Monday, May 14, 2012


I know all the Very Serious People accepted the narrative the Jamie Dimon was a good one, that JP Morgan was fine no really fine yes just fine of course all fine. But, you know, they weren't. They took TARP money. They went to the Fed discount window and put their mouths to the free money funnel. More than that, numerous counterparties were bailed out.

The top executives at every big bank should have been sacked at a minimum. They aren't wizards, even the "good ones" like Dimon. They're gamblers who almost destroyed the world and will likely do it again soon.

At which point they will be bailed out. Again.