Obama and JP Morgan
The conventional wisdom is that the JP Morgan scandal will help Obama and hurt Mitt Romney, as Obama favors even more regulation of the market and Romney opposes more regulation of the financial markets.
From TNR:
The Wall Street Journal has an intriguing story today about the anxiety in the White House over $2 billion-and-counting loss that JP Morgan announced last week. At first blush, the reason for the angst isn't entirely clear. After all, the loss would seem to strengthen the case for financial reform, which, as it happens, the president signed into law two years ago, and which Mitt Romney opposes. To the extent that JP Morgan revives the debate over financial reform, it would seem to benefit Barack Obama.
But, alas, the issue is more complicated than that. In particular, the transaction appears to have been a type of proprietary trade—which is to say, a trade that a bank undertakes to make money for itself, not its clients. And these trades were supposed to have been outlawed by the “Volcker Rule” provision of Obama’s financial reform law, at least at federally-backed banks like JP Morgan. The administration is naturally worried that, having touted the law as an end to the financial shenanigans that brought us the 2008 crisis, it will look feckless instead. As the Journal reports:
In this year's election, the president's advisers want to champion tougher Wall Street regulations passed in 2010, and worry the argument could be diminished if elements of the law—including the "Volcker rule" restricting speculative investments by banks—end up looking weak.
White House and Treasury officials are still determining whether the Volcker rule would have prevented the losses at J.P. Morgan, people familiar with the discussions said. Some of the president's political advisers are concerned that the J.P. Morgan trades, even if determined to violate the spirit of the rule, might slip through the regulatory net.
Obama has been falling all over himself praising Jamie Dimon, the CEO of JP Morgan and saying that JP Morgan is a well run company.
Why is Obama so interested in JP Morgan?
Jamie Dimon has been a long time contributor and he goes back to Chicago with Obama and a number of the members of the Obama Regime who come from Chicago.
Obama has a million dollar account with JP Morgan. Could Obama be sending a message to Federal Regulators and even criminal investigators with his praise of JP Morgan?
With the Obama Regime, nothing is simple or obvious. When Romney is elected, if he has the stomach for it, Obama and his regime could keep prosecutors busy for a decade.
Tags: barack, crisis, dimon, jamie, jp, mitt, morgan, obama, romney
Replies to This Discussion
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Permalink Reply by Nancy on -
Agreed--and if the shareholders were concerned, they wouldn't have left Dimon in charge after their meeting earlier this week.
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Permalink Reply by JC Patriot on -
Good point that JPM lost several billion dollars and is not expecting the government to bail them out (this time). In fact, they didn't lose the money as in misplacing it, they lost it to somebody else. If that were you or me that benefited from it, we would be viewed as rich fat-cats not paying our fair share. But in the last crash, they all had their hands out, hoping that the government would transfer their bad debts to the backs of the taxpayers. Once that was done, they were able to make money and pay back the bailout money, but the politicians that they do "business" with took the money and spent it anyway -- the national debt never went back down.
I agree with you that government should stay out of free enterprise, but they don't. Although the fed is supposedly not part of the government, that separation is quite fuzzy. It makes you wonder why the misleading word fed was chosen in the beginning. And our great politicians have made it quite convenient in that the investment banks can short stocks when the market turns south, but you are not allowed to do the same with your own private retirement accounts. Hmmm, that sounds like they want us to keep sending in the deposits and hope everything goes up, while they can profit by changing sides whenever the market starts swinging the other way.
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Permalink Reply by JC Patriot on
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It seems like nothing monumental is going to happen until a million or two people clog up Wash. DC and demand something be done BEFORE they leave. The retired folks could be funded by those still working who cannot afford to leave their jobs. The effect might be much greater than sending the money to the party or the candidates anyway. The turnout during the healthcare fiasco was great, but as soon as they left they became irrelevant in the eyes of the politicians again. This seems like an easier route to take than just letting everything implode after more and more damage is done by these clowns.
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Permalink Reply by Nancy on
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You are, unfortunately, correct--they will not go after BHO/his admin for fear of being called (IMO) racists because we all know that's what would happen!
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Permalink Reply by Dorris Ponstingl on -
For those that still can't believe that Barack and his Merry Men aren't SCUMBAGS watch the THUG CHICAGO MENTALITY, HE IS DIRTY THAT IS WHAT HE IS ALL ABOUT THAT IS THE ONLY WAY HE KNOWS.
,BUT THERE will be plenty of food for fodder HIS PAST ALONE HAS A SMELL THAT DEFIES ANYTHING HE WILL SAY WILL BE UNTRUE.,THAT is why he has to be real nasty he thinks he can make anyone believe ANYTHING HE SAID HE HAS BEEN TO BE A KNOWN LIAR .
THE ONLY PEOPLE HE KNOWS THAT WILL FELLOW HIM WILL BE EITHER COMMUNIST,SOCIALIST OR HOMOSEXUALS.
AND WE HAVE GOD ON OUR SIDE YOU DON'T GET MORE POWERFULL THAN THAT.
HE AND ALL HIS REGIME WILL BE UNDER RADAR THIS TIME,AND IF THERE IS A SLIGHT HINT OF THEM TRYING STEALING THE VOTES AGAIN ,THEY WILL ALL BE PUT UP FOR TREASON,THIS IS NOT A THREAT THIS IS A PROMISE.
AND IF I HAD ANYTHING TO SAY ABOUT WHAT YOUR SENTENCE.SHOULD BE I RECOMEND THE DEATH PENILTY.
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Permalink Reply by Jeff B. Willis on
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J.P. Morgan is too big. Anyone who has dealt with them knows that "the left hand doesn't know what the right hand is doing." But increased regulation isn't the answer!
The issue rests with responsible investing. Hedge Funds and derivatives aren't the safest of bets. Still, someone made that call! The buck stops with Jamie Dimond. Perhaps he needs to be shown the door! There are a lot of highly paid, corporate executives who have performed less than their pay grade would demand! However, added regulation isn't the answer!
Mitt Romney needs to find a way to slap JP Morgan without doing more harm to an industry that is still reeling more from bad banking decisions than not enough regulation. Here are two possible ideas that would allow Mitt to "turn chicken manure into chicken salad."
(a) Introduce legislation that would ban offshore outsourcing of any job that required all are part of an Americans' social security number.
(b) Introduce legislation that would mandate states to base mortgage lending licensing fees on the "number of employees each lender and their affiliated companies" held.
(c) Repeal Dodd-Frank and MDIA in conjunction with this action.
The end result: Probably one million domestic, private sector jobs created within the financial services sector!
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Permalink Reply by Diane M. Blum on
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I think Obama will be in office again either by voter fraud or by marshall law. The communists have come this far 80% of destroying this country to achieve their agenda they are not going just give up and turn everything over to someone else.
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Permalink Reply by Guy Blanchard on
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Mr Transparency has been corrupt along time...Those that vote obama either hate freedom and America or they are so gullible they should not be allowed to vote..Transparency right?Now,about that fake live birth paper and your hidden college records and those missing hawaii grade school records. Hello people,fake live birth paper,refusing to show college records,now Mr Transparency has his hawaii grade school records missing.. Are we all that stupid? Is the white house really so corrupt they would hide everything obama even after obama himself said he would have the most Transparent administration ever?Is there really people still willing to vote obama after these and many other serious issues?
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Permalink Reply by el22526 on -
$50 billion given to General Motors in the bailout provided by Both Republicans and Democrrats in Washington back when Bush was President
The Obama administration along with the Republican Held Congress and Democrat Held Senate quietly sn...uck in a special tax break for GM.
The company gets to write off approximately $45 billion in post-bankruptcy losses against post-bankruptcy profits.
Last year, GM paid nothing in federal income taxes. Even though they had record profits of $7.6 billion, the “highest profits in the 100 year history" (Obama statement), GM paid a tax rate of negative 1.5% on its record profits, meaning while most American Taxpayers were paying into the IRS last month, the IRS was sending those Federal Reserve Notes over to General Motors in the amount of $110 million.
And You want to make people believe Obama is the only bad guy and we need to electe a Republican for President?
I will say what Archie Bunker and Fred Sanford used to say: You big dummy; You Meathead.
Thanks to Bush and the republicans in office, and Obama and the Democrats in Washington passing tax laws; GM’s tax break will be a gift that will keep on giving every year at tax timeMitt Romney's largest contributors are Goldman Sachs and Bank of America,
Mitt Romney has flip flopped and changed his mind on a daily basis, depending on the crowd he is speaking to on several key issues of grave importance.
Mitt Romney supported the bailouts. And Obma Voted for the Baiouts.
10 years ago today's entire economic crisis was seen and I along with other constituionalists warne...d it was coming-- telling people do not vote for Bush or Gore.
Mitt Romney supports the unconstitutional laws such as the Patriot Act and NDAA, and Obama Signed them into Law
Mitt Romney does not discuss his thoughts on endless wars and has absolutely no plan on how to put a closure to unconstitutional, undeclared expensive wars.
"Just bring them home". not Mitt and not Obama.Neither party candidate Romney or Bobama and none of the leadership in Washington has really shown any plans to cuting $1 Trillion in his first year from big government spending,
America will get what America asks for: many more years of pure insanity and the same ole same ole. More big government. More endless wars. Less individual freedoms. More ceiling raises. More taxes. More debt. As the media continues to silence the facts the Americans voting will be misled to the slaughterhouse, again.
Shame on the Republican Party. Shame on the Democrat Party. And shame on those hijacking the country and supporting the corporate interests that make up the Doctrine Hamilton expressed, now maturing America into absolute despotism and nothing less than a monarcial syste3m run by a faux two party system.
Most American voters, by their own past voting tack record, don't deserve being called anything more than sunshine patriots . Unless there is actually fraud in the voting process, and our votes never actually matter, only those who counts the votes matter.
What will happen in Nov. 2012?
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Permalink Reply by Rick Butkowski on -
"What will happen in Nov. 2012?" Democrats, Communists and socialists will vote for the Liar (or the election will be taken overseas to socialist Spain and stolen) and Republicans/Tea Partiers will vote for Mitt R and then go back to sleep. We'll follow that by four more years of doing nothing effective while we watch sports games ad nauseum. We'll pay our increased federal and state taxes. We'll complain about how our government is screwing us harder and we'll ring our hands. Our ministers, priests and rabbis will do nothing for fear of the government or losing donations. Our public school system will continue to churn out good socialist worker drones. There will be great wailing and gnashing of teeth. But we will do nothing and the Democrats/Republicans (Socialists, Communists & Fascists) will finish the Revolution.
Or we Tea Partiers will pull our heads out and begin forcibly removing these criminals from the offices they have stolen in government and industry. Time for a Jeffersonian solution is way past due.
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Permalink Reply by Tim Jicinsky on
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It seems control of the media is of the highest interest to Obama. After Gov bailout, two years ago JP Morgan became the largest shareholder of US today and Gannet Newspapers. They already have control over LA Times and Chicago Tribune. We know of the Obama's relationsip with the ownership of NBC, and the newest buyouts by Warren Buffet in the more conservative areas of this country. I am sure there is more. But Obama is a communist and he is commited to controlling the free press.
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