The following post is an exact copy of my response to the opinion of Jamie Dimon, the CEO of JPMorgan Chase & Co, which The Wall Street Journal published on June 29, 2009:
With as little respect as possible, I have to say this commentary is likely the most hypocritical piece of rhetoric any human has ever recorded and I can’t help but wonder whether it made even you a little sick while writing it.
When you suggest that regulation is welcome, do you mean before or after you increase minimum payments on your most loyal cardholding customer base by 2.5 times overnight?
Or was that what you meant about being careful not to regulate too far?
When you talk about how good it is to increase liquidity, did I somehow miss where you voluntarily explain just how many toxic assets are being hidden via mark-to-market accounting practices?
Are you the slightest bit concerned about the size of your glass mansion, when you cast stones at those “who extended absurdly low introductory ‘teaser’ rates”?
At least those “lightly regulated brokers” made people sign blatant disclosures that clearly explained their terms… before selling their loans back to your sorry (self).
When you talk about earning back the trust of the American consumer, do you so quickly forget the aggressiveness with which your solicited consumers with misleading, if not false, solicitations for “life of loan” terms, that you now call back at an unreasonable pace to trigger usurious rate hikes on the resulting defaults.
Do you plan to earn back the trust of the consumer by taking bailout money, which results in tax increases that will likely hit these same consumers the hardest… and then have the audacity to squeeze your most loyal producers in a desperate attempt to make up for your mistakes?
As you irresponsibly push a good portion of these roughly 850,000 consumers to financial bankruptcy… do you contemplate your own moral bankruptcy?
Mr. Dimon, you may be the biggest hypocrite ever to step foot on this planet.