"There is only one power that determines the course of history . . . the power of ideas." — Ayn Rand
Wednesday, September 18, 2013
The JPMorgan Witch Hunt
JPMorgan Chase's CEO Jamie Dimon has been an outspoken critic of government policy. In 2009, as Bloomberg reports, Dimon told a congressional panel investigating the 2008 financial crisis that "government-sponsored mortgage companies Fannie Mae and Freddie Mac were 'the biggest disasters of all time' and a leading cause of the U.S. financial crisis. 'That one was an accident waiting to happen.'”
A year and a half ago, according to the DC Caller, Dimon warned: “'Everyone is afraid of retaliation and retribution. We recently had an event with a hundred small bankers here, and 85 percent of them said they can't challenge the regulation because of the potential retribution. That’s a terrible thing, okay? This is not the Soviet Union — this is the United States of America.'" Dr. Orly Taitz of the Defend Our Freedoms Foundation notes:
One thing is worth noting: the Pres of JP Morgan Jamie Dimon was critical of Obama administration and its’ witch hunt of successful entrepreneurs. In 2012 Dimon stated that he is barely a Democrat. Not so long ago Dimon published an article, where he stated that if a man steals from a bank, he goes to prison. If a bank steals from the people, it gets a stimulus with the taxpayer money. The regime removed this article immediately. Even Drudge removed it within a day, which pretty much confirmed my suspicion that Drudge is also controlled and censored.
John A. Allison, Chairman and retired CEO of bank giant BB&T, echoed Dimon's fears. In his book The Financial Crisis and the Free Market Cure, Allison writes, "the Fed regulates the banking industry, so it is risky for a banker to be opposed to the Fed (writing this book is risky)."
Government regulatory agencies essentially operate outside the law. Their arbitrary power can descend on any business at any time. When they do, big government apologists can grab on to the "investigations" with dark statements like this one made by NJ Star-Ledger columnist and former editor John Farmer:
Meanwhile, the hanky-panky goes on seemingly unabated. Now it’s JPMorgan Chase, lauded as a model of good behavior during the crisis, which faces a host of regulatory investigations and fines.
The assault on JPM stinks of just what Dimon warned about—regulatory retaliation and retribution.
The Street's Robert Weinstein calls the government assault a witch hunt. Jeffrey A. Sonnenfeld spoke of "The Jamie Dimon lynch mob" in the NY Times. Where is the outrage over the JPM witch hunt?Where are all of the Leftist champions of "whistleblowers"? They're too busy aiding and abetting Washington's desperate attempt to cover up its own culpability in precipitating the financial crisis.