Despite our suffering during the last four years with your most supreme arrogance and hubris we applaud you as the king of a corrupt system, a system where:
1) Derivatives outstanding in “bank” proprietary hands are at the highest level in history. Why not? Financed by taxpayers and depositors at 0% interest, a great opportunity to break the bank. Sadly, the banks that break are the banks we rely on. BANCO.
2) Risk is measured by arcane formulas and set up to show outside risk in the millions while in reality it is in the billions (per bank.) The total banking system is, once again, at risk in the trillions but Jamie, knowing in case of catastrophic loss, shareholders, bondholders, and management will be bailed out by taxpayers. Might as well bet the bank! BANCO.
3) Volcker – what’s dat? Spank Dodd-Frank. Dat’s what we pay our representatives in government to destroy. Why is it that Congress, the regulatory bodies, and the executive branch cannot put in place Volcker and Dodd-Frank? Because they are well paid not to. Hard to run for office with the funding going to your opponent who has pledged to defeat the safeguards which have become mere lipstick on the face of a well made-up prostitute. Jamie – within the law (I hope) you pay the politicians, give jobs to the bureaucrats when they leave government, dance with the President, lobby the law with “research” on how regulations will hamper the banks’ lending! Now really Jamie!! BANCO.
4) Europe is at fault for today’s world crisis. NO Jamie – unless we include the American banks who, to avoid what little regulation there is in the US, and flock to London where their rampant speculation goes virtually unregulated. Good job Jamie – gaming the system is a specialty of the house. BANCO.
5) Jamie – The Fed who feeds you money at 0% interest (taxpayer money) and jiggers the monetary system to provide you additional taxpayer money as profit daily, who has expanded its balance sheet by four trillion dollars so you can keep your job, has provided you with forty officials who are responsible for monitoring your risk. Curious as to whether you have helped their oversight or their “overlook.” What a bunch! BANCO.
Jamie, it’s time for you, the Fed, Congress, the regulators, and the Executive to give up the idea that banks are to be run as unregulated hedge funds with “0” cost money provided by depositors and taxpayers. Wins are for shareholders, bondholders, and managements. Losses are reserved for taxpayers.
SHAME JAMIE BANCO
PS: Jamie – We forgive you! You are only a symbol of the rot in our banking system. It’s just that in this coming catastrophe you got caught first.