Mainstream Media Spins Dimon
By Greg Hunter’s USAWatchdog.com
Monday, we started out the week with a front page story on USA Today that was more like a public relations stunt than real journalism. The headline read “Dimon sees good times in 2011.” The story was mostly an interview with JP Morgan CEO Jamie Dimon by CNBC news reader Maria Bartiromo. I could not find any objectivity or tough questions put to the Chairman and CEO of one of the nation’s top financial institutions. Please keep in mind J P Morgan was bailed out by taxpayers to the tune of $260 billion during the financial crisis. When asked, “How do you characterize the economy right now? Dimon replied, “The economy is getting stronger every day, and I would say it’s rather broad-based, and hopefully this will continue. That’s true globally. It’s good for America when the rest of the world grows, because you can sell more to the rest of the world. Large corporations are in very good shape, have plenty of capital and are starting to expand. . . .” (Click here to read the complete story from USA Today.)
If Mr. Dimon thinks the economy is really getting that much “stronger” and there is “plenty of capital,” why not go back to “mark to market” accounting? I would have loved it if Ms. Bartiromo could have found the guts to ask that question. The rules were changed nearly 2 years ago to let banks hold mortgage-backed securities, real estate and other assets at whatever bankers think they will be worth in the future. Some call this “mark to fantasy” accounting. I call it government sanctioned accounting fraud. No matter what it’s called, it simply makes the banks look like they’re in better financial shape than honest accounting would reveal. Some big banks would be insolvent, or at the very least much less profitable, were it not for the accounting rule change. Why does the MSM feel compelled to routinely paint a rosy economic picture?
When asked about foreclosures and how Dimon saw that “playing out,” the CEO said, “The mortgage pain is just a terrible story. Too many mortgages were badly done. I’m not talking about us.” Let’s stop right there. “Too many mortgages were badly done. I’m not talking about us.” Does Mr. Dimon really want the public to believe JP Morgan did nothing to help cause this enormous mess? I did a simple Google search, and several headlines would call into question Dimon’s squeaky clean claim: “JP Morgan Chase Freezes Foreclosures and Faces Criminal Investigation,” “Ohio official calls for DOJ probe of Chase mortgages,” “J.P. Morgan Faces Suits Alleging Foreclosure Fraud,” and “Chase and Wells Fargo anger federal judges due to fraud and incompetence in mortgage cases.” We have a record of more than one million foreclosures in 2010, and experts say we are on track for another one million more and a new record this year. I find it hard to believe JP Morgan did all of its mortgages correctly and did not have a hand in this national tragedy. Why not ask about these and other allegations?
I wonder if Mr. Dimon sees good times for the Bernie Madoff fraud victims. If Ms. Bartiromo would have done her job as a “journalist” then she would have surely known about the recently unsealed documents from the U.S. Bankruptcy Court handling the Madoff case. The Daily Beast reported a little more than two weeks ago, “The bank’s own executives, the complaint said, recognized a “well-known cloud” over Madoff’s activities, perhaps in 2006 and certainly by June, 2007—18 months before Bernie confessed. (Madoff bankruptcy trustee is Irving Picard.) Picard’s complaint damns the bank by saying: “By October, 2008, JPMC’s London office reported to the United Kingdom’s Serious Organised Crime Agency (SOCA) that it knew Madoff was ‘too good to be true,’ and a likely fraud….Incredibly…JPMC still did nothing to stop the fraud.” Madoff, his family, and his securities firm were loyal JPMorgan Chase customers for more than two decades as the bank processed billions of dollars through his accounts.” This story didn’t rate even a single question? You have to be kidding me. Madoff was the single biggest fraud in history, and JP Morgan allegedly knew about the fraud and didn’t stop it? Ms. Bartiromo was standing in front of the top decision maker of JP Morgan and she does not ask him, “What did you know and when did you know it?”
While we are on the subject of fraud, during the aftermath of the savings and loan crisis in the early 90’s, more than 1,000 financial elites were successfully prosecuted. According to Economist William Black, this current financial calamity is at least 40 times bigger than the S and L crisis. How many have been indicted with the financial meltdown of 2008? None.
Matt Taibbi of Rolling Stone asked the right question in a piece last week titled “Why Isn’t Wall Street in Jail?” Taibbi writes, “Nobody goes to jail.This is the mantra of the financial-crisis era, one that saw virtually every major bank and financial company on Wall Street embroiled in obscene criminal scandals that impoverished millions and collectively destroyed hundreds of billions, in fact, trillions of dollars of the world’s wealth — and nobody went to jail. Nobody, that is, except Bernie Madoff . . . The rest of them, all of them, got off. Not a single executive who ran the companies that cooked up and cashed in on the phony financial boom — an industrywide scam that involved the mass sale of mismarked, fraudulent mortgage-backed securities — has ever been convicted.” (Click here to read the complete Rolling Stone story.)
Is it asking too much to put Dimon on the spot as to why he thinks nobody has gone to jail over this ongoing mammoth mess? I am not going to even comment on the rest of the interview, because to me, this is just a media spin job. The interview was not designed to enlighten the public or ask tough questions. It was done to make Mr. Dimon, JP Morgan and the economy look good. I don’t blame Mr. Dimon for the poor interview. I blame Maria Bartiromo and USA Today for reducing themselves to a public relations tool.
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Steve, I agree with your assessment about MSNBC and CNN. I believe they are wall street news shills. Add in Fox on the other side of the spectrum and it becomes easy to see why Hillary Clinton could not win in 2008.
There was no cable news base with a true centrism base. This is a really big deal because it is centrism that can usually find solutions through intelligent compromise and communication.
Certainly frustrating isn’t it Greg? Dimon, along with his fellow big bank crooks should be taken behind the barn and shot. CNBS, along with the MSM are a disgrace to the field of journalism in its pure and true form. Kudlow is the worst with that smug look on his face which will soon be erased when the dollar is debased to ZERO by the end of 2012. It’s all written in the Elitist’s cards. Those who hold US debt by the way of Treasuries, will be duped and more importantly, pissed! Things are just amping up. Oil IS going above $150, on its way to $200 before the oil reserves are FINALLY utilized in Alaska. That PLAN is also written in the Elitist’s cards.
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Greg – this is exactly why I have completely boycotted all mainstream media. They are a bunch of worthless, Marxist liars.
And lest we forget – they (the media)are owned by the same elitist billionaires who own the banks.
He is a suicide financial terrorist! He deserves to be hanged from the tallest tree in Crawford, Texas along with Blankfein.
“Public relations fools” is too kind, in my mind it denotes a non- intentional, unconscious type behavior – clearly, not case here. CNBC and the rest of their propaganda stooges continue to throw snow ball questions, and underhand snow balls at that. They are linked with the larger MSM who continue to be afraid to tell the King that all might not be well in the Kingdom.
Frankly Greg, CNBC is a joke, designed for Wall Street and the white shoe boys, and they have no credibility. Nothing can be done to fix any problem as long as MSM pretends there arent any problems to fix.
How long can MSM continue their charade of the economy I can’t answer but they can’t keep it up forever. Every person who loses or can’t find a job, loses their home and or small business, etc. is destined to finally hear the truth.
fake system + fake fix = honest inflationnnnnnnnnnn.
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They need the Banking Cartel to keep it running. Simular to the government recieving help from the Mafia during WW2 to fight the Germans in Sicily and Italy. Only difference is this war is to enslave by debt. Kruschev said, they would take America without firing a shot. Pretty much spot on with all the entitlement programs.
So the prosecution of the banks is a mute cause. They need those people to keep running the scam!
The MSM is populated with tools! Why do you think Obama is going after talk radio, Fox News, and net nuetrality.
Our present recovery is being fueled by inflation. Unit sales are flat, but revenue is up by the same percentage as the inflation rate.
John Lott has a graph that shows unemployment shooting up again.
Nobody gets called on the carpet and nobody goes to jail; as long as you are a freind of the Democratic Party–which is the largest organized crime ring in the World.
We have a corrupt party and an inept party.
I agree with you Mark,We have been having dems in the senate and congress the longest 40 years till 1994.Look President Wilson said he ruined the USA.Federal Reserve,Its not even a bank. theprovocateurnetwork americandream video
All I can say is, Dimon et. al. are too big to JAIL.
As long as the people choose to stay normalcy biased, we have no chance of stopping the elitists plan to destroy America.
The Federal Reserve Note, a single piece of paper with nice pretty murdered presidents on them worth nothing, brought down a nation.
And, we the people yelled on the internet and screamed at the TV, yet we sat as our nation was destroyed by the bankers and corporations, as Thomas Jefferson, Andrew Jackson and all the forefathers warned us would happen.
Sitting behind a computer typing complaints will never defeat such powers as the banks and corporations.
I sit behind a computer and type complaints all the time. It’s fun to watch truth take root and liberty blossom. It’s all very empowering. Much more effective than shouting from a street corner. Keep typing folks…keep typing.
Good point except that as things get progressively worst more people will stop writing and take it to the streets in civil protest, that is when things will start to take hold. Prior to the tea party and the american revolution there was a lot of written complaints by our founding fathers, but as King George squeezed even harder they got off their butts and took care of business. Their are more than enough patriots left in the country to let our government and its pocket corporations understand that things will have to change, and selling out its citizens for the sake of their own elite status and wealth will not be tolerated. They are probably too stupid to take the hint and change in advance of civil unrest because they refuse to believe the people will rise up; a historical blunder most governments made; the present day middle eastern unrest is a prime example of “enough is enough”.
I’m not averse to peaceful assembly and taking it to the streets–have done so numerous times. But just sayin’ the written word has a broader effect than George may suspect. Consider the following quote and subsequent commentary:
“But what do we mean by the American Revolution? Do we mean the American war? The Revolution was affected before the war commenced. The Revolution was in the minds and hearts of the people; a change in their duties and obligations. This radical change in the principles, opinions, sentiments and affections of the people was the real American Revolution.” – John Adams
-Adams’ point is that without the unity of opinion that was achieved among the colonists, there would have been no nation to free from British tyranny. It was during the 15 years prior to the war that the public opinion was enlightened and informed. This end was accomplished by individuals like you and I taking up the cause of liberty.-
During the Revolutionary Period, pamphlets were circulated; Today, we blog. The written word…powerful indeed.
That said, in the defense of liberty, I’d be the first at the town square.
Take care y’all,
“It does not take a majority to prevail … but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men.” – Samuel Adams
Do you want to get rid of Obama? I have a legal plan.
Fox news is part of the MSM. That is obvious to anyone with an objective viewpoint. They spin, cherry pick data and distort facts as much as any other MSM outlet. If you deny that, it would seem quite obvious that your opinion is biased because you are in ideological alignment with the Fox News platform and agenda. None of the MSM, including Fox, deliver news in what comes even slightly close to an objective presentation of the facts.
As for Dimon, as a country we are still in the process of being led around by the nose to the wrong suspects. We are scapegoating and looking for easy targets to blame rather than coming together to look at the true source of the collapse of our economic system. When we begin to see Republicans coming out in large numbers against the dozen financial institution that CONTROL our economy as strong as they are coming out against the unions, we will start to dig in to the massive corruption of our banking system. We can then honestly look at the systematic corruption and extraction that has and is currently taking place via these too big to fail institutions.
I give it a couple of years more of this finger pointing nonsense until we finally get down to investigations and prosecutions. Until we do this, the extraction of wealth from our country will continue and the rage of our citizenry will intensify. We’ve been ripped off. The crooks got away without so much as a scolding and we all know it and it pisses us off.
What about the rothschilds?We got to quit looking at the party,and look at the money,that is the power,control elitist bankers.
Here’s a link to the magazine with my article about why lenders are not doing loan modifications:
In it I rip Dimon for his attempts to place blame everywhere else. As I noted, Chase was early and heavily involved in the derivatives push that was the impetus for so many bad mortgages.
Let’s face it: Maria Bartiromo is in bed with The System, period. And she has been for a long time. It’s actually interesting to take one example such as this one and run it through the critic shredder, but the very sad truth is that this pseudo-journalistic behaviour is the norm in MSM. And MSM is what 90% of the population watches, reads and believes.
So, “Why does the MSM feel compelled to routinely paint a rosy economic picture?” This has to be rhetorical Greg, right? Because you know and I know that Banksters, Corporations and lobyists, crony politicians and MSM are actually the same thing, with different name tags: all members of Legalized Organized Crime, Inc.
CNBC, FoxBusiness Network, and Bloomberg are all spewers of propaganda. All three of them, along with the other nimrod news networks, missed the boat on the Panic of 2008. I would take my chances with people like Gerald Celente and Marc Faber as opposed to shills like Maria Bartiromo and Liz Claman.
Great article. The MSM still holds sway over the sheeple
But you know the old saying goes, …The bigger they are , the HARDER they FALL” and what goes up ( as in thier profits), must come down !
I feel it soon to be true , IT’LL COME TUMBLING DOWN.
Didn’t I read just recently that china put the squeeze on timmy gietner
to drop the regulators from interfering with the sale of jp morgan
TO THEM. of course things are not looking bad for the puke dimon
If you get the chance, read “Fool’s Gold: The Inside Story of J.P. Morgan and How Wall St. Greed Corrupted Its Bold Dream and Created a Financial Catastrophe”, by Gillian Tett. The author does a wonderful job of making the drab world of financial instruments an interesting and informative read. Although you may have to fight back the urge to chuck when you find out what JPM did/does to the world in terms of spreading financial ruin.
Great piece, again, Greg.
Greg, thanks for the good work. I try to read every post. I am mainly a “lurker” but had to chime in on this one.
As you say:
“Some call this “mark to fantasy” accounting. I call it government sanctioned accounting fraud.”
AMEN TO THAT! I am amazed at how many Americans, have no knowledge of this accounting fraud, allowed to go on, with our Governments approval.
And, also this:
“I blame Maria Bartiromo and USA Today for reducing themselves to a public relations tool.”
I used to watch CNBC faithfully. But, CNBC turned themselves into the Bankster’s mouthpeice, readily spewing whatever lies, “our brightest, and smartest”, bankster owned government says.
This stuff chapps my ass!
PLEASE TELL US!
Thanks for bringing this up. When I read the piece in USA Today on Monday I laughed hard at the absurdity of it.
Bottom line for me, though, to respond to your missive:
“…Maria Bartiromo and USA Today for reducing themselves to a public relations tool.”
To clarify, they have simply exposed themselves (the USA Today organization and Bartiromo personally) for their fundamental nature and purpose, the operative descriptive term being ‘tools’.
Thanks for your good work.
Greg, our bought off MSM have a long history that goes way back. The once real free press went away when a few members of the senate gave away the control of our nations of money to the private for profit federal reserve banking cartel & its owners, while the rest of congress had no means to get back to DC in the winter of 1913.
Here are a few quotes from an article written in 1988. “It’s a shame that the free press in the USA has denigrated into real muctrakers. Instead of asking candidates(politicians)how they would deal with inflation,budget deficits & merchandise trade deficits, the only thing they have on their mind is who slept with who,when,where & why. Did you or did you smoked pot,did you join the national guard because you were afraid of death? With these type of questions,one can only conclude that anyone from the baby-boom era may think twice about any public office! Is the free press perception of the baby boomers all drug users,bra less free love protesters? Will the baby boomers generation always be forced to defend itself? Lets hope the press does not continues these extremes.” THIS WAS WRITTEN IN 1988. If anyone would like the link to all articles by this person, just ask & if it’s ok with Greg, I will put the link to the web site or I will leave my email address to send the web site to you! There is so much more that needs to be brought to light as we face the tipping point of debt.
Greg, it’s sad watching our nation falling apart while the masses act if all is just honky dory & unions will save them. You can’t pay for a days work if your pockets have been picked by crooked bankers & union bosses!
Greg, I think we all know that if you get to interview one of these jackals and you ask hard questions …you will never get another interview and be shuned by others afraid to answer hard or pointed questions!
Did alot of foreclosures for Chase through Mortgage Contracting Services ….. only time I was sent to change locks on a house that was not foreclosed on. The realtor in Harrisonburg, VA was in bankruptcy when MCS sent me there. I got a call from him and the sheriff. I documented everything including emails from MCS that they made a mistake releasing the work order. And 6 months later MCS dumped me …..
Why is Jamie Dimon so concerned about his reputation? Before this article there was an entire piece in the New York Times Magazine (google it) that was comical. Comments after that article were so negative that the times quickly closed them.
Why does Dimon care? He has his millions safely packed away. He could retire into the sun set and still have an easy, wonderful life (unlike the rest of us who have been wiped out).
He’s concerned about what will happen after he retires. Probably to an island with tree’s no taller than he.
“Good Times” for who?
A housing bubble that is STILL deflating
Generations of enormous debt
high paying manufacturing jobs leaving
Complete dependency on someone else’s oil
a decaying infrastructure
90% of all states in the red
GOOD TIMES FOR WHO???
Im sure the folks at the printing press are happy….
“Is it asking too much to put Dimon on the spot as to why he thinks nobody has gone to jail over this ongoing mammoth mess? I am not going to even comment on the rest of the interview, because to me, this is just a media spin job. The interview was not designed to enlighten the public or ask tough questions.”
Greg, you are right of course. But reporters need access to do their job so they largely write soft stories and run soft interviews. As long as they do this and do not upset anyone they will retain access. The other side of the coin is doors closed in your face and in that event you don’t have a job for long – nor does the chief editor- and your opposition gets the access and runs the stories,such as they are.
As for why no one in the US has gone to jail over the GFC mess (other than BM), I wish Matt Taibbi and others who complain so loudly would grill the authorities over this. (It does not matter that much what Mr. Dimon thinks as he is not responsible for industry oversight and regulation). For starters, you have to break a law or regulation that has jail as a penalty, there has to be substantial evidence against you to bring a prosecution, you need to win the case in Court and you need a judge that will apply a jail penalty.
To begin with why have none of the former and current executives in the ratings agencies who applied false/misleading ratings to many Mortgage Backed Securities, and the originators of these products who also conspired to run with these false ratings, not been prosecuted? That would just be a start.
In practice I think you will find the securities and financial laws and regulations are far to limiting and weak in practical application. Also, Government personnel resources to investigate and bring prosecutions are very, very stretched.
Then there has to be US political will and that is found very wanting. Taking on one business that has transgressed is one thing but taking on virtually an entire industry (which pays hundreds of millions to political parties and candidates) is quite another.
All the huffing,puffing and pontificating by plastic Pres Obama, and others, in the immediate GFC aftermath about how securities and other financial laws and regulations would be stiffened and has come to virtually “nought”. A little playing at the margins for window dressing has occurred and not much more. So it’s business as usual, most of the same players are still in the industry and virtually no one talks about bringing people to account anymore for past infractions.
If you really want to get just a little insight into how Washington is pressured on the regulatory front by the finance industry just read former SEC Chairman, Mr Arthur Levitt’s 2002/3 book: ” Take On The Street; What Wall Street and Corporate America Don’t Want You To Know”.
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Follow the money. Looks like Chase and GE (who owns NBC) have a nice relationship. GE builds things and Chase finances things. NBC is GEs PR firm and they helped out one of their business partners.
One thing that continues to bother me it the direction the democrats take when things do not go their way. If I am correct on this, our government is a tyranical government when it is determined that our vote does not count. We have seen this happen in Arizona with the immigration law being smacked down by the feds and now in Wisconsin. The elections happened and their government has taked the state in a different direction yet again the democrats have hijacked the systen to over rule the voters vote. What else do they have up their sleave? It seems they have the Presidents support in manipulating the system which tells me there is more to come and from much more powerfull sources. I do not hear anything about this from anyone out there. Will you put some thought into this issue and look back over the recent past and note when this has happened and where the President may flex his muscles in the future. I think it would be a great story worthy of your special attention. Thanks Phil
STACY HERBERT, FROM THE MAX KEISER SHOW, mentioned a famous quote today….if you keep repeating a lie long enough eventually people will believe it. That’s from Heinrich Himmler the architect of the Nazi Holocaust. The other useful quote from Mark Twain: Most people form their opinions based on second-hand unreliable information. Another one: IF war is not made obsolete then men will be: Buckmeister Fuller. Tony Blair seemingly fits all three quotes! Conclusion: Democracy often comes with puppets with strings attached.
I read a useful article about what we should learn from the popular uprisings in the Middle East, at http://neithercorp.us/npress/
Check it out.
I think you guys would appreciate this blog post I wrote on the media in America.
Again, you illustrate your courage by cutting through the spin and asking the real questions. Journalism is alive and you are it. This is how we take our country back. I believe these bums are starting to run out of rope. One comment, the bums obviously plan to sell all bad assets to the FED (who is printing the money) and wash their books. Once all the garbage is washed, then they will go back to mark-to-market and attempt to pretend that nothing happened – the hubris. Hang in there and keep up the hard pressing questions and remember that you are on the right side of history. These lost souls can ride around in limos and live in their NY penthouses but they are no better than a sleazy common thief.
God Bless You and God Bless America!
Greg, since when were USA Today and CNBC anything other than shills for JP Morgan and Co? Why would you expect Maria to report anything that would tell viewers what a ponzi scheme JPM and Co are running?
The bigger question is why CNBC and USA Today are relevant. Your point is well taken. Maria didn’t fulfull her function as a journalist. Why would she fulfull her function when she would find the same door Olberman found over at MSNBC?
WHY DOES ANYONE WATCH THE IMBICILE BOX ANYMORE? That box as a source of news I do not comprehend.