We need to stop bashing rich people and big business, says Jamie Dimon. Our country is the...


We need to stop bashing rich people and big business, says Jamie Dimon. Our country is the greatest in the world, and our businesses are world class institutions that provide a wealth of products, employment and services. Our focus should be on dealing with the "bad apples" in the bunch, not denigrating entire institutions. Owning a big business doesn't make you evil, and just because you're rich, doesn't mean you're bad. (audio)

Comments (29)
  • Ted Bear
    , contributor
    Comments (700) | Send Message
     
    It's when you are rich and do evil things while hiding behind a (taxpayer supported) big business that things start to go south.....
    7 Dec 2011, 07:48 PM Reply Like
  • deercreekvols
    , contributor
    Comments (9484) | Send Message
     
    Would MF Global's Jon Corzine be a free man in any country other than the United States?
    Just saying.
    7 Dec 2011, 07:51 PM Reply Like
  • PVizzle
    , contributor
    Comments (743) | Send Message
     
    Good point
    7 Dec 2011, 07:59 PM Reply Like
  • thibaud
    , contributor
    Comments (165) | Send Message
     
    Absolutely. You have no idea of the level of corruption and cronyism in most countries on this planet. Live and do business for a while in (pick one) Brazil Russia India Pakistan Turkey France Indonesia China Japan Mexico anyEastEuropeannation anyMiddleEasternnation etc etc. America's economy is one of the cleaner ones on the planet.
    7 Dec 2011, 10:32 PM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    He'd be free in any country where if your very rich and able to bribe those in charge with large amount of money your able to do what you please. So countries like Russia, Ukraine, and uh the USA he'd be free!!!!
    7 Dec 2011, 11:07 PM Reply Like
  • realitybiter
    , contributor
    Comments (227) | Send Message
     
    JC: "Jamie, come on, just give me a couple of days, the trade will come around...."

     

    JD: "Can't do it. You can get the money. Just take it from your customer accounts. They will never even know it. It wouldn't be the first time...."

     

    JC: "You already have my customer money."

     

    JD: "I gotta go." scrambles, looking for some lawyers number...."Bernstein, start working up paperwork....MF is going BK and we need to make sure we don't get screwed out of his customer's money...we have his customer's money...I don't care about that...."

     

    yeah, right. Good people.
    you are scumbag working for a scumbag company in a scumbag industry. You have had stolen money for 5 weeks you POS and you sued to block the rightful owners from receiving it.
    My only wish is that judgement day become a freakin' spectator sport.
    7 Dec 2011, 11:56 PM Reply Like
  • Brandon Gibbs
    , contributor
    Comments (239) | Send Message
     
    all the apples arent bad. but the bad ones get a shiny new coat whenever they cant maintain themselves. so whats to stop a good apple, from turning bad? remove the safety net(s) and you have a much stronger batch of apples.
    7 Dec 2011, 07:59 PM Reply Like
  • danf
    , contributor
    Comments (770) | Send Message
     
    Agree with Mr. Dimon except that Mr. Dimon is an employee not an owner. Would be happy to see a 100% tax on employee wages over $1 million as long as business people who actually create and own businesses are allowed to profit from their risk taking to the max.

     

    The ugly truth about OB and Democrats is that their real targets are not the overpaid employees, but the business creators. This is simply because employees will always be more compliant to the demands of governments whereas business creators value independence, freedom and liberty from the tyranny of government
    7 Dec 2011, 08:24 PM Reply Like
  • Native Texan
    , contributor
    Comments (276) | Send Message
     
    Brandon,

     

    I actually agree with you for once!

     

    However, are you willing to accept the short term cataclysmic consequences of removing the proverbial safety net? I am, but I'm "rich" and can survive off of my savings for at least 15 years (longer were it not for property taxes).
    What would the fallout be to the rest of the citizenry be? How long would it take for the system to absorb such a terrible shock?

     

    You don’t have to reply, just pointing out some of the obvious.
    7 Dec 2011, 08:35 PM Reply Like
  • Brandon Gibbs
    , contributor
    Comments (239) | Send Message
     
    Native we agree more than you notice. but yes we do disagree on many topics (which usually leads to great debate). Im a young guy, i save my pennies. am i prepared for what would happen should the safety nets be removed? (f*** it. bring it. we need it.) i do trust my ability to adapt to changing economic environments. and thats what seems to be a big issue here.. the majority of US citizens dont know how to make adjustments to their spending, saving, and borrowing. big business' do though and thats where we are seeing the disconnect. general public is frustrated, lets take it out on the royalty (big business). i say lets stop massaging royalty so the general public will be forced to shut their mouths and adapt on their own for once.
    7 Dec 2011, 08:44 PM Reply Like
  • Brandon Gibbs
    , contributor
    Comments (239) | Send Message
     
    the fallout would be horrendous, but it would definitely be a much needed wash out. time frame? pssh who knows. some countries dont recover from something that severe for decades. also i wonder who would be the first to go? BAC comes to mind
    7 Dec 2011, 08:48 PM Reply Like
  • coddy0
    , contributor
    Comments (1199) | Send Message
     
    danf
    Agree with Mr. Dimon except that Mr. Dimon is an employee not an owner. Would be happy to see a 100% tax on employee wages over $1 million as long as business people who actually create and own businesses are allowed to profit from their risk taking to the max.
    ======================...
    except Mr. Dimon is non Government employee.

     

    I would like to see people, who are not owners of company, do not interfere in business where they are not owners

     

    freedom and liberty from the tyranny of government have the same importance as freedom and liberty from people with no stake in the issue

     

    Disclosure
    I have no Bank shares and not planning them to buy
    7 Dec 2011, 09:03 PM Reply Like
  • bdarken
    , contributor
    Comments (645) | Send Message
     
    I thought POTUS and Holder were all about social justice....Why is Holder AWOL on this? It's what they're all about, and nare' a prosecution.
    7 Dec 2011, 08:27 PM Reply Like
  • Brandon Gibbs
    , contributor
    Comments (239) | Send Message
     
    "...business creators value independence, freedom and liberty from the tyranny of government "

     

    some business creators have turned that freedom into a game danf. and when a few jacka**** start toying with the american people, the gov't will always step in to "save the day". this helps them gain votes, and makes other business creators very afraid.
    7 Dec 2011, 08:30 PM Reply Like
  • NovaCre
    , contributor
    Comments (2) | Send Message
     
    I wish Dimon would tell us who exactly is saying all rich people are bad and that owners of big businesses are evil. Aside from groups of disorganized, unemployed 20 something's 'occupying' places, of course. What Dimon is objecting to shouldn't be confused with asking someone to pay a bit more of their income in taxes.
    7 Dec 2011, 08:40 PM Reply Like
  • AAABBBCCC
    , contributor
    Comments (25) | Send Message
     
    Jamie, I have news for you. You bank would not have survived without taxpayers $$. Yes, I know, there were banks that were much worse than Chase. However, being less bad doesn't actually make you good.
    7 Dec 2011, 08:58 PM Reply Like
  • lowemoran
    , contributor
    Comments (130) | Send Message
     
    If we are going to reduce the deficit substantially all people should share the burden. Rich should pay a bit more and the poor should prepare for lower benefits.

     

    If we keep moving to the extreme side of politics-far left or far right- we are going nowhere....
    7 Dec 2011, 09:20 PM Reply Like
  • BetTheHouse
    , contributor
    Comments (147) | Send Message
     
    Big talk for a guy whose tit taxpayers had to pull out of the wringer just a few short years ago and who survives today on fed-funded ZIRP. Save us the lectures Jamie. You're a welfare queen. Why WOULDNT regular taxpayers attack you?
    7 Dec 2011, 09:30 PM Reply Like
  • phxcrane
    , contributor
    Comments (748) | Send Message
     
    Three cheers for Jamie Dimon. Democrat's love jobs they just don't like employers. LOL
    7 Dec 2011, 09:36 PM Reply Like
  • Conventional Wisdumb
    , contributor
    Comments (1800) | Send Message
     
    Just who is Jamie referring to when he says: "We need to stop bashing rich people and big business".

     

    I would take him seriously if he actually said the President's name aloud but as usual he's just another corporate weasel who doesn't have the guts to speak his mind while sucking on the public teat.

     

    By the way, Jamie you voted for him so shut up - you got what you deserve.
    7 Dec 2011, 09:42 PM Reply Like
  • Fueled By Randomness
    , contributor
    Comments (307) | Send Message
     
    Not only voted but probably contributed lots of $$$$ and probably will do so again.
    7 Dec 2011, 10:33 PM Reply Like
  • jstratt
    , contributor
    Comments (3928) | Send Message
     
    Jamie you are an accomplished CEO and I commend you for you work.

     

    However try to understand that with huge political contributions you created a situation where you and your cronies made billions. The problem is you then left citizens holding the bag when things went south.

     

    By the way I would like to know what you think about
    a) Dynasty Trusts
    b) Carried Interest
    c) Government buying Banks out of trouble and assigned the debt to taxpayers
    d) Picking the worst Mortgages, packaging them up and selling them to our pension funds without disclosure
    e) Having government officials disclose insider information to TBTF banks to profit
    f) Gosh some say you were invited to the table to decide the fate of other institutionsg) Perhaps some of us mourn the passing of a rule of law for the morals that would shame a banana republich) Also I dont want to forget to add that a revolving door of Banksters are installed in government. Timmy, Hank... Some probably think they are representing the nation, but not many.

     

    Please excuse the few of us who see outrageously excessive unfair advantage given to the privileged few. It is not your success I care about, rather the sale of the USA by fraud and deceit.
    7 Dec 2011, 09:42 PM Reply Like
  • Placebo Investment Advice
    , contributor
    Comments (4000) | Send Message
     
    It seems Dimon lives in such an insular world that he doesn't understand that America has been paying attention to the seemingly endless news stories uncovering malfeasance and unethical behavior at our biggest banks. Does Dimon truly believe that the executives in our largest banks are so brilliant and creative that they should be rewarded with wealth that surpasses that of kings in prior eras?

     

    The average person realizes that being in the executive club of large banks is more a result of political connections, ambition, and luck than any particular extraordinary skill. The skills of the greatest athletes, musicians, engineers/inventors, & entrepreneurs are clear to everyone. Banksters? Give us a break? They seem to be skilled mainly at politics and sales. From the credit crisis of recent years, we learned that many, if not most, lacked common sense when it came to risk management.
    7 Dec 2011, 09:54 PM Reply Like
  • Brandon Gibbs
    , contributor
    Comments (239) | Send Message
     
    jstratt, you seem like a smart guy. do you take 100% responsibility for your actions? yes? awesome then you must understand that the USA is changing hands to a new generation. and with a sale of such proportion, there will always be devious people who try to profit by doing the wrong things. just remember, us who profit by doing the right things receive far greater reward than just $$. decades from now when jamie dimon is an old geyser we'll laugh at the fact that he thought he could take over the world by fraud and deceit.
    7 Dec 2011, 09:57 PM Reply Like
  • bob adamson
    , contributor
    Comments (4560) | Send Message
     
    It is a fact that the US has wealth and annual income distribution profiles that match those of the emerging countries rather than those of the other advanced modern countries and this pattern is rapidly becoming more pronounced. In other words, in the US the top tier of the rich are becoming fabulously rich, the well-to-do are barely holding their own, the middle class is falling back and the bottom third of the population are falling back in even a more pronounced fashion.

     

    It does not necessarily follow that the rich are inherently bad (arguably many are fine people as individuals and, on balance, the rich may well include a larger proportion of fine people than does any of the other classes) but it equally doesn't follow that
    (a) this trend of concentration of wealth and income at the very apex of society serves any useful function,
    (b) this trend, in fact, does not do serious harm to US society in many ways, and
    (c) redistributing a reasonable portion of this wealth and income balance through the taxation system would not be fair, equitable and in the interests of all concerned.
    7 Dec 2011, 10:00 PM Reply Like
  • Tom Armistead
    , contributor
    Comments (6205) | Send Message
     
    JPM has paid fines for 1) assisting with financial fraud at Enron 2) colluding with corrupt politicians to bankrupt Jefferson County, AL and 3) creating adverse selected CDO's to benefit hedge fund Magnetor, the same offense committed by Goldman Sachs for Paulson.

     

    Read their financial statements, they have legal costs of 4.5 billion a year, over 10,000 suits against them, all of them by people who believe they were cheated in some way.

     

    Mr. Dimon heads a criminal enterprise. There are many wealthy people who earned their wealth without harming others or society as a whole. However, Mr. Dimon is not one of them.
    7 Dec 2011, 10:04 PM Reply Like
  • mike mohr
    , contributor
    Comments (452) | Send Message
     
    Jamie Dimon you belong to jail. Only in America crooks like you do not get prosecuted.
    7 Dec 2011, 10:40 PM Reply Like
  • bukdow
    , contributor
    Comments (860) | Send Message
     
    mike mohr, yes, Jamie Dimon should be water-boarded, I agree. However, by no means on God's green earth is America the only country where a scoundrel like Dimon would be walking free. Heck, in many other countries (all of Central and South America and half of Asia) Dimon would be even more powerful and influential due to his actions.
    8 Dec 2011, 06:10 AM Reply Like
  • davidbdc
    , contributor
    Comments (3194) | Send Message
     
    Owning a big business doesn't make you evil
    ----------------------...

     

    I agree with him on that point. I'd also point out that he DOESN'T own a big business - he works for one (supposedly). What I'd also point out is that he owns a lot of shares in the company he works for. And he owns them because our corporate governance structure is drastically broken.

     

    And where he misses the boat is that its not a "few" bad apples - its an entire corrupt system that is allowing the bureaucrats, politicians and financial elite to systemically loot the country.

     

    I don't support any of Obama's "tax the rich and everything will be ok" nonsense - I also don't support the financial elite acting like they somehow have earned everything they have.

     

    Those few people that have actually started and still own their large business should be allowed to earn as much as they'd like. Those many people who are part of the financial elite and have their wealth due to government protection, government selection, government bailouts, broken corporate governance, bribery, corruption, etc are a big part of the problem.

     

    Fraud needs to be prosecuted and businesses that fail need to fail. And we need to stop spending taxpayer's money to protect those that fail!
    7 Dec 2011, 11:39 PM Reply Like
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