Article: Bailed Out Chase CEO Dimon Wants to "Teach" Americans About Responsiblity

[Irish Gal]

BAILED OUT CHASE CEO DIMON: PEOPLE SHOULD PAY MORTGAGES "EVEN IF THEY'RE UNDERWATER"

Huffington Post/CNBC | Marcus Baram | February 19, 2009

Chase CEO Jamie Dimon, whose bank received $25 billion in bailout funds from the government, refused to tell CNBC anchor Melissa Francis how the bank is performing this quarter.

"Can you tell me how this quarter is doing for JPMorgan?" Francis asked.
Dimon's brief response: "I can't."

Last October, Dimon was a little more explicit on an earnings conference call:

"I would be shocked if we make lots of money one of these quarters, anyway." Dimon says they're watching investment-banking clients carefully.

Asked for his thoughts about Obama's housing plan, Dimon praised the plan, saying that it was "really elegantly done and really well-designed," adding that JPMorganChase alone will modify over 600,000 loans.
But he took a tough attitude towards home owners behind on their payments:

"I don't think just because someone's underwater they say I don't have to stay there. But they're supposed to pay the mortgage, and we should teach the American people, you're supposed to meet your obligations, not run from them. Because you have a mortgage doesn't mean you should run away as it goes down."

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Mr. Dimon has already forgotten who bailed him out of his own irresponsible business model/decisions. He should stop biting the hand that (unfortunately) feeds his continuing incompetency and disgusting lifestyle

[Dan Bailey]

Right there...if the CEO likes the plan, it means it will do nothing for those who come to the forum.

[Woodland Hills Worrier]

As they say, the more things change the more they stay the same. I didn't understand that until now. The truth probably is that banks like Dimon's are so over-leveraged that they will collapse if too many of their assets are judged to be toxic. So we give them billions and let homeowners slide into foreclosure. By the way, someone should write a note to Dimon and say that people are not running away from their debt or obligation but since their house is underwater and their adjustable rate is going up, they can't refi and they can't pay so they must walk away in tears from the home they loved. Then wrap the note around a brick and throw it through the limousine Dimon is riding in.

[Irish Gal]

Dan,

That's exactly what I thought when I read it. This guy's a pompous arse (like them all).

Woodland,

Love the brick idea! You've got it right re the banks are basically insolvent. These CEOs (and Washington) think they are fooling everyone by pretending these banks are solvent and can make it w/ taxpayers continually bailing them out. Most top econ advisors (unfortunately none are on the current Treasury team) are saying we need to let the zombie banks fail, quit allowing the banks to lie about the true nature of their toxic assets, then put only those banks (if any) that (honestly/realistically) can be saved under gov't temp receivership until the toxic assets/sludge has run its course and start fresh. Only then will we truly be on our way out of this mess. Obama's econ team are all Wall St. insiders who are propping their buddies up and more intent on keeping the Wall St. status quo. I voted for Obama. But, I'm not fond of his econ team or the way he is tiptoe-ing around Wall St. and these criminal lenders who have taken this country down. There's still no teeth in any plans to FORCE lenders to do what everyone knows needs to be done: reduce principal balances. So, lenders and Wall St. are still in control. Obama chose and is relying on the wrong guys (Geitner and Summers) to get us out of this mess. That's unfortunate, as I like Obama and want him to succeed. But, he missed the boat on this one.