Corporate Governance and JPMorgan Chase

 

An American Fable
An American Fable

Corporate Governance and JPMorgan Chase

Richard (RJ) Eskow: The Price of Evil at JPMorgan Chase

You’d think shareholders would be up in arms at Dimon and the Board of Directors for mismanaging their bank so badly. And yet they’re all still in their seats, thanks in part to the way large corporations are allowed to manipulate their own corporate governance.  Dimon is both CEO and Board Chair, an extraordinarily privileged position he was not asked to give up after the London Whale scandal.

And about that scandal: There are four things worth knowing about the Whale:

  1. The trades were illegal, according to all the evidence.
  2. Despite the bank’s bragging about its risk management model — which it publicized widely as a lure to investors — that model wasn’t followed by the London office.
  3. Jamie Dimon’s publicists and politician friends have burnished his reputation as “America’s best banker” – and he bypassed his bank’s org chart so that the London unit reported directly to him.
  4. His friends and publicists have also burnished his reputation as the country’s most ethical banker. As Henny Youngman used to say, How do ya like me now?

We’ve been all over JPMorgan Chase and Jamie Dimon for a long time. (See below for a partial listing), so we’re glad to see the public tide finally turning against the bank and its leader. One of the triggers for that shift was the Senate’s report on the bank’s trade, which is as damning in its own way as Rosner’s.

Richard (RJ) Eskow: The Price of Evil at JPMorgan Chase

 

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One thought on “Corporate Governance and JPMorgan Chase

  1. Larry Rubinoff

    I am the publisher of GoldmanSachs666.com created back in 2007 to expose the truth, criminal acts by banksters such as Dimon and of course Lloyd Blankfein of GS.

    Back then we also had a site called JPMorgan666.com which was meant to expose the truth – as you are doing – about JP and JD.

    Unfortunately, volunteers, which we run on were in short supply and we had to give up publishing the JPMorgan site as well as a sister site, TheForeclosureDetonator.

    It was important to maintain the GoldmanSachs666 site as they were perhaps or at least in my opinion the biggest perpetrator of fraud leading us to the Great Recession Depression.

    JP Morgan Chase and its supreme leader Jamie Dimon also were, in my opinion, next in line to Goldman Sachs in terms of fraud, collusion, criminal activities and theft (both legal and illegal) driven by the intense greed of those like Dimon and Blankfein to line their own pockets.

    They coerced their troops to participate in many of their illegal schemes by lining their pockets albeit to a much lesser extent then their own.

    They were the cause of the economic disaster that befell us not by some unknown consequence but by a very deliberate act knowing full well what the consequences would be.

    When I began writing back in 2007 many people thought I was just an angry ex mortgage banker having been forced out of business by the likes of JP Morgan, Wells Fargo, Bank of America, etc. But as the years evolved, many of my beliefs and writing were proven to be true. Indeed, about three years later (2010), someone approached me and asked how I knew then what was being made public in 2010.

    No, I had no inside information nor a majic crystal ball. I just knew the business and knew what was going on. As I said then, “If I knew, then they certainly knew”.

    Please keep up your good work and writing informing the public. It is my hope that through people like you, me and my volunteers we can bring these criminal banksters to justice.

    Larry Rubinoff
    Publisher 666 Sites

    Like

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