Class Warfare Unmasked
by Thomas Magstadt
Breaking news that stock markets around the world are in free-fall mode competing with a story about JP Morgan CEO Jamie Dimon being awarded a heart-stopping, headline-grabbing, tub-thumping pay increase for 2013. What does it mean?
Supposedly, Dimon was asking for his 2013 compensation to be roughly equal to his 2012 pay. But the bank’s board of directors awarded Dimon $20 million for 2013—that’s a tidy $8.5 million raise! Never mind that “JPMorgan Chase recently reached yet another settlement with the U.S. government—a $13 billion deal with the Department of Justice for peddling deceptive mortgages.” Never mind that the bank reported a $400 million loss in the 3rd quarter thanks to a $7.2 billion legal tab. Never mind that this fine, upstanding financial institution is holding $23 billion in reserves for potential litigation. And never mind that we’re talking about a too-big-to-fail bank whose top managers “recklessly gambled with our economy.”
JP Morgan is still flying high and Jamie Dimon got a 74 percent raise last week.
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Mr. Selective Memory – An Eel isn’t this slippery!
Selective Memory for Bank of America’s CEO. If his memory is that bad how did he get his job in the first place? Read this post by Matt Taibbi
Thank God for Bank of America CEO Brian Moynihan. If you’re a court junkie, or have the misfortune (as some of us poor reporters do) of being forced professionally to spend a lot of time reading legal documents, the just-released Moynihan deposition in MBIA v. Bank of America, Countrywide, and a Buttload of Other Shameless Mortgage Fraudsters will go down as one of the great Nixonian-stonewalling efforts ever, and one of the more entertaining reads of the year.
In this long-awaited interrogation – Bank of America has been fighting to keep Moynihan from being deposed in this case for some time – Moynihan does a full Star Trek special, boldly going where no deponent has ever gone before, breaking out the “I don’t recall” line more often and perhaps more ridiculously than was previously thought possible. Moynihan seems to remember his own name, and perhaps his current job title, but beyond that, he’ll have to get back to you.
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Read more: http://www.rollingstone.com/politics/blogs/taibblog/no-evidence-he-was-stoned-but-bank-of-america-ceo-brian-moynihan-apparently-doesn-t-remember-much-of-the-last-four-years-20121127#ixzz2DkwPC5ud
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