JP Morgan CEO Jamie Dimon sits on the New York Federal Reserve the very same authority that regulates his corporation. Many credit cards issued by JP Morgan Chase charge customers as much as 30 percent interest. This despite the fact that the Federal Reserve lends money to JP Morgan at zero percent interest. Why does JP Morgan get money from the Fed at zero percent? To get money moving again. And money is moving again, straight up into Jamie Dimon’s pocket.
Yet despite all this, after reading today’s article in the New York Times savaging JP Morgan’s Jamie Dimon, we felt sorry for him and decided it was time to step up and defend Wall Street’s brave soldiers of fortune.