JP Morgan Chase Continues PR Blitz

By Greg Hunter’s USAWatchdog.com 

I was watching the FOX Business channel, and who did I see again–Jamie Dimon, Chairman and CEO of JP Morgan Chase.  Charlie Gasparino had what he called a “no holds barred” interview with Dimon.  I watched two long segments of the interview, and once again, it appeared like a PR story for the bank.  In one of the segments, Gasparino said that Dimon, “. . . took every question I threw at him . . . I think he sees himself as a spokesman for the industry.”  It was too bad Gasparino was throwing softballs.  

Gasparino asked about the company’s sagging stock price, and what was wrong with the (so-called) recovery.  These are hardly hard ball questions in light of the many lawsuits facing JP Morgan that allege some sort of fraud.  I wrote about some of the lawsuits in a post I did last week titled “USA Today Gives JP Morgan Free Pass.”  I guess Charlie didn’t read it.  If he had, he could have asked about the lawsuits alleging mortgage and foreclosure fraud.  I would also love to have heard what Dimon would have said about some of the missing client assets that were reportedly transferred to JP Morgan just before MF Global went under.  I think it could have done JP Morgan some good to have heard what the CEO of the bank had to say about these important and thorny issues, but what do I know. 

Gasparino asked about the President characterizing the big banks as “fat cats.”  Dimon responded, “I’ve disagreed from the beginning of this blanket blame of all banks are all bad guys.  I think that’s just a form of discrimination and it should be stopped.  It doesn’t lead to productive conversation.”   (Click here to see much more on Gasparino’s interview with Dimon.)  No, Mr. Dimon, it should not be stopped.  There are many out here in a financially ruined America that would like real investigations and indictments of the very bankers who caused the financial meltdown of 2008.  I think that would be a “productive conversation.”  Unfortunately, it does not look like that will happen.  Instead of indictments, the five biggest banks are in the final stages of a deal with state AG’s and the federal government to settle the mortgage mess that caused housing to collapse.  MSNBC reported recently, “A proposed $25 billion settlement between five big banks, state attorneys general and the Obama administration may help resolve some of the thornier legal issues surrounding the mortgage mess that caused the housing market to collapse.  It will do relatively little to stop the ongoing wave of home foreclosures or revive the deeply depressed housing market, however.  Talks got underway more than a year ago after a series of private lawsuits focused national attention on an outbreak of “robo-signing” and other shoddy and fraudulent document processing practices by mortgage servicers foreclosing on homes. Most of the key issues that have sidelined past tentative agreements have been addressed, according to a source close to the talks who was not authorized to discuss the proposal.”  (Click here to read the complete MSNBC story.) 

As Far as “discrimination” is concerned, I didn’t hear a word from Dimon when he and other banks were getting bailout money and free loans that were in the trillions of dollars.  ($7.7 trillion in secret loans was just one of the ways big banks got bailed out.)  I think the big banks got treated pretty well.  Gasparino could have asked Dimon about the secret loans and didn’t.   Dimon’s charge of “discrimination” should have been challenged by Gasparino, and he just sat there and lapped it up.  After all, Treasury Secretary Geithner said a few years back that “none of them would have survived” if the government (read taxpayers) hadn’t bailed out the banks, and JP Morgan was included in that group.  Dimon wasn’t talking about “discrimination” then either.  According to Senator Bernie Sanders, the big banks (JP Morgan included) ran their own bailout program and got paid to do it!  

What about the accounting rule change by the Financial Accounting Standards Board (FASB) in April of 2009?  Since then, the big banks have been allowed “mark to fantasy” accounting.  Why didn’t Gasparino ask about a return to “mark to market” accounting?  This is what the IRS uses to value assets.  Dimon claims his bank is doing great, then why not value assets at what you can get for them today, instead of what you think you can fetch for them far into the future?  No questions on that either.  

This is another of what looks to me like a PR job offered up by someone who is supposed to be a hard-hitting journalist.  My question is why the PR blitz by someone Gasparino calls “a spokesman for the industry”?   Is it to thwart what will be outrage over a weak settlement by the government over the mortgage mess?  This is going to let the big banks off the hook with a slap on the wrist, a $25 billion fine!  There are still no investigations and no prosecutions of the financial elites who profited and caused the financial meltdown of 2008.  This mess came with trillions of dollars of losses for homeowners and taxpayers.  Dimon and his other banker buddies should have at least been fired for being so reckless and so incompetent that they required a massive government bailout to keep them out of bankruptcy.   

I have heard Gasparino say the mortgage mess was caused by politicians who forced banks to loan money to people who couldn’t pay it back.  To that I cry BS!!  I don’t think the government forced the banks to sell liar loans.  I don’t think the government forced the banks to package those liar loans into securities that were rated AAA (equal to Treasuries.)  Many of these securities with liar loans were so “toxic” the Fed was forced to buy them so the banks would not implode.  I don’t think the government forced the banks to create fraudulent documents to foreclose on millions of homes.  No questions were asked by Gasparino on any of the above issues either.  Dimon and JP Morgan got another free pass as the PR blitz continued for another day on the FOX network.   

I heard Gasparino say he and Dimon go “way back.”  Journalism is not about friends, it’s about the truth, and you tell it to your readers and viewers.

Comments
  1. BigTom

    Greg – ” I don’t think the government forced the banks to sell liar loans.” You are partly right here. The gov’t just opened the door for easy financial gain for individual opportunists. The well know human trait known as ‘self aggrandizement’ took over from here and that fact was known and well thought out in the planning stage. Fannie/Freddie were quasi gsa’s sopping up most of these morbid loans at future middle class taxpayer expense and ultimate demise down the road. And you have to admit there were some gov’t regs arm twisting the bankers with the ‘community reinvestment act,’ and bush #2 speech stating every american should be able to own a home. These acts and speeches are not things done lightly, and there were reasons why the government changed regulations(repealing Glass-Stegall, for one) for bankers activity. Governments make rules and sometimes find very opaque ways to see they get enacted. And no, the gov’t did not see to it these liar loans were rated AAA, but rather gov’t regulatory agencies turned a purposefull blind eye to all the misdeeds going on in the financial world. Misdeeds that are still going on without SEC or CFTC and other agencies doing their jobs. And why are they not doing their jobs? Ask Congress. They have oversight on all the regulatory agencies. There was/is a reason for all of this and it yet will play out. It ain’t over with yet, as you well know…. as always Greg, keep up all the good work you do. It is one of the few places one can find real news. You are spot on about MSM and all their crap….

    • Greg

      Big Tom,
      There was fraud at multiple levels and I do not blame the government for that. I do blame the government for not regulating and prosecuting fraud. The repeal of Glass-Steagall was at the prompting of Alan Greenspan and the big banks because after all they are the ones who benefited from that because taxpayers were on the hook for the crazy reckless and fraudulent stuff they did. Plenty of blame to go around here but first in line are the banks for the blame. They are the ones with the lobbyists and bribes to our politicians. It’s funny, the Republicans love to talk about cutting regulations, but when the banks blew up, the Republicans were the first to rush to bail them out. The banks should have taken the hit not the taxpayers but we live in a strange world. Thanks for the comment and your point of view. You make some valid points.
      Greg

  2. Davis

    There seems little distinction anymore between the paid hacks of the left and the paid hacks of the right. Both are engaged in the game of pointing fingers at the other side so that corruption at the center can continue unabated. The powers that be are engaged in a game of kicking the can until the next election so that either the existing Praetorian puppet or the new Praetorian puppet is sworn in. At which point I fully expect all hell to break loose on the economic and war fronts.

    Anyone who thinks the Euro crisis can be “solved” is sadly deluded. Piling debt upon debt is not the answer. Not for Europe and not for the US. So all else failing, which it will, we will get war with Iran. Contrived by whatever feeble excuse they can conger up. Not to say that Ackmawhatshisface and the Mullahs and their 12th Imam cult aren’t bat excrement crazy, but so what? Seems like every time some Middle Eastern nut case talks about selling oil for gold they get taken out. Saddam, then Kaddafi and now Iran.

    Looks like maintaining the power structure of the Central Banks is more important than maintaining the peace or the viability of the Republic.

  3. Brad27

    Where was Charlie’s question about the massive amounts of paper silver they sold that they do not own and cannot deliver? Sounds like a bridge in Brooklyn I heard about that was for sale.

  4. Ken

    No, Journalism shouldn’t be about friends, but that’s the way is shakes out these days and it explains a lot of the problem with the mainstream media these days (beyond ideological identification).

    From the military, to the White House, to Wall Street, journalist have become too chummy and too dependent on the people they are supposed to be reporting on. They start to identify with their concerns and are prone to overlook misbehavior of their friends. They have become co-opted.

    -Ken

    • Greg

      Ken,
      “Co-opted” you got that right my friend.
      Greg

  5. Stephen Clifton

    Are any tough questions really asked of the people who should have to answer them? Only Ron Paul has the guts to grill Bernanke on anything and he is rewarded with pariah status.

    I work for one of those big banks and it makes me sick everyday when they force us to cross sell products in the name of “helping the consumer”. Sadly, I think middle management truly believes that crap. I didn’t realize “helping” people meant checking accounts with ridiculous fees and penalties for not having a minimum balance. Penalizing people for not keeping enough money with the bank and NOT paying them crap when they do have enough money. Wow.

    I actually refuse to be their stooge. I enter the names into the system as if they were referred and never send the banker their information. Usually the customer is a little put off when I tell them they could get a call from the banker. Probably because I am not selling it with conviction.

    Sorry for the rant.

    Stephen

    • Greg

      Stephen,
      Rant here anytime.
      Greg

  6. Edward Ulysses Cate

    The example made of Gary Webb hangs over all so-called journalists and reporters employed by conglomerate media. For those who don’t know the Gary Webb story, look it up in Wikipedia. (http://en.wikipedia.org/wiki/Gary_Webb) Then you’ll understand why your mass-media news isn’t real news, and the importance of information sources such as Greg Hunter’s site.

    • Greg

      Edward Ulysses Cate
      Great comment even though it scared the hell out of me. Thank you for the link!!!
      Greg

      • jay

        Greg
        It is some what brave what your doing..the truth can set you free,or set you dead. either way free people must be willing to die for truth, or live in there own lies as slaves to them.

        • Greg

          Jay,
          I hope the elite have a lot more to worry about than USAWatchdog.com but thank you for your concern and complement.
          Greg

  7. David Herrell

    My sentiments exactly. When I saw the $25 billion proposed fine for costing the homeowners several trillion dollars in lost asset valuation or outright foreclosure, I was appalled. How about fining JPMorgan et al collectively $1 trillion, setting up a fund that would repay, over time, the down payment & mortgage payments made by those who were subject to this fraud?? Does Dimon think he’s being “demonized”?? If his homes were taken away by the fraud of others, I wonder if his “perspective” would change?? Maybe Charlie G. should have also asked him that question.

    • Greg

      David Herrell
      Good stuff man. There were so many questions Gasparino could have asked Dimon. That’s why Dimom did the interview with Gasparino because he knew he would not ask the tough stuff.
      Greg

  8. Tom H

    Nice follow up Greg.

    • Greg

      Tom H
      I was so outraged at Gasparino and his lapdog interview that I had to do it.
      Greg

  9. Art Barnes

    Greg, all over the web there are articles about how Gasparino “grilled” him in the interview; absurd. Fox business channel has turned into another CNBC, they simply are just the banks and large corporate mistresses. The big chief at Chase also said that Geithner and Bernanke save the system from collapse, what a suck-up. Greg, there can be no hope for America as long as our major news mediums continue to be embedded with the elite and the political class (to whom they serve). As to the “settlement” of 25 billion, it is chump change and just a gift to the banks to get out of the many lawsuits pending all over the country. Nice reporting Greg!

    • Greg

      Thank you Art, Andy and wutevva. All three of you had valid points and questions that should have been asked.
      Greg

  10. wutevva

    Gasparino is a disgrace
    Any journalist that doesn’t go after the corrupt banking sector with fangs and claws is nothing more than a Goebbels lapdog.
    I watched that crap for 5 minutes before I had to turn it off. Did Charlie ask him about MF Global? Something as simple as, “Jamie. On Friday customers had cash in their accounts. On monday that cash was transferred from their accounts to yours at JPM. Is that right? Cash? This was not money at risk, but it WAS at risk. Can you explain that in simple english? How is this not theft, albeit, with a lawyer, accountant, banker and Congressman?”

  11. Mike

    Years ago, when discussing the advantages and disadvantages of filing a lawsuit against a powerful institution with a Queen’s Counsel in Canada the lawyer in question commended me for the scope and depth of my legal research. After our meeting, the lawyer quietly removed his glasses and paused saying: ” You know, in this business it’s not what you know that counts – it’s who you know that counts “. He continued ” they [the defandants] and their friends in power will make it so difficult for you and your family that you will be made to feel like you’re pushing a 10 ton boulder uphill all by yourself. RCMP Commercial Crime [Division E ] Staff Sergeants told me the same story. Powerful people have powerful friends and they
    have the ways and means to deliver hurt to you and your family in a variety of ways without you ever knowing it. I was advised to be careful and learn “to be afraid”.

    Mr. Jamie Dimon and JP Morgan are both powerful entities in their own right and both Mr. Dimon and the reporter, Mr. Gasparino, knew it at the time of the interview.

    Again, thank you Mr. Hunter.

    • Greg

      Mike,
      Thank you for your concern.
      Greg

  12. Shawn In San Jose

    The gov’t also didn’t force any bank to leverage up 30 or 40 to 1. A ratio at which even single digit drops in asset prices would wipe them out.

    • Greg

      You are correct Shawn In San Jose.
      Greg

  13. Chuck Allen

    Greg

    Most of this discussion has no real meaning. The politician now in the oval office had to say something and he did…very little. The American public knows that the banking industry, or should I say cartel, was given a legal pass. When the CEOs of these “To Big To Fail” banks openly discuss their misdeeds; as if it was a discussion about the upcoming Super Bowl, and how their team pulled off a strategic maneuver, any average Joe can see what is going on.

    The “skids have been greased” and the implementation is about to begin.

  14. Raven

    Excellent Greg. I and millions like me are really getting tired of these banking jackels being allowed to get off scott free and continue with the looting of the American people. There are masses that are becoming aware of these realities from guys like you who lay it out in plain view. The crimes these fools have committed are huge and the suffering and pain to the millions of innocent folks is ongoing. When enough of the general population becomes aware, then hopefully things will change for the better thanks to folks like you.

    • Greg

      Bravo Raven!
      Greg

    • Oky1

      Raven, Greg,

      It appears to me that all of the major corrupt players in London, Wallst & the politicians in England & DC are joined at the hip because of the national debts to keep their empire ponzi scam alive & they sound as if they will stop at nothing to maintain the status qou of absolute corruption.

      Right up to & including killing anyone getting in their way.

      There is documented history to back up their MO.

      We should have all learned from the Fascist Nazis that we cannot cooperate in any with these fascist & must speak-out & actively protest against them.

      Here is an interest piece I found somewhere that shows how they’ve attacked others computers in the past & what they likely plan in the future to

      (I hope everyone has their PCs backed up because most likely all these major corporations & nations are attacking in much the same way.)

      **

      By Tabassum Zakaria

      WASHINGTON (Reuters) – U.S. intelligence agencies have unique capabilities that can help protect American companies from cyber espionage and attack, but it will probably take a crisis to change laws to allow that type of cooperation, a former spy chief said on Monday.

      Intelligence agencies like the National Security Agency are authorized to operate abroad but generally are restricted from working within the United States, **

      http://www.moneycontrol.com/news/wire-news/ex-us-spy-chief-may-take-crisis-for-new-cyber-law_655893.html

  15. rio

    great article. thanks.

    • Greg

      Thank you Rio for your support.
      Greg

  16. Bob

    Amos 8:4 Hear this, O ye that swallow up the needy, even to make the poor of the land to fail,
    5 Saying, When will the new moon be gone, that we may sell corn? and the sabbath, that we may set forth wheat, making the ephah small, and the shekel great, and falsifying the scales by deceit?
    6 That we may buy the poor for silver, and the needy for a pair of shoes; yea, and sell the refuse of the wheat?
    7 YHWH has sworn be the excellency of Jacob, Surely I will never forget any of their works.
    8a Shall not the land tremble for this, and every one mourn that dwelleth therein?

  17. Oky1

    Autistic savants JP Morgan & Goldman Sachs are running the world

    Ann Barnhardt – Gold Silver – Near Future, “Monumental Market Disorder?”

    A utility banking/ Insurance busines model is needed!

    http://www.youtube.com/watch?v=LPPxOP3na5o

  18. Larry

    Greg, you are singing my song.None of these so called wallstreet experts really want to take a big bankster down. I think they are restricted from persoanl and corporate executives from really letting it all hang out. If Charlie went after his buddies he would be cut off from future stories and become persona non grata in the media. It is difficult to determine how this road block can be breached so the average citizen is not always being scamed.

    • Greg

      Good point Larry.
      Greg

  19. Craig C.

    Hi Greg: Keep on kicking ass and taking names. Maybe at some point it’s going to occur to someone the truth is not being told, nor are the proper questions being asked. Go for it!!!!!

    • Greg

      Thank you Craig and Sean for supporting this site.
      Greg

  20. Sean

    Last night President Obama put the entire world on notice on live television that the US military is poised and ready to go after any country who crosses US economic policy. If you missed that, you weren’t listening carefully enough. Go back to the last ten minutes and watch again. Your jaw will drop if you listen from the perspective of diplomatic speak.

    Let’s cut the banter for a moment and face reality: The goal of the globalist corporations who own the US White House is NOT a successful and vibrant economy. The GS folks and all of the rest of the finance globalists who have rigged the economy have done so for a very specific purpose. The goal is global economic control. People who are following the money and trying to understand from the perspective of profit motive are chasing ghosts. Profit is not the goal. Profit doesn’t matter when you are the one writing the rules and controlling the currencies.

    Stepping back from a US focused economic view and looking at a North American regional economy that is interconnected with Central America (NAFTA and CAFTA), how do you influence a middle class American to see value in a a US economy that is fully integrated with poorer economies in the region? First you decimated the US economy. Then you offer an integrated solution, under control of a “responsible” oversight body to assure that past failures never happen again.

    Create the problem, wait for the anticipated reaction, and then offer the pre-planned solution that would have been rejected by the people if you hadn’t first created the problem.

    That’s what’s happening today, after years of preparation and careful implementation. And that’s why no matter how much we complain about GS and the rest of the corporate globalists cabal, they won’t be punished. In the eyes of their representatives in Washington, the policy has been a success and the challenge is managing the opinion and perspectives of the voters so that the corporate cabal can transition to the next phase of the plan.

    Additionally, it’s no coincidence that simultaneous national economic collapses are occurring in tandem with expanding military activity – both domestically and internationally. And the accompaniment of the media drumbeat increasing the tempo, drawing the citizens of both sides (US, Europe, Israel vs. Iran, Russia, China) into believing in the cause. Economic collapse in tandem with global military devastation will enable the globalists to sweep in wearing sheep’s clothing and offer some peaceful humanitarian solution to all if the problems if the world will surrender sovereignist and fully unite for the sake of human kind.

    Russian troops are training and staging in places like Armenia, with Russian generals stating that they are preparing for war in Iran. And the President of Georgia is meeting later this.month at the White House – with Georgia being the only land route through the Caucasus mountains from Russia to Iran.

    Make no mistake here: Under the current US leadership (Dem and GOP) the world IS going to war. Peace is not part of the plan. In fact, peace will risk ruining the plan. I expect US to be engaged in potentially catastrophic global conflict by the endof this spring.

    At risk of being a chicken little, I’ve never actually made this kind of direct dire prediction but all of the small last minute pieces are being put into place right now so unless something dramatic, unexpected, and overwhelming happens in very short order to change the current pace and tone of events, I think someone is going to pull the trigger very soon and launch US over the precipice on their dysfunctional road to a new world order.

  21. Will

    I call him Charile (the tool) Gasparino. With Dimon getting ready to leave JP Morgue and Timmah leaving the Treasury, is it possible Dimon will be the next Secretary of the Treasury?

  22. Bob

    God states in Ecclesiastes that the things that have been are the things that shall be and that there is nothing new under the sun, therefore this prophecy could still be relavent today. God promises that he will avenge the destitute for what the robber barons have done. He further states that the entire country will be decimated,{read thru to end of chapter] and the word of God will be lost.
    Verse 4 refers to men like Jaime Dimon. although there are obviously many others involved in this sordid scheme of pillaging for the ultimate purpose of bringing the people to such dire straits that they will accept a one world government.
    Verse 5 says there love for money is so great they can barely contain themselves through the weekends and holidays in their lust to accumulate more. Making the ephah small and the shekel great and falsifying the scales by deceit could be a reference to the Federal Reserve and their policy of printing money until it eventually becomes worthless.
    Verse 6 Comparable to buying slaves at cut rate prices.
    Verse 7 Vengeance is mine saith the Lord.
    Verse 8a The entire nation is brought down.

  23. an average joe

    I love how Dimon says Greek default will have no impact on the US, of course not, the Fed will print whatever need to bailout parts of Europe that will be affected by it, and therefore it affects the US; no worries at all, Fed will take care of it all, no impact on US banks at all.

    You blame banks, and many, not all, do get some blame. However, you don’t blame the other side of the equation, crony govt politicians. Of even greed of people, not the ones who were genuinely deceived & taken advantage off, but there were many who foolishly thought that on a 50k salary they could buy a 500K house. I know for my family, we didnt buy a home, we still live in a pretty small home, so i’m supposed to now subsidize other companie’s, and other people’s mistake????????

    You go have crony bankers, why don’t you ever blame the crony govt politicians, or the people who played along, while others responsibly did not and now are penalized for it?

    Why is that?

  24. Tanya Nordman

    WTF waste of time…. when is the hunt taking place?

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