Robert Reich (RBReich): Bankers love socialism—when it's the government giving them bailouts | Opinion
In his annual letter to shareholders, distributed last week, JPMorgan Chase CEO Jamie Dimon took aim at socialism, warning it would be “a disaster for our country," because it produces “stagnation, corruption and often worse.”
The $13 billion penalty was chicken feed to the biggest bank on Wall Street, whose profits last year alone amounted to $35 billion. Besides, JPMorgan was able to deduct around $11 billion of the settlement costs from its taxable income. This was the same Jamie Dimon who chose London as the place to make highly-risky derivatives trades that lost the firm some $6 billion in 2012 – proof that unless the overseas operations of Wall Street banks are covered by U.S. regulations, giant banks like his will move more of their betting abroad, hiding their wildly-risky bets overseas so U.S. regulators can’t see them.Dimon was also instrumental in getting the big Trump tax cuts through Congress.
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