. I didn't say he was a nice guy. I went to Occupy Boston and was repelled by the socialist and unionist themes. So I am certainly not for their message. But there is a reason they were there. That last sentence by this old school billionaire is very telling, wouldn't you say?
The organization assisted John A. Allison IV, a director of BB&T Corp. (BBT), the ninth-largest U.S. bank, and Staples Inc. co- founder Thomas Stemberg with media appearances this month.
“It still feels lonely, but the chorus is definitely increased,” Allison, 63, a former CEO of the Winston-Salem, North Carolina-based bank and now a professor at Wake Forest University’s business school, said in an interview.
At a lunch in New York, Stemberg and Allison shared their disdain for Section 953(b) of the Dodd-Frank Act, which requires public companies to disclose the ratio between the compensation of their CEOs and employee medians, according to Allison. The rule, still being fine-tuned by the Securities and Exchange Commission, is “incredibly wasteful” because it takes up time and resources, he said. Stemberg called the rule “insane” in an e-mail to Bloomberg News.
“Instead of an attack on the 1 percent, let’s call it an attack on the very productive,” Allison said.
“This attack is destructive.”
Sniff sniff. They feel lonely.
I do not have time or the stomach to continue on. Certain (not all, Warrent Buffett and many others notably excepted) very rich pigs created the ruination of our country's financial system. The same I suppose could be said for the rest of the developed world.
We are left to hope that Ben Bernanke will lead us forward with another inflation attempt. The core of this thing is rotten and due to years of take take taking by the most privileged and powerful, we are left with an ongoing continuum of deflationary impulse met by inflationary policy. When this continuum ends, the thing just wheezes and falls, like a souffle' gone horribly wrong.