Jamie Dimon's Raise Proves U.S. Regulatory Strategy is a Joke

[unhappycamper]

http://www.opednews.com/articles/Jamie-Dimon-s-Raise-Proves-by-Matt-Taibbi-Banks_Diamond_Jamie-Dimon_Scandal-140131-796.html



Jamie Dimon's Raise Proves U.S. Regulatory Strategy is a Joke
OpEdNews Op Eds 1/31/2014 at 13:11:26
By Matt Taibbi

If you make a big show of punishing someone, and when you're done they still don't think they have a behavior problem, you probably picked the wrong punishment. Every parent on earth knows this implicitly -- but does the Obama White House finally get it, too, now, after Jamie Dimon's raise?

When the board of JP Morgan Chase gave its blowdried, tirelessly self-regarding CEO a whopping 74 percent raise -- after a year in which the Justice Department blasted the bank with $20 billion in sanctions -- it was one of those rare instances where Main Street and Wall Street were mostly in agreement.

Everyone from the Financial Times to Forbes.com to the Huffington Post decried the move. The Wall Street pundits mostly thought it was a dumb play by the Chase board from a self-interest perspective, one guaranteed to inspire further investigations by the government. Meanwhile, the non-financial press generally denounced the raise as a moral obscenity, yet another example of the serial coddling of Wall Street's habitually overcompensated executive class.

Both groups were right. But to me the biggest news was how brutal an indictment Jamie's raise was of the Obama/Holder Justice Department, which continues to profoundly misunderstand the mindset of the finance villains they claim to be regulating.

[mother earth]

1. Is there a "misunderstanding" of the mindset? Something tells me they understand perfectly well, or

how would this enablement be allowed to continue? Hell, it's flourishing, and that in itself is surely the biggest crime of all. When we really open our eyes, there's no need to wonder any more. We see them for what they are, we surely understand that this dysfunction is blatant and purposeful.

[OrwellwasRight]

2. It also proves "the market" doesn't work.

If "the market" worked, he would be getting a pay cut, reduced at least by the amount of fines Citibank has paid, or even better fired. But no, the elite want to keep jobs in the family of the elite, so they protect him and raise his pay (like where is he gonna go?) to keep him in the ranks. I find it grotesque.