"Not all banks are the same and I just think that this constant refrain 'bankers, bankers, bankers' is just unproductive and unfair. People should just stop doing that," Dimon told a panel on "The Next Shock: Are We Better Prepared?"
Poor guy, being all demonized and stuff for blowing up the economy. Life is so hard. People are so mean! Leave Jamie Dimon alone! The latter portion of his quote, if you follow the link, is actually related to which banks needed TARP money, which is beside the point. People tend to care less about who needed TARP and who didn't more so than they care about the fact that Wall Street's reckless money orgy helped bring the country to its knees, that Wall Street continues to do business as it has in the past, and it continues to pile on massive bonuses and take no haircuts on its bad mortgages while millions get kicked to the curb. So yes...'bankers, bankers, bankers.' There's a reason people hate you, and it's not unfounded. Let's just look at some of the highlights from the financial crisis commission's report:
"This financial crisis was avoidable."
"Despite the expressed view of many on Wall Street and in Washington that the crisis could not have been foreseen or avoided, there were warning signs," the report reads."The tragedy was that they were ignored or discounted."
"Dramatic failures of corporate governance and risk management at many systemically important financial institutions were a key cause of this crisis."
Financial institutions acted recklessly and depended too heavily on short term loans, the inquiry found. "Compensation systems--designed in an environment of cheap money, intense competition, and light regulation--too often rewarded the quick deal, the short-term gain--without proper consideration of long-term consequences,"
"A combination of excessive borrowing, risky investments, and lack of transparency put the financial system on a collision course with crisis."
The inquiry found that in the years leading up to the crisis, American households, and institutions, borrowed too much and saved too little.
"There was a systemic breakdown in accountability and ethics."
Many borrowers lied about being able to pay mortgages, lenders made loans they knew borrowers couldn't afford, the report said."Countrywide executives recognized that many of the loans they were originating could result in 'catastrophic consequences.' Less than a year later, they noted that certain high-risk loans they were making could result not only in foreclosures but also in 'financial and reputational catastrophe' for the firm. But they did not stop."
"Collapsing mortgage-lending standards and the mortgage securitization pipeline lit and spread the flame of contagion and crisis."
The report found irresponsible lending was prevalent, and there were warnings, but "the Federal Reserve neglected its mission," and mortgage lenders passed the risk along."From the speculators who flipped houses to the mortgage brokers who scouted the loans, to the lenders who issued the mortgages, to the financial firms that created the mortgage-backed securities, collateralized debt obligations... no one in this pipeline of toxic mortgages had enough skin in the game."
"Over-the-counter derivatives contributed significantly to this crisis..."
Speculating on devices like collateralized debt obligations fanned the flames, with everyone from farmers to corporations to investors betting on prices and loan defaults. When the housing bubble popped, these were at the center of the fallout.
So no, it's not a matter about whether or not your institution took TARP funds or not. Your institution, its corrupt practices, and your entire industry were culpable in the wholesale fucking of the economy. There were many causes, but you were a big part of it. It's an indisputable fact. And Christ, suck it up. Go eat what you kill, tough guy.
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