BANKS START TO PUSH BACK AGAINST OBAMA'S SOCIALISM

HERE: Investment Banking

Dimon Decries Washington’s Treatment of Banks

February 25, 2010, 7:30 pm

Jamie Dimon, the chief executive of JPMorgan Chase, believes Washington has become increasingly erratic and unfair in its treatment of the banks over the last few months, and he now has some regrets about participating in the government’s Troubled Asset Relief Program.

“F.D.I.C. is going to cost us a lot of money. TARP cost us a lot of money. This bank tax, my first reaction was, ‘That will cost us a lot of money,’” Mr. Dimon said Thursday at the bank’s annual Investor Day conference in New York. “I think we are getting into the capricious, arbitrary and punitive behavior.”

... Mr. Dimon has expressed some of these complaints before. During JPMorgan’s earnings conference call in January, he said it was unfair that the big banks would be the only ones forced to pay the Obama administration’s proposed bank tax to ensure that all the TARP money is repaid.

IT'S ABOUT TIME THEY FOUGHT BACK.

THE BANKS SHOULDN'T HAVE EVER ALLOWED THEMSELVES TO BE FORCED INTO MAKING BAD MORTGAGES TO UNQUALIFIED BORROWERS.

• THE WHOLE DANG HOUSING BUBBLE WAS CAUSED BY THE FEDERAL GOVERNMENT FORCING BANKS TO MAKE BAD LOANS,

• THEN USING FANNIE MAE AND FREDDIE MAC TO REPACKAGE THEM - MAKING DERIVATIVES -

• WITH A TACIT FEDERAL GUARANTEE.

• INVESTMENT BANKERS WHO BOUGHT THESE DERIVATIVES BOUGHT THEM IN GOOD FAITH AND THEIR SUPPOSED "GREED" CAME AT THE END OF THE PIPELINE THAT LIBERALS BUILT.