Economy
In reply to the discussion: Weekend Economists Wring Out the Old December 31, 2015-January 3, 2016 [View all]Hotler
(13,747 posts)Keep an eye on this guy, he's going places.
Looking for something to post about Jamie I came across this. We know the story we've heard it before. It's good to review once and a while, especially if it's not a bad read.
The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmar
She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn't take it anymore.
Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported more on that later) to keep the public from hearing.
In February 2008, less than two years after joining the bank, Fleischmann was quietly dismissed in a round of layoffs. A few months later, proof would appear that her bosses knew all along that the boom-era mortgage market was rotten. That September, as the market was crashing, Dimon boasted in a ball-washing Fortune article titled "Jamie Dimon's SWAT Team" that he knew well before the meltdown that the subprime market was toast. "We concluded that underwriting standards were deteriorating across the industry." The story tells of Dimon ordering Boester's boss, William King, to dump the bank's subprime holdings in October 2006. "Billy," Dimon says, "we need to sell a lot of our positions. . . . This stuff could go up in smoke!"
http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106