Jamie Dimon crossed Obama, Hell hath no fury like a President scorned

Jamie Dimon crossed Obama, Hell hath no fury like a President scorned

Posted on Tuesday, October 22nd, 2013 at 4:09 am. by: Thomas Jefferson

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via Before It’s News

In the end, it’s all about raising money for campaigns.
Jamie Dimon is no boy scout and his firm JP Morgan, has benefited immensely from artificially low interest rates from the Federal Reserve and from connections to the Federal government. The bank for the most part sailed out of the 2008 Crash. Aside from the “London whale” incident, the Obama years have been very good ones for the bank. It has seen its partnership with the government grow along with its bottom line over the last half decade.
For instance JP Morgan administers the digital food stamp system in a number of states for hundreds of millions of dollars. Because of the recent Dodd-Frank Act and the fact that the bank enjoys “too big to fail status” under the Act, Dimon’s firm also enjoys another big advantage. Its cost of lending is much lower than it would be without Uncle Sam’s backing. This subsidy to Wall Street is worth billions.
That JP Morgan has made some sketchy moves within metals markets over the past 5 years is also worth noting. As is the fact that this spring JP was one of the banks which received Fed minutes early by “accident.”
Dimon has exhibited a tendency to be arrogant in public. Though there is nothing illegal about being arrogant, it’s not very wise to show such a disposition publicly given the power Dimon enjoys. In Davos this past Winter for example he had this little gem.

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