Tuesday, April 4, 2017

Jamie Dimon's annual shareholder letter

Jamie Dimon's annual shareholder letter.

Business Insider
DIMON: We fear the EU will split apart, and it could have 'devastating economic and political effects'
Elena Holdony

DIMON: 'We are creating generations of citizens who will never have a chance'
Matt Turner

DIMON: 'The United States of America is truly an exceptional country,' but 'something is wrong
Chris Weller


Bob said...

More tax cuts to the rich should clear those problems right up.

Greg said...

That second piece has some quite dubious statistics I think ;

(e.g fully 71% of today's youth (ages 17–24) are ineligible for the military due to a lack of proper education,basic reading or writing skills or health issues (often obesity or diabetes))

and the whole thing is simply paving the way for corporate takeover of education, likely replacing teachers with computers and producing income streams for "investors" in education.

Hey Jamie!! Ive got some suggestions;

Why dont you and your uber rich buddies stop insisting on policies which put young people (and most other people too) in debt up to their eyeballs with your banksters!

Stop insisting that any policy which might result in you and your buddies paying a few more percentage points in taxes is tantamount to communism!

Stop acting like middle classes happen by themselves and arent largely the result of policies which force more wages to go to workers and away from bosses in the private sector and create a stronger public sector as well.

Stop the war on unions and public sector workers!

If you are truly worried about what you claim to be in the article get every single person in the 1% to cut their compensation this year by fully 50%(you can live on 20-30 million Im sure) and give it, not lend it, GIVE IT to people and organizations who are working to address those areas of concern. There are already thousands of people who are making progress on shoestring budgets in some of these areas. And they have been doping it for years. Help them!

Noah Way said...

Dimon made several fortunes off the backs of working poor with fraudulent mortgages.  JPMorgan Chase was fined $13b for their criminal behavior and a few minor employees were scapegoated. Dimon got a bonus of $37m.

Hard to understand why he's supporting handouts, maybe his lawn guy is charging too much?

André said...


To be able to write so many lies in such an enthusiastic and appealing way is admirable. It's a form of art. We all should a lot with him and his marketing/ir teams.

Greg said...

Honestly I just cant get over that claim that 70% of young people cant qualify for military service form lack of skills which are attributable to our education system. That is absurd.

What level of education is necessary to become a plebe that simply takes orders from some bully sergeant. If anything our kids are too smart to want to sit around and be bossed around by assholes that just want to prepare them to be killed..... for the Jamie Dimons of the world.

Jamie is concerned that we dont have enough people stupid enough to just go die for him because .... reasons

Dave said...

I'm reading this tripe from Dimon and I'm amazed by his arrogance. Underlying meaning:: poor and minority people are stupid so they deserve their poverty. Don't blame me, I'm too busy stealing tax payer money to worry about the future of my fellow man.

I'd like to see Dimon have to live just a week in an inner city with no job, no car, and two kids to care for by himself. He might get a clearer idea of how smart these folks really are.

Dan Lynch said...

@Greg, I'm guessing that obesity and other health issues are the larger part of that 71% who can't qualify for the military. Especially if that 71% is from people who apply for the military (which would be mostly poor people) rather than the general population.

Re: Dimon's support for the earned income tax credit. In the absence of a minimum wage that is a living wage. the EITC, food stamps, and other subsidies to the working poor are defacto subsidies to employers thanks to the "Speenhamland effect." The subsidies allow workers to accept jobs at a wage that they couldn't actually live on otherwise. Since employers have more market power than workers, the subsidies end up in the employer's pocket when all the dust settles.

If the minimum wage were a living wage then those subsidies would become irrelevant because workers would no longer be poor enough to qualify for them.

Ralph Musgrave said...

Dimon and Trump agree on relaxing bank regulations.


Imagine my surprise.!!

Matt Franko said...

Don't blame bankers for high education prices blame the academe...

Matt Franko said...

Banks don't even do student loans... student loans are govt loans banks just are processors...

Tom Hickey said...

Don't blame bankers for high education prices blame the academe...

That is total nonsense, Matt. "The academe" that is professors have had nothing to do with university administration since the '80s, when they were replaced by professional administrators "so they could focus on teaching." The argument that professional administrators would also be more efficient and reduce costs.

The reality is very different. Salaries of professors were not the reason for increased costs but rather admin expenses and building out plant. Many departments were reduced by hiring adjunct professors paid by the course rather than salary. The only profs making it "big" are the top tier that is used for advertising purposes to up ratings and get publicity.

Like just about everything else in the US, the hype has increased as well as the pay at the top, while the pay lower down has decreased, along with the quality, e.g., class size has increased.

Andrew Anderson said...

Dimon and Trump agree on relaxing bank regulations. Ralph Musgrave

The proper response to that is:

"Fine! Let's eliminate all bank privileges too including government provided deposit insurance and exclusive access to inherently risk-free accounts at the central bank. Also the lender of last resort and positive yields on sovereign debt."

Greg said...

"Banks don't even do student loans... student loans are govt loans banks just are processors..

"Just" processors? This is an example of a PPP you are so fond of. The govt does all the background checks, determining eligibility and loan amount while Wells Fargo gets to actually accept the payment and make the interest. No risk, ALL the benefits. What a deal if you can get it. Do none of the work get all of the profit. The American way of the 1%.

Greg said...

@ Dan

You are probably right about the obesity/health issues and yes the 71% of applicants is probably closer to truth than how I interpreted his statement (and was probably interpreted by many).