Banking as parapsychology. The astounding world as interchangeability, both lucid and independent presents itself. Opaque transactions rupturing the integrity of the field; a field that is ecumenical rather than exclusive, and quite able to absorb pi research as part of itself. The banking universe as mind stuff. Banking as mysticism, where prolonged trances, without regulatory supervision, can liberate financial executives from their inhibitions. In a way Jamie Dimon is a kind of Uri Geller who can mangle metal objects by a force that flows through him; but is Dimon a magician or the first certified psychic money lender? But modern finance with its explanations of cyclic time, inverted yield curves, operation “twist” gymnastics and playing skittles with short term yields is deeply unsettling as the concept of linear time running away and getting lost somewhere permeates our feelings at the deepest levels about death, luck and economics. The future is ESP banking culture, and as Dimon implies we have no reason to fear the damage that new propositions on money and finance may do to a neat system it appears to contradict…
(see link at end)…Meanwhile, Jamie Dimon was his usual brash, charming self. That particular conversation, Mr. Keene’s handlers sternly warned some assembled looky-loos, was off the record. But Mr. Dimon has already said many things this morning that have gotten everyone talking. For example: Jamie Dimon tells me “table is set for growth” in US +4% GDP if Congress can settle long-term fiscal/tax issues. Big if. — Steve Liesman of CNBC
Dimon: ‘Life goes on’ after ‘Whale’ loss. JPMorgan Chase CEO Jamie Dimon apologized again to shareholders Wednesday [about the ~$6 billion a couple of his traders incinerated last year]…Interesting Jamie Dimon JP Morgan comeback to bank opaqueness, “You don’t know how aircraft engines work either.” — Bill Gross …Jamie Dimon Laments Too Big To Fail. Give Me A Break. Read more: http://www.businessinsider.com/jp-morgan-ceo-jamie-dimon-dwarfed-by-colossal-bloomberg-anchor-2013-1#ixzz2IoW9eGIm
Jonathan Weil:Yet as things stand now, there’s no way Dimon or anyone else could credibly argue that the sudden failure of JPMorgan could happen today without causing massive damage to others. If Dimon means what he says, he shouldn’t be complaining about how society at large is obliged to fix the problem. JPMorgan should be doing something about JPMorgan to make sure it’s not too-big-to-fail — like break itself up.
That’s a pipe dream. JPMorgan isn’t going to voluntarily give up the reduced cost of capital and other competitive advantages that come with the federal government’s backing of systemically important financial institutions.
Jamie Dimon complaining that the world must end too-big-to-fail is like Darth Vader bemoaning the intergalactic dominance of the Death Star.Read More:http://www.bloomberg.com/news/2013-01-22/jamie-dimon-laments-too-big-to-fail-give-me-a-break.html