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.
“My administration is the only thing between you and the pitchforks.” – Barrack Obama March 27, 2009
The president was speaking to the heads of America’s largest banks in the White House shortly after his election. At this extraordinary meeting, Obama and his administration made it very clear that the big banks would play ball or have problems.
The CEOs of the big banks genuflected, as was wise. Jamie Dimon, Ken Lewis, and others knew what was expected of them. The play for these men was to roll over, which they did. And to write checks to Democrats, which they did.
They had already written big checks to Obama in the 2008 campaign. Wall Street piled onto the Obama bandwagon when things began to look obvious. Goldman Sachs employees for instance were Obama’s largest contributor after the University of California system. JP Morgan and Citi were not far behind.
They all got protection from the “pitchforks,” courtesy of President Obama. In particular, they got protection from legal actions connected to the Crash.
This president and his administration have sought to chill dissent. Like the political correctness fanatics which now run our universities (a movement from which Obama it should be noted emerged) who chill speech at every turn in the name of “tolerance and diversity” this president uses similar newspeak when he calls for transparency and “freedom.”
James Rosen, defense reporter for Fox News was tracked by the Department of Justice in 2009. His private emails were read, his comings and goings around Washington DC were monitored.
There’s still some independence in the establishment media, but more often than not, with big national stories, an idea is crafted at Media Matters and then is sent around to newsrooms all over Washington DC and New York. These talking points are picked up by producers and reporters and then repeated. Last year The Daily Caller, a conservative website, charged that Media Matters acted essentially as a ministry of information for the current administration.
No big deal. Just the Department of Justice seizing the phone records of reporters and editors over a 2 month period. Nothing weird or intimidating about that.
Man, that revolving door just keeps on turning. I am so glad to hear that the guy who deemed HSBC too “big to jail” is going back to be a white collar defense attorney. That he’s going back to defend the banks. I don’t see how a $4 million/year job could have influenced his tenure at Justice or anything.
2 months ago I had the opportunity to hear Mr. Wallison speak about his new book, Bad History, Worse Policy: How a False Narrative about the Financial Crisis Led to the Dodd-Frank Act and I agreed with almost everything he had to say. It’s probably a good book. You can buy it HERE.
Holder’s so concerned.
He can’t bring any law suits. Prosecution might hurt the economy. The big banks are just too big. It’s not his fault. Congress needs to deal with the issue. He’s powerless.
Our Attorney General says this if things were sketchy enough a drone strike on American soil against a US citizen could be warranted. That whole due process thing? And the military not operating within the country? C’mon. Those ideas are so 20th century. You do know we have the NDAA right?