Jamie Dimon on May 10, 2011 explaining a two billion dollar loss to his shareholders on a conference call:
“In hindsight, the new strategy was flawed, complex, poorly reviewed, poorly executed, and poorly monitored.”
“It was a bad strategy. It was badly executed. It became more complex. It was poorly monitored.”
“We’re willing to bear volatility, and um, that’s life.”
“This trading may not have violated the Volker Rule, but it violated the Dimon principle.”
“We’re not in a business where we are not going to make mistakes. We are going to make mistakes… I could never promise you no mistakes.”
“Even hindsight’s not 20/20, but with hindsight, yes, obviously we should have been paying more attention to it.”
Jamie Dimon at Davos in 2009 speaking about the financial crisis:
“Just because we’re stupid doesn’t mean everybody else was.”
That was after taxpayers needed to pony up $100 billion dollars to create the capitol he didn’t think he was going to need in order to run his casino. He was trying to make the point that regulations aren’t necessary, simply because he was a total fucking moron.
Jamie Dimon on the London Whale debacle:
“It’s a tempest in a teapot.”
“[It] plays right into the hands of a whole bunch of pundits out there … These were grievous mistakes, they were self-inflicted.”
“We made a terrible, egregious mistake … There’s almost no excuse for it.”
“We made a stupid error. Businesses make mistakes, they learn from it and get better. Only when I come to Washington do people act like making a mistake should never happen. Only with academics and politicians is it not allowed.”
“The London Whale was the stupidest and most embarrassing situation I have ever been a part of.”
From an article in The International Business Times (regarding the London Whale):
The bank has been criticised for allegedly holding back information from regulators during the London Whale saga, but Dimon said nothing was withheld and “we didn’t know ourselves sometimes” as JPMorgan tried to mop up in the aftermath.
So you’re running a company in a fashion that allows for you to not know what the fuck is going on? And you’re still employed, why?
Why am I revisiting Jamie Dimon’s greatest hits? Because this arrogant and demonstrably incompetent ass had the audacity to say about Elizabeth Warren, “I don’t know if she fully understands the global banking system.”
Really? You don’t know if she understands? You’ve repeatedly told us that you don’t understand what the hell is going on (usually after one of your giant fuck ups), and we’re supposed to care that you don’t know if Elizabeth Warren understands what you clearly don’t?
Oh for fuck’s sake, can’t you just rob the world in silence? Must you take our money and subject us to your arrogant bloviating?
Honestly, what this idiot lacks in intelligence and morality, he makes up for on audacity. You don’t get to mansplain things to someone who has been right about damned near everything she’s said in the past twenty-five years without me bitchily pointing out what a stupid, greedy, arrogant fuck you are.
That’s it. Short and sweet bitching this time.