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Pam and Russ Martens: JPMorgan Chase's high-risk footprint, and the failed 'rescue' of First Republic
By Pam and Russ Martens
Wall Street on Parade
Friday, March 17, 2023
At 6:33 a.m. this morning, this big, bold headline appeared at the very top of Bloomberg News web page: "How Dimon and Yellen Helped Secure $30 Billion Lifeline for First Republic."
This headline is part of a very long, highly questionable promotion of Jamie Dimon by Bloomberg News as the wunderkind of Wall Street banking.
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In reality, under Dimon's tenure as chairman and CEO, JPMorgan Chase has been on an unprecedented crime spree, including being charged with five felony counts by the U.S. Department of Justice, and his bank is annually ranked by U.S. banking regulators as well as the Basel Committee on Banking Supervision as the riskiest bank on the planet.
This morning's headline at Bloomberg News was clearly meant to suggest that Dimon was the modern reincarnation of John Pierpont (J.P.) Morgan, who famously came to the rescue during the financial panic of 1907 with a private pool of money. ...
... For the remainder of the analysis:
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