What do you give a Wall Street CEO who has presided over a decade of fraud and criminality, who directly supervised a unit which lost $6 billion through incompetent and illegal trading, and whose reign of crime and mismanagement has cost his institution $20 billion in the last year alone – a figure which undoubtedly would’ve been much larger in a less morally compromised regulatory environment?
If you are the Board of Directors of JPMorgan Chase, you give him a raise.
Let’s not mince words: Jamie Dimon’s bank is, as we said last May, the scandal of our time. The crimes committed during Dimon’s time in senior management include bribery, mortgage fraud, investor fraud, consumer fraud, credit card fraud, forgery, perjury, violation of sanctions against Iran and Syria, violation of laws prohibiting the bilking of active-duty service members … shall we continue?
The Captain and Tennile are getting divorced. But when it comes to the Board and Jamie, love will keep them together. (more…)