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Blog » Jamie Dimon plays the victim...again

Jamie Dimon plays the victim...again


Photo: Lolfed.com

Speaking to a packed room of financial heavy-hitters, JP Morgan Chase head Jamie Dimon whined about people picking on him and his billionaire buddies. “This constant refrain — bankers, bankers, bankers," Dimon lamented.  "We try to do the best we can every day.” Maybe Dimon can dry his tears with crisp $100 bills, considering just his bonus alone last year was $17 million dollars. For the record, this isn’t the first time Dimon has complained about the same thing. We’d like to hear him explain that to one of his customers, Renee Fields. She’s desperately trying to hang onto her home after being laid off, but it seems Dimon is too busy whining about his bad image to actually figure out how to help Renee, or the thousands of other Chase customers in the same sinking boat.

Although Dimon claims bankers are getting a bad rap for no good reason, a new report out this week suggests otherwise. Conclusion: “This crisis was avoidable—the result of human actions, inactions, and misjudgments. Warnings were ignored. The greatest tragedy would be to accept the refrain that no one could have seen this coming and thus nothing could have been done. If we accept this notion, it will happen again.”

We’re also tracking a series of reports by ProPublica on the mortgage industry and government response to the foreclosure crisis. According to a separate federal oversight report out this week, much of the reason the government’s foreclosure prevention program has been so unsuccessful is the lack of bank accountability. "Despite a dismal showing for the program, rising complaints from homeowners, and repeated threats from officials, the government has levied no penalties against even the most error-prone banks and mortgage servicers. In fact, despite issuing public warnings for more than a year about imposing penalties, the Treasury Department told ProPublica this week they don’t even have the power to punish servicers for wrongfully denying help to homeowners. Instead of toughening the program, Treasury has actually loosened it in the face of industry lobbying."

This is surely not the last we’ll hear on this subject, so make sure to keep checking back as we add new content on this and several other related economic stories.