Bankers: FAIL

A quote from Jamie Dimon, the CEO of JP Morgan Chase this week (from the Wall Street Journal via Yves Smith at Naked Capitalism):

“We’re not evicting people who deserve to stay in their house,” James Dimon, J.P. Morgan chief executive, told analysts Wednesday.

Now let’s turn to the Lansing State Journal reporting the day before Jamie Dimon made his comment (emphasis mine):

HOLT – Army National Guard Capt. Bill Krieger was talking to his wife, who’s stationed in Iraq, at the very moment his mail carrier came to his Delhi Township home Saturday with a registered letter requiring Krieger’s signature.

It was a foreclosure notice from Chase Home Finance:


Let me pause here to inject a little background into this story. Capt. Krieger served in Iraq in 2006-07. His wife, Army National Guard Sgt. Kristin Krieger, is there now, as is their 21-year-old son, Pfc. Aaron Krieger, who’s regular Army. They keep in touch via Skype, software that allows voice calls over the Internet.

Let me point out, furthermore, that JPMorgan Chase is one of the banks American taxpayers bailed out in 2008. Chase is currently under investigation for its alleged sloppy approach to foreclosures.

Oh – and one other thing … since they bought their house five years ago, the Kriegers have never missed a payment. Not one.

Mr. Dimon’s assertion that all foreclosures deserve it is demonstrably false.  He is either lying or ignorant.  If ignorant, then we can conclude that the organization he heads, JP Morgan Chase, is our of control and cannot account for it’s own assets properly and report them properly.  Either way, it’s FAIL on the bank.

Unfortunately, Mr. Dimon will not only not suffer consequences for his and his bank’s misbehavior, he will be rewarded with hundreds of millions of dollars in bonuses.

We need a new banking system.