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E-mail, Feeds, 'n' Stuff

Friday, October 28, 2011

For protesters, a platinum opportunity

If ever somebody ought to be "occupied," it's this member of the 0.1%, who it just so happens is coming to Portland next Thursday:

If Dimon can get in and out of Portland without feeling heat, then this ain't Little Beirut any more.

Comments (8)


The "Register Now" link / button doesn't work.

Registering and attending could be fun.

That's just a screenshot of an e-mail message that someone forwarded to me. I'm not sure it's open to the public.

From last February:

"This week’s credit check: A record 43.6 million Americans are using food stamps. JPMorgan’s segment that makes food stamp debit cards made $5.47 billion in net revenue in 2010.

You might think that if you’re on food stamps, big banks won’t be very interested in you. What could they possibly want with someone who’s struggling just to put food on the table? But it turns out that you’re actually part of a profitable business for big bank JPMorgan. While the money to pay for the stamps comes from the government, the technology to access it lies in private hands. Food stamps used to be literally stamps — that is, pieces of paper — but in this day and age paper is so old fashioned. Now you get your food stamps with a debit card, and JPMorgan knows all about creating plastic credit products."

"JP Morgan is the largest processor of food stamp benefits in the United States. JP Morgan has contracted to provide food stamp debit cards in 26 U.S. states and the District of Columbia. JP Morgan is paid for each case that it handles, so that means that the more Americans that go on food stamps, the more profits JP Morgan makes. Yes, you read that correctly. When the number of Americans on food stamps goes up, JP Morgan makes more money."

OR, btw, is not among the states handled so profitably by JPM.

Of course, Mr Dimon does not run JPM by himself. Until earlier this year, Wm M Daley, currently Mr Obama's COS, found the company very profitable for himself:

"White House’s new chief of staff, William M. Daley, is rich — so much so that his recent earnings from JPMorgan Chase appear to give even Jamie Dimon’s pay package a run for the money.

Mr. Daley, former Midwest chairman and head of corporate responsibility for the bank, made $8.7 million in 2010 and the first week of 2011, according to a 43-page disclosure report released Friday by the White House. He became President Obama’s chief of staff in January.

In the last year, Mr. Daley’s compensation included a $675,000 salary for 2010, a roughly $3 million cash and stock bonus for 2009 and a $4.8 million bonus for 2010.

Mr. Daley already has sold more than 180,000 of his JPMorgan shares, Bloomberg News reports.

He also cashed out his pension before joining the West Wing, which brought him $6.6 million.

Mr. Dimon, JPMorgan’s chief executive, last year received a $1 million salary, and the bank disclosed Thursday that he also received restricted stock and stock options valued at $17 million."

One cannot help but wonder whether Mr Dimon receives Secret Service protection.

"...without trying to be funny..."

In January, 2010, Mr Dimon, along with three other leaders of big Wall St banks, was summoned to testify before the Financial Crisis Inquiry Commission, chaired by Phil Angelides, who received ample financial support from JPM during his political career in CA. Mr Dimon did not say much of interest, even about his acquisition of $307B of WaMu's assets for $1.88B; but he did provide a matter-of-fact suggestion of what he and his colleagues have done to this country's financial system:

"Reflecting on the volatility that has rocked the markets, [Dimon] recalled, 'My daughter called me from school one day and said, "Dad, what’s a financial crisis?" And, without trying to be funny, I said, "This type of thing happens every five to seven years." And she said, "Why is everyone so surprised?"'"

Maybe Lister can get in to ask him if JPM will follow B of A and push their unfunded and uninsured mortgage debts (Washington Mutual et al)back onto the FDIC so that taxpayer once again bail out the risks taken by greedy banks and mortgage processors.

Sad thing is that the FED allows this and these banks will never be allowed fail, no matter the cost to the taxpayers.


"I'm not sure it's open to the public..."

How about no?

I googled "jamie dimon portland business alliance" and was taken to a webpage that seemed to be the registration page.

$75 for non-members; that's cheaper than therapy.

Thanks for the heads-up on this. JPMorgan Chase gives me the heebie-jeebies for a variety of reasons, some of which have been mentioned in the comments above.

On a personal level, they committed what I consider a nearly unpardonable policy sin. My brother died unexpectedly a few years ago. A few months after his death, my parents received a robo-call from Chase which said, "If you are the executor of ______'s estate, please press 1." I happened to be at my parents' house and was the one who picked up the phone.

Needless to say (I hope), I was appalled. Adding insult to injury (why did my brother have a Chase credit card, for crying out loud), the time it took to track down Chase information to find someone who could address this policy took considerable effort. To their credit (so to speak), someone eventually did contact me.

Anyway, I'm underwhelmed by how Mr. Dimon defines strategies for the Great Casino. If I had a spare $75 lying around the house, it might be curious to hear him "share his perspectives", though. On the other hand, it just might make me want to puke. Also, I have little desire to support the PBA. Of course, what would be really fun would be to buy a couple of dozen tickets and take some of the 99%.

Again, thanks for letting us know about this.

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