Why Jamie Dimon Wants to Silence Paul Volcker
By Barry Ritholtz - November 11th, 2009, 10:34AM
Charlie gives good interview to Aaron task about his new book:
This week marks the 10-year anniversary of one of the great bipartisan failures in modern American history: the repeal of Glass-Steagall. On November 12, 1999, President Bill Clinton signed the Gramm-Leach-Bliley Act, which repealed the Depression-era separation of commercial and investment banks.
Repealing Glass-Steagall was “obnoxious” and a bipartisan “absurdity,” says Charlie Gasparino, author of The Sellout and CNBC’s on-air editor. The end result of the repeal was you have “taxpayers subsidizing risk-taking” on Wall Street, he continues. “It’s the most anti-capitalist thing I’ve ever heard of in my life.”
November 11th, 2009 at 11:45 am
Amen.
November 12th, 2009 at 2:30 am
I’m shocked to hear what came out of Gasparino’s mouth. Congratulations Charlie, you are finally starting to grow up! You thought this one out and your analysis is correct. I’ll have to check out your book. You have gained credibility, which I seldom saw on CNBC.
November 12th, 2009 at 8:25 am
That was a good interview. Have not seen Gasparino shoot as straight as he does here… “It’s the most anti-capitalist thing I’ve ever heard of in my life.” I am surprised he says he alludes Jamie Dimon to be a hero in his book, as Dimon was one of the first large bank executives to abandon defense of capitalism, during a crisis. (Anti-capitalist = glad handing executive of a large bank who omits to defend capitalist rule of law during a declared economic emergency – especially when the wheels are coming off, or strong winds blow the system about.)
Bring back Volcker! Bring back Volcker!
I resent Obama for holding him off to the side. That is almost as galling has paying out bonus awards during a declared economic emergency – when executives at these banks should have been told to make due with a turkey (and what they got in the four years prior).
Paul Volcker is the better steward and parochial figure the nation needs. Even at his age, his hands are more even and steady, which is what is needed here, to separate the bully’s and the punks.
November 12th, 2009 at 8:26 am
@ punks = two birds flying overhead where-ever Jamie Dimon is standing.
http://poplicks.com/images/cash-flipping-off.jpg
http://www.guzer.com/pictures/flip_off_baby.jpg
November 12th, 2009 at 8:27 am
@ bully and punks … two birds flying overhead where ever Jamie Dimon is standing.
http://poplicks.com/images/cash-flipping-off.jpg
http://www.guzer.com/pictures/flip_off_baby.jpg