By Pam Martens: March 26, 2013
Jamie Dimon, Chairman and CEO of JPMorgan Chase
The only entity less deserving of an Investor Relations
award is the magazine that just gave one to JPMorgan’s Chairman and CEO,
Jamie Dimon, last Thursday evening.
Six days before the awards event hosted by IR Magazine
(that stands for Investor Relations Magazine but could also stand for
Insane Rationale Magazine) which went unattended by Dimon (likely out of
fear he might trip over the people rolling on the floor at his award)
the U.S. Senate Permanent Subcommittee on Investigations released a 307
page report and 98 exhibits proving beyond a shadow of a doubt that
Dimon and his CFO at the time, Douglas Braunstein, either lied through
their teeth to investors and investment analysts or were in the dark
about what was going on within their own company when the Chief
Investment Office churned $6.2 billion of bank deposits into pocket
change.
At the related Senate hearing on March 15, Chairman Carl
Levin summed up investor relations at JPMorgan as follows: “piled on
risk, hid losses, disregarded risk limits, manipulated risk models,
dodged oversight, and misinformed the public.”
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