November 23, 2009
Speculation has it a game of musical chairs is underway at the Treasury and the Fed. Geithner and Bernanke may be offered up as scapegoats as the economy continues its perilous (and planned) descent. Congress is worried about rising federal deficits and unemployment as the mid-term elections approach, so Geithner and Bernanke may be required to fall on their swords.
“The theory is that the President will fire Geithner and pull he support for reappointing Bernanke to show that he is concerned with the problem and is willing to bring in new blood,” opines 24/7, an investment website. “The latest in speculation is the Geithner will be gone soon and JPMorgan Chase & Co. CEO Jamie Dimon will become the next Secretary of the Treasury.”
Jamie Dimon is the preferred choice, according to the New York Post, because JPMorgan came out at the top of the big bank pile-up during the so-called credit crisis. Dimon’s JPMorgan was “reasonable about the pay packages it has given to its management and top financiers, unlike Goldman Sachs, which will distribute record bonuses this year,” writes Douglas A McIntyre.
It was reported in October that Dimon was second on Geithner’s list when he was calling around about the government takeover of General Motors. Lloyd Blankfein, chairman and CEO at Goldman Sachs, was first on the list. Vikram Pandit, CEO of Citigroup, was also on the short list.
Dimon scored big in the public perception department when he declared JPMorgan did not need money from the bankster bailout. Dimon said the money forked over to the bank was a “scarlet letter.”
Dimon and JPMorgan saw the public relations disaster looming ahead and planned accordingly. JPMorgan is no less parasitical and criminal then the rest of the “too big too fail” gang — Citigroup, Bank of America, Morgan Stanley and Goldman Sachs — they were merely better at managing public perception. JPMorgan remains a key player in the derivatives and toxic waste fraud that has decimated the global economy.
In fact, JP Morgan was an “innovator” in the derivatives “industry.” Part of JP Morgan’s “portfolio” includes almost $8.4 trillion in credit derivatives, more than Bank of America’s, Citi’s, and Goldman Sachs’ holdings combined. In 2002, it was feared JP Morgan would lead the way in the derivative-market implosion.
If Obama and crew swap out Geithner for Dimon, it will change absolutely nothing. “Obama is listening to only one banker it seems, Jamie who has vested interests in keeping things as they are,” writes the Moderate in the Middle blog. In short, the banksters will reign supreme, there will be no reform, and the massive transfer of wealth will continue uninterrupted. Geithner for Dimon is simply a game of musical chairs.
Swapping out Terrible Timmy for Jamie Dimon is lipstick on on a pig.
This article was posted: Monday, November 23, 2009 at 12:58 pm