JP Morgan Chase CEO Offers Poor Explanation for Robosigning
Excuse me Jamie. Mr. Dimon, hello?
Do you really still think we’re fools?
How else can you explain your half-hearted apology over JP Morgan’s part in the robosigning scandal?
The CEO of JP Morgan Chase made some efforts towards reconciliation in his annual letter to shareholders, which is now out for all to see.
But it’s clear that Jamie Dimon is still delusional and suffers a full blown case of pass-the-buck disease, for which, apparently, there is no cure.
In the section titled “The Mortgage Business — The Good, The Bad and The Ugly” (He should have just left out the first two) Dimon admits to JP Morgan Chase’s shareholders that his companies ‘servicing operations left a lot to be desired’
He adds his company ‘made too many mistakes’ and that the it was ‘not our finest hour’.
Let’s be honest, it was your worst hour and your lasting legacy.
Here’s the problem Mr. Dimon. You didn’t just make a mistake. If I forget to buy milk on the way home, that’s a mistake. Your company, your officers and your top executives all suborned fraud forgery and perjury, all federal crimes.
Robosigning was more that just, as you put it, ‘paperwork errors’.
Everyone from the tippy-top of your company on down, encouraged this kind of illegal activity to happen, in fact it became part of the operating procedures of your company! You just farmed it out.
Why not just own up to the homeowners, the taxpayers and your shareholders. You’ve been caught with your hand in the cookie jar, I can still see the bruise.
In Dimon’s eyes, his bank was far from the worst offender, as if that makes it all right.
“We were one of the better actors in this situation – but not good enough,” he says.
Dimon is actually ‘nice enough’ to admit his signers “did not have personal knowledge about what was in the affidavits” but still claims that their information was “largely accurate — i.e, the borrower in fact, was in default, we did have the mortgage and so on.”
Baloney. Do I need to show you my case files?
In many, many cases, JP Morgan didn’t have the paperwork, didn’t have standing, and made a mockery of the judicial system, turning the courts into their own private collection agency.
In his letter to shareholders, Dimon narrowly defines an ‘improper’ foreclosure (ie — Illegal) as one where the ‘borrower was misled about significant loan terms or fees or interest rates that were higher than they should have been’ or ‘one in which the homeowner did not owe the money or was not in default.’
Again he’s forgetting how the banks misused the legal system and denied homeowners their due process in order to foreclose.
Jamie you turned our constitutional democracy into a banana republic, and your continued indignation just proves that there is no other option but to break up your bank, as well as the banks of your peers, just as the Dallas Fed has suggested.
JP Morgan Chase owes trillions of dollars in liabilities. If you were to mark down all of of your assets to the market value today, JP Morgan Chase would become a broken insolvent institution.
But the fact is Mr. Dimon, is that you’ve played this little shell game with your shadow inventory (an inventory you acknowledge in your letter) dragging it out, so you don’t have to write down your assets.
It’s bogus, and I’m calling you out.