Economics Made Economical

JP Morgan Chase: A Lesson in Humility

One of the United States’ largest banking firms, JP Morgan Chase, has recently revealed it lost $2 billion over the past six weeks due to risky investment and trading practices. Its CEO, Jamie Dimon, responded today to the bank’s outraged investors, customers, and to the average American taxpayer who has had to foot the bill for failed banks‘ reckless spending in the past:

“We made a terrible, egregious mistake. There’s almost no excuse for it.”

What strikes me as odd, but not surprising, is that this man cannot even make a simple apology to America for squandering our money. He admits that a mistake was made, but instead of accepting responsibility and making an effort to rectify the situation with American taxpayers, he weasels his way out of his accountability by stating there’s “almost” no excuse.

In my opinion, there is no excuse. Period. Dimon knows that he has a free pass from the U.S. government to mismanage his business as badly as he wants, and whatever losses should be direct hits to his own bottom line (assuming the principles of fair market capitalism are at play) will instead be hits taken by the U.S. government, its taxpaying citizens, and perhaps some of his lowliest underlings. Dimon and JP Morgan Chase is a prime example of U.S. capitalism gone awry; the company would be better justified existing in an intentionally socialized nation, such as Cuba, where the government and Dimon would not have to put up a façade of privatized capitalism or personal integrity.



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