Breakfast with Jamie [Dimon]

EB's picture

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TruthInSunshine's picture

Just a correction: The article says QE1 "would eventually become a $1.75 billion bank largess program."

I know that the author meant QE1 would eventually become a $1.75 trillion bank largess program.

Carry on.

David99's picture

Pilbara faces cyclone risk December 30, 2010 - 2:23PM

A tropical depression over Australia could develop into a cyclone over the next few days and bear down on offshore oil and gas installations, and iron ore shipping zones, Australia's Bureau of Meteorology said today.

Gale-force winds may develop along the Pilbara coast in Western Australia by Saturday as the storm makes its way out to sea, though flooding was not expected due to the storm's steady movement, the bureau said in a warning notice.

BHP Billiton, Rio Tinto and Fortescue Metals export hundreds of millions of tonnes of iron ore mined annually from inland Pilbara deposits via coastal terminals at Port Hedland, Dampier and Cape Lambert.

Also Cockatoo Coal ceases operations as mine flooded

Be Careful with longs of miners

essence's picture

Why the hell is the CEO of the 2nd most prominent bank in the world
(sorry jamie... GS rules) sitting on the board of directors of the NY federal
reserve branch (for those that don't know...this branch is the one that wields
far more power & influence the other 11...consider it the head of the hydra).

Talk about conflict of interest.

The US is throughly corrupt.
It's markets are corrupt.

I can't directly fight that, but I sure as hell can ensure as little as possible
of my net worth support it.

 

 

 

LMAOLORI's picture

Economic Policy Journal is among my favorites I read it daily as I do ZeroHedge it was from EPJ that I learned Jamie was Obama's favorite banker.  I see the banker's are now feigning outrage over Obama's remarks and Jamie had to set the President straight...

Obama and Wall St.: Still Venus and Mars 

“Jamie Dimon, chairman and chief executive officer of JPMorgan Chase and a supporter of Obama in 2008, has been among the more outspoken critics of the White House’s anti-Wall Street rhetoric. “It’s harmful, it unfair and it leads to bad policy,” Dimon recently told The New York Times Magazine, adding that he told Obama: Former “President [Abraham] Lincoln could have denigrated all sSoutherners. He didn’t.”

http://dyn.politico.com/printstory.cfm?uuid=2A8140B2-C586-FED2-2F5B406630C0DD88

(does Obama or the lamestream news really think we buy this propaganda that the bankers are mad at him? Jamie was just over visiting him on 12/8)

 

Barack’s Wall Street Problem is Now America’s

http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/

JPMorgan CEO Jamie Dimon Donates Serious Cash to Democrats

http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html

 

Obama, Dimon Met at White House to Talk Economy, Official Says
December 08, 2010

http://www.businessweek.com/news/2010-12-08/obama-dimon-met-at-white-house-to-talk-economy-official-says.html

The great bank heist of 2010
Commentary: Wall Street wins, Main Street pays — again

http://www.marketwatch.com/story/wall-street-wins-main-street-pays-again-2010-12-21?pagenumber=2

 

 

Babalooee's picture

Go long waiters! Talk about the chance of making big money off tips

Quinvarius's picture

Dimon is a talentless arrogant prick.  If he had to operate under the same rues of the road as everyone else, he would be eating out of my garbage bucket every night.

lookma's picture

Of course Jamie Dimon meets with Dudley, Dimon is a class A director of the NYFRB.

No need to concoct some shady dinner/policy conspiracy theory, its a lot more direct and out in the open than you allude:

http://www.ny.frb.org/aboutthefed/org_nydirectors.html

ajax's picture

 

Richard Carrion? The IOC for chrissakes? Puerto Rico for chrissakes?

Tyler Durden's picture

Is Jan Hatzius also a Class A director? Dudley had dinner with him on March 11 and April 6, 2009... And this is only through pages 50.

EB's picture

Nice.

Mar 11 09:  

06:00 PM - 07:00 PM Informal meeting with Jan Hatzius (GS) Location : Pound & Pence

Apr 6 09:

05:30 PM - 06:30 PM Informal meeting with Jan Hatzius Location : Pound and Pence

lookma's picture

I don't dispute his thesis.  As we all know, Class A directors are appointed by the Banks to protects the banks' interests.

I am pointing out the supporting evidence is more out in the open than he alludes, in part by pointing out Dudley already answers to Dimon as Dimon is a Class A director of the NYFRB.

One doesn't need to go through appointment books to establish this relationship.

 

lookma's picture

A more explicit role specified by the Federal Reserve Act calls for Reserve Bank directors to establish their District's discount rate at least once every 14 days. Directors establish this rate at each regularly scheduled board meeting every two weeks. At the New York Fed, they do so in person on the third Thursday each month; they meet by conference call on the first Thursday and, should there be one, the fifth Thursday.

 

The discount rate the directors designate, subject to Board approval, is what financial institutions pay when borrowing from the Federal Reserve. These borrowings, called "adjustment credit," help banks meet temporary liquidity needs arising from short-term fluctuations in their balance sheets.

http://www.ny.frb.org/aboutthefed/fedpoint/fed10.html

 

I wonder who appointed Dudley? oh yeah:

Directors influence monetary policy by setting their District's discount rate and by appointing the Bank's president, who, in turn, sits on the Federal Open Market Committee.

 

http://www.ny.frb.org/aboutthefed/fedpoint/fed10.html


lookma's picture

William C. Dudley became the 10th president and chief executive officer of the Federal Reserve Bank of New York on January 27, 2009.

http://www.ny.frb.org/aboutthefed/orgchart/dudley.html

In 2007, Dimon was elected to a three-year term as a class A director of the Federal Reserve Bank of New York. 

Hmm, looks like Jamie had a hand in appointing Dudley.   Hmm indeed.

 

EB's picture

 

@lookma: I'm well aware of the regular meetings between Fed branch directors and Fed staff, but many are not, so it's worth accentuating.  The off-the-record nature of breakfast and dinner meetings, as opposed to regularly scheduled conference calls that would at least have an official note-taker present suggests (at least to me) these meetings were when the real dealing went down.  Had not connected that Dimon had a part in nominating Dudley, so thanks for that.

 

dark pools of soros's picture

do we really think that 'dinner' in this day and age means anything but photo ops?  and don't they all meet back at their masters of the universe lair at night?  

Fred Hayek's picture

I'm sort of picturing the Secret Society of Super Villains hideout from the old DC comics with Jamie Dimon chatting up Gorilla Grodd, Sinestro and Lex Luthor.

MrBoompi's picture

You can't call it casino capitalism when there are no losing bets.

Boilermaker's picture

The 'house', the TBTF cocksuckers, never lose...you should know how casino's work by now.

Geoff-UK's picture

What happened to all the guillotines from the French revolution?  Anyone got a key to that warehouse and a few Dustbusters?

ajax's picture

 

It's a brave new world, a do-it-yourself world guillotine-wise:

http://www.rebelart.net/diary/sokkomb-die-ikea-guillotine/001708/

Who would have thought? From quiet Sweden?

goldmiddelfinger's picture

They put a stolen Egyptian obelisk on the spot. Fitting.

Pullmyfinger's picture

Well, at least someone is tracking this stuff, but what's a few more drops in a sea of criminality? Nothing short of Armageddon is going to make much difference at this juncture.

EB's picture

You never know what will gain traction.  The fingers of instability continue to multiply. 

goldmiddelfinger's picture

Shoplifting a pack of gum gets you 30 days with a roadside trash bag

Pullmyfinger's picture

I wonder how many days Jamie will get? I'd love to see that man with a trashbag in the ditch.

goldmiddelfinger's picture

And no one's in jail for all the previous thievery

unwashedmass's picture

our government is so corrupt now that...i mean, who exactly isn't on the payroll who is going to challenge these guys? we ought to be grateful, i'm sure in their minds, that they are even bothering with maintaining the charade of free markets and a non-rigged stock and bond markets....

we are completely and totally toast. i mean, this has penetrated the dim misty regions of even ashton kutcher's mind.......

Careless Whisper's picture

why is this newsworthy? the federal reserve bank works for the global banks. this is not a secret.