the poors did it

Jamie Dimon, Welfare Queen

poopermanWhen we last checked in with Jamie Dimon, he was getting a tongue bath from Jim DeMint (R-Jamie Dimon’s Butt) because Jamie Dimon is a Very Big Man in charge of a Very Big Bank that makes Very Big Profits for Very Big People. As Jim DeMint (R-Jamie Dimon’s Butt) noted, not everyone can do what Jamie Dimon does: who among you, for example, could lose $2 billion dollars in one day and not even really miss it? And who among you could preside over a global economic crisis and escape with your job and pay intact? Hmm? And what if you were trying to do all of this on a shoestring, like Jamie Dimon, who only gets $14 billion per year in subsidies from taxpayers?

From Bloomberg:

JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fund and our own analysis of bank balance sheets.

First, the good news: someone at Bloomberg figured all of this out by reading a balance sheet, meaning that this person is qualified to be president, which is fantastic. The bad news: the $14 billion per year goes to paying grossly inflated salaries to wankers like Jamie Dimon in addition to ruining your life and the lives of others.

The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy… In other words, U.S. taxpayers helped foot the bill for the multibillion-dollar trading loss that is the focus of today’s hearing. They’ve also provided more direct support: Dimon noted in a recent conference call that the Home Affordable Refinancing Program, which allows banks to generate income by modifying government-guaranteed mortgages, made a significant contribution to JPMorgan’s earnings in the first three months of 2012.

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We at Wonkette hate to say I told you so but it looks like the subprime crisis was caused by Poors after all. Or possibly Europe.

[Bloomberg]

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About the author

Kris E. Benson writes about politics for Wonkette and is pursuing a doctorate in philosophy. This will come in handy for when they finally open that philosophy factory in the next town over. @Kris_E_Benson

View all articles by Kris E. Benson

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88 comments

  1. nounverb911

    "JPMorgan receives a government subsidy worth about $14 billion a year, "
    This is socialism Mitt can believe in.

    1. mrpuma2u

      Corporations are people with their hand out too, my friends!! Their hands hold a lot more.

  2. SorosBot

    But they are Job Creators! Just ignore that they've actually destroyed a fuckton more jobs than they've created.

    1. not that Radio

      Celebrate the duality! Shiva was both Destroyer and Creator, but is chiefly remembered for one of those.

  3. EatsBabyDingos

    I'm going down to the food bank and default on a t-bone loan in Jamie's dishonor.

  4. Callyson

    Made the mistake of watching Bloomberg TV while working out and this asshole came on, and was going on about how "You can blame the banks for everything if you want…"

    Poor little bankers–someone actually wants to hold them accountable for their actions, and prevent them from repeating their destructive acts. This bank bashing must be stopped!

    Nearly threw a dumbbell at the TV…

    Asshole.

    1. James Michael Curley

      You were going to throw this dumbbell over hand?
      Cause Dimon must weight at least 180. I'm impressed.

      1. Callyson

        The amount of strength a person can derive from pure rage is rather amazing…and frightening…

  5. Come here a minute

    And who among you could preside over a global economic crisis and escape with your job and pay intact?

    That's a clown question, bro.

    1. Jus_Wonderin

      When I hear this stuff, it's not my head that hurts. Ouch. Now, can we have a cigerette together?

      1. sewollef

        "We're improving customer service by removing all the cash registers in this department store to the second floor". — Macy's

        True story.

  6. iburl

    Why can't you libtards just accept that we are a nation of slaves and that Mitt Rmoney, Jamie Diamond, and all the other Wall Street white folks are our masters? Hmm? Are we going to have to have another 9/11 before you get it, dummies?

  7. Lionel[redacted]Esq

    Why even complain about this? That $14 Billion will easily be taken care of when the GOP controls the government by cutting Food Stamps by $20 Billion.

  8. Baconzgood

    (unrelated to this post)

    MAN-O-MAN THIS CLIENTS HAS BALLLLLLLLLZZZZZ! He owed me $XX,XXX.XX for over a year and called me up to have me "Do (him) a huge favor". BALLLLLLLZZZZZ! BIG AND BRASSY. Yeah I'll get right on that for ya Kevin.

  9. Abernathy

    Does this make Jamie Dimon one of those overpaid federal employees? Sic 'em, Mittens!

  10. SayItWithWookies

    Jamie Dimon wants you to know he didn't really want the $14 billion in government money to prop up his whorehouse and poor-whipping emporium — but he figured it would be nice to have lying around just in case. Because in the rough-and-tumble world of Big Bidness, where you take ridiculous risks with other people's money and are rewarded whether you succeed or fail — oh, fuck it — throw the motherfucker in an old latrine hole and put a webcam in there so we can see and hear his piteous fucking moaning. Or cut his balls off and feed them to his dog — something to put a stop to this fucking shit.

  11. Chick-Fil-Atheist™

    If banks really want to make money, maybe they should sell toasters instead of giving them away.

    1. TootsStansbury

      Remember when banks handed out lollipops to the kiddies? Now they shake the poor little things by their ankles and steal whatever falls out of their pockets.

  12. Beowoof

    Well he does share with his congressional enablers and they accept, let him do what he wants and then congress blows him just to ensure the cash keeps flowing.

  13. Indiepalin

    Subsidies such as these are not found on the balance sheet but, rather, on the statement of revenues, expenses and changes in retained earnings. Look under "Other Revenue – kickbacks and corporate welfare".

  14. BlueStateLibel

    One of these days, heads are going to roll (not a threat, just an educated observation).

  15. Generation[redacted]

    The economy wouldn't have collapsed if minority homeowners hadn't defaulted on $50 trillion in back mortgage payments.

  16. MumbletyRadio

    The bad news: the $14 billion per year goes to paying grossly inflated salaries to wankers like Jamie Dimon in addition to ruining your life and the lives of others.

    Can this, today's Solstice-y arrival of Summer, be the end of our Cruelest Month Season, Spring? Literally and by association.
    A year ago we were wondering if wonkette was going down the tubes; the spring before that, we were wondering when the oil would cease gushing through the Gulf of Mexico. My brain is starting to resent this time of year as much as my abdomen resents those times of month.

  17. OldWhiteLies

    Speaking of poorz … so I'm on my way to work this am and the last 15 mins I end up behind this Lexus RX300. Squarely in the middle of its back bumper (but crooked, listing to starboard) is the following bumper sticker:

    REPUBLICAN
    Because not everyone can be on welfare

    My first thought was a violent reaction fantasy. My second was that I should have some bumper stickers of my own made up to clandestinely place on vehicles that sport the above message:

    IDIOT
    Because I have no idea how the economy really works; and no desire to ever find out.

    I'd add an arrow that would helpfully reference the Repug sticker.

    Alas, I do so wish that I could go through just one day in this country without experiencing something locally to me; reminding me of this complete lack of human decency, kindness and compassion. My snark has ebbed deeply today. Fellow Wonketteers, may I trouble you to please make lots more funny.

    Not much in the way of cheers, OWL

    1. scvirginia

      Maybe the companion sticker should say: "Only Corporations". The driver would probably think it's an improvement, though…

    2. OldWhiteLies

      Perhaps I should explain my "economy" reaction. Here is a fairly typical exchange had with various levels of nutters-of-wing; after they have spewed something to the effect of "lazy poorz":

      OWL: So you'd like less people on "welfare"?
      WingusNuttus: (Rolling eyes) Well yeah.
      OWL: So we'd need more jobs then, yes?
      WingusNuttus: (Rolling eyes) Well yeah.
      OWL: So you know then that to create these jobs, we'd need more demand – yes?
      WingusNuttus: (questinging look, and unintelligible mumbled response at best)
      OWL: We need more demand for goods & svcs to create these jobs for those currently on "welfare." This demand will not come from cutting. Cutting at a governmental level will only cause the recession to spiral and self-fulfill. What we need to create these jobs is an infusion of stimulus … I've completely lost you, haven't I?
      WingusNuttus: (blank mistrusting stare)
      OWL: Nevermind. As you were.

      I rarely get much further. And the way things are now, any more of these types of exchanges could end in my demise at gunpoint; making all this albeit legitimate angst moot. Appallingly, WAst has one of those stand your ground laws. I'm almost ashamed to admit that of late it has far too often crossed my mind that were it not for a wife and son, I would join those Inuktitut up in the frozen north of our northern neigbour, and see if living out the balance of my days struggling for survival wouldn't indeed give me that illusive inner peace. Apologies for my deep level of downerism today. Clearly I allowed that bumper sticker's essence too deeply into my psyche.

      1. scvirginia

        Unfortunately, I think the corollary to "Ignorance is Bliss" = "Lack of Ignorance is Not Very Blissful".

      2. bobbert

        Dude, sympathy. We've all had that conversation. Ironically, the people who understand very well are small-business-people. Admittedly, some of them still veer Republican, but they know it's because Repo policies benefit them personally, not because they're good for the economy.

    3. Negropolis

      Speaking of bumper stickers, I've seen a preponderance of Obama/Biden stickers for months now. It's crazy, because it's almost like it's 2008, again. People are talking about fatigue, and maybe that's the case, but not on people's cars where I live in Michigan.

    4. Jadetiger79

      I feel ya. I had on the radio today and classic REM was on and I got all choked up. What happened to us?

  18. hagajim

    So when do we officially change our name to the United States of Chase….or as an alternative, the country full of dumb assholes who haven't managed to get pissed off enough yet to slaughter every banker and elected official out there – oh wait, too long and not snappy enough. How about DumbFuckistan then?

  19. owhatever

    Dimon is now pitching the idea that slavery is a great way to cut wages, when viewed through default swap divergences from standard norms and risk management parabolas. And he says it is not a racist thing. "That is preposterous. Slavery is not just for black people anymore. Browns and whites and yellows can qualify." Anyone making less than $100,000 a year in this great nation can apply, and if accepted by the J.P. Morgan board, be given a job for the rest of their lives, living near the mansion and working in and around it.

  20. poorgradstudent

    I know I should be relieved that they've stopped insulting our intelligence and ceased to pretend that the government only exists anymore to help the rich loot the public coffers, but for some reason in my mind I can't stop screaming.

    1. Isyaignert

      Don't worry; it's perfectly normal to want to scream whilst reading about the banksters who are robbing and raping us everyday.

  21. DahBoner

    We should call him "Chinese junkie", because he's higher than a kite on OPM *

    * = Other People's Money

  22. zumpie

    I have the misfortune to be a Chase customer (ate the much friendlier WaMu), with all my accounts linked and autopay on mortgage, so the hassle of moving makes my head hurt.

    Anyway, I recently got fed up with being pulled out of the teller line so they could try and sell me, their ridiculous policies, the refusal to increase our credit line, their refinancing hoops etc (all with good credit and no late payments for 13 years). So I sent a pissed off email telling them how much they suck.

    Lots of polite apologies, but no effort to actually change the policies that make America hate them (while we subsidize them). But it was fun to see everyone in "the executive office" freak out

    1. Isyaignert

      Think about moving your money to a credit union or local bank. It's really not that hard to change an autopay – really.

      We moved from Chase and found a much better deal on our VISA travel rewards card, plus I like doing business with people who I know are not out to skrew me.

  23. SpeedoFart

    The government is going to pee test this douche before handing over any more money, right?

    … Right?

  24. Smitros

    Retain counsel.

    Given the headline, welfare queens will be suing for libel.

    They don't want to be associated with that kind of people.

  25. Stevola

    "We at Wonkette hate to say I told you so"

    Bull! Wonkette exists to say "I told you so."

  26. Negropolis

    I am become death, the destroyer of worlds.

    Congress: "You promise not to do this again, Jamie? Yes? All right you little scamp, get outta here. Dinners at 8:00; be home when the streetlights come on."

Comments are closed.