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Dear Jamie Dimon: This Is Why US Banks Are "Under Assault"

Earlier today, during the JPM conference call, when Jamie Dimon wasn't busy explaining why the Q4 earnings presentation was sorely missing the page showing JPM's latest Net Interest Margin, a staple placeholder page in the presentation appendix, he found time to lament something totally different. As Bloomberg reports, Dimon lashed out at U.S. regulators for putting his bank "under assault."

"We have five or six regulators or people coming after us on every different issue,” Dimon, 58, said today on a call with reporters after New York-based JPMorgan reported fourth-quarter results. “It’s a hard thing to deal with."

"In the old days, you dealt with one regulator when you had an issue, maybe two. Now it’s five or six. It makes it very difficult and very complicated. You all should ask the question about how American that is. And how fair that is. And how complex that is for companies.”

We don't know how American, or how fair, or how complex, but we know why. The reason: JPMorgan and the rest of the world's banks have now become the world's biggest organized crime syndicate.

The evidence? $178 billion in government kickbacks to keep their criminal scheme going for the past 5 years: something which none other than the BCG called a "cost of doing business" - criminal business that is.  And as of this morning, another "unexpected" $1 billion more, thanks to you.

 

So yes, when dealing with the mob, the US government has every right to "assault" what is nothing but an orgized group of well-connected criminals.

And lest we forget, the flipside to the $178 billion - and counting - in legal fees: not a single banker in prison, something which every American has to thank Eric Holder for, because the US Attorney General has shown that when it comes to money and power, there truly is justice, and then there is just us.