Wall Street Banks Love Socialism But Only For Themselves

Jamie Dimon, CEO of JPMorgan Chase / Public Domain

JPMorgan CEO Jamie Dimon warns against socialism, yet his bank has benefited from socialist programs.

In The Guardian, Robert Reich writes that Wall Street bankers, such as JPMorgan Chase CEO Jamie Dimon, only like socialism when it benefits them.

Dimon’s annual letter to shareholders criticized socialism, saying it would be “a disaster for our country” because it brings about “stagnation, corruption, and often worse.”

Dimon has directly benefited from a bailout that closely resembled socialism in 2008, when JPMorgan received $25 billion. This came during the financial crisis, when many Wall Street banks almost went under.

Dimon agreed to pay the government 13 billion to settle the charges that JPMorgan overstated the quality of some mortgages it was selling prior to the crisis. JPMorgan admitted to doing this.

After benefitting from socialist practices in 2008, Dimon’s bank, along with others, are now considered “too big to fail.” they are subsidized approximately $83 billion a year.

More, Dimon helped get the 2017 Trump tax cuts through Congress, which saved JPM and other big banks $21 billion last year.

It seems as though big banks feel that they can profit from socialism, but no one else should.

Read the full story here.

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