The arrogance of Chase
In a recent interview with a German newspaper, Chase CEO Jamie Dimon gave us a glimpse of exactly what is wrong with the banking industry, and Chase in particular. For instance he said that “when profits fall too sharply then capital will move somewhere else, where there is more money to be earned, for example non-regulated markets,” and “the banking industry could do with more influence on politicians.”
Does anyone really believe that the banking industry has been underrepresented in Washington influence in the past?
The problem here is that the ability of banks to take out-sized risks that throw the whole financial system into harms way, to abuse their customers with unreasonable fees and abusive behavior, and to make out-sized profits from all of this, is at risk with recent reform efforts.
Banks have often complained recently that limiting their ability to throw huge bonuses at their staff (and especially their leadership) curtails their ability to retain talent, that people will leave for other companies. But if the entire industry is held to the same standards, where exactly are these financial “geniuses” going to go to earn the same kind of money? There simply aren’t other industries where people can siphon money out of the economy in this way.
Bad bad Chase, Legal & regulatory | admin April 18, 2010
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By Amy Thomas, April 29, 2010 @ 12:43 pm
Yes, Chase is very arrogant. Chase offset my account for 503.00 because I had a checking account with WaMu in 2007 and has fees on the account. To make matters worse they didn’t even notify me that they offset my money. I went to the ATM and had no funds in my account and then the overdraft protection account, they took that as well to cover my pending transactions! I don’t know if it is legal or not but I have filed a complaint! Chase is arrogant and they suck!