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LETTER: Dimon gambling lost big

Posted on May 24, 2012 by Staff

The GOP, who gave us the laugh-a-minute production on choosing a presidential candidate a few months back, finally focused on Mitt Romney. Though largely funded by very rich conservatives who felt akin to an experienced former governor who brought Obama-like health care to Massachusetts and also, like his promoters, kept some of his embarrassing fortune in a Wall Street operation with a wee million or two in the non-taxed vault of a not-to-be-mentioned Swiss bank.

His nomination inspired the monied denizens of Wall Street where his wining ways encouraged the banking genius of JP Morgan Chase prexy Jamie Dimon to return to his favorite money sport – gambling – with the bank’s money, of course! Jamie was also preaching to House Republicans on the unfairness of the Volker Rule, which suggested that banks stop using people’s deposits to do exactly what the great Jamie – and friends – were doing. The Republicans, buoyed by the encouragement of Romney Righteousness, applauded Jamie’s monied genius – and dumped the Volker plan into the Republican shredder used to destroy good ideas.

But it was too late. Dimon’s dream of riches – added to his $23 million 2012 salary – came up against the market fiend who tore off $2 billion from JP’s gamble which looks now to reach a $5 billion loss. In turn JP’s machinations have upended $100 billion in what one commentator call “risky bonds.” Even the FBI has asked to see how this remarkable activity came to pass. And that image of honest reporting – Rupert Murdoch’s Wall Street Journal – assures us that Jamie’s losses are nothing to get excited about.

Still one wonders how many jobs could be created by JP’s small potato loss of $5 billion. Can you hear us Jamie?

William Sommers
Pittsboro

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