Greed Still King,why Are These People Not In Jail

[LongTimer V]

http://www.thestar.com/business/article/1177111--j-p-morgan-ceo-jamie-dimon-is-a-clear-and-present-danger-to-world-banking-systems-olive

[Trader]

The whole industry needs regulation! But they will cry socialism, facism etc everytime anyone brings it up. With some luck this will bring the issue to the forefront again and they will start making SOME strides towards reigning these fools in.

[chockalicious]

I read the article and fail to see what exactly he did wrong? JP Morgan has over a trillion dollars on deposit so while I agree that strong regulation is needed, I am not sure sure what exactly he did wrong (except to offend the left leaning Toronto star I guess).

[Don Hudson]

Chock - the fact that we can't see what he did wrong is what's wrong. Capitalism is not a social system, it is a technical means by which wealth is amassed. The means are now supported in a vast legislative change which began in the early 70's. So legally he has done nothing wrong, because governments are complicite in the destruction of the middle class and middle class values.

Now this will be dismissed by those who think that people like Morgan-Chase are just doing what's best for them, (and maybe for their corporation) and "what's wrong with that?" Given current views held, remarkably, by a large portion of the population, nothing is wrong. But setting aside "what's merely legal", there is an element of larceny and a vague stench about everything this CEO and this bank stand for and do, and perhaps it is that which some people cry out for regulatory reform. But as long as it is successful for the few who buy their politicians every four years, change is a very long way off. But it will come, just as deep societal changes in approaches to religion and a religious life have changed over the last 300 or so years. In the meantime, we are looking at today's "priesthood" - untouchable, unassailable and doing the right thing, all in the name of _________ (fill in the current blank).

This isn't a criticism, it is merely a sociological recognition of how social realities are constructed, how institutions behave and how they come into, and go out of favour to be legitimized and then ultimately replaced by others. Currently, it is business's turn.

Don

[LongTimer V]

It's getting better

http://www.forbes.com/sites/petercohan/2012/05/12/how-jpmorgan-lost-17-5-billion/

[DEFCON]

Yep - the 'brightest & best' show themselves for what they are not - again!

[chockalicious]

Hi Don

I understand your point but what is the alternative? I think it may be overstatement to say there is a stench of larceny on everything this bank stands for. I agree with strong regs. In looking at this paticular case it really seems that there was not malice, just trading that wrong.

I don't know what the solution is but I think the current system is better than any other.

[Don Hudson]

Hi Chock;

There is no alternative. It is what it is - which is a devil's promise to a larger and larger portion of the population. You cannot regulate a social conscience - social and economic change are no longer bed-partners.

This isn't new. With few material differences, this occurred in the late nineteenth and early twentieth centuries when capitalism was gaining its first foothold. Some countries became unbelievably (at the time) wealthy and powerful, some countries like China and India and most of Africa did not participate in this mainly-European and United States phenomena. There were at least seven boom-bust cycles which were like the Great Depression and the current economic crisis but growth, prosperity, the gold-standard and wealth collapsed with WW I.

Then as now, it is impossible to regulate social responsibility in a pure, profit-oriented economy. Those who benefit are now wealthy and powerful enough to retain the governments they need.

These trends were recognized twenty-five years ago but were dismissed as left-wing rants and either anti-American or anti-business ravings.

The idea wasn't ever to stop business from doing what it does best, sometimes incidentally producing enormous benefits for society in the process. Poverty levels are increasing, wages reducing, the absence of the ability to fund a pension is disappearing and ordinary people are finding it more difficult to raise a family, house them, feed them and educate them.The failure is the lack of inclusiveness in a multi-trillion dollar economy. That doesn't mean that the handouts are missing - that's socialism which is actually worse than capitalism. The difference is meaninful opportunity. In Canada, we lead the world in showing how it can be different.

Don

edited to broaden the view a tiny bit