“Things are not what they seem, skim milk masquerades as cream”
— Gilbert and Sullivan

“All the world’s a stage, And all the men and women merely players: They have their exits and their entrances; and their masks and duplicitous words”
— Shakespeare appended

Yesterday, in the Government Kabuki Theater, Obama, Enemy of Wall Street and the Rich, was praising Jamie Dimon, CEO JPMorgan Chase, on the View. “JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting,” the president said. “We don’t know all the details. It’s going to be investigated, but this is why we passed Wall Street reform.” Was sly Obama’s praise due to Dimon’s political contributions reported here? (His wife’s contributions are not included.)

$55,800 Republican
$290,700 Democrat
$285,500 special interest
$632,000 total

Or was Obama’s praise due to Dimon as described in Wikipedia: Dimon is a Democrat and worked in Obama’s adopted hometown of Chicago. After Barack Obama won the 2008 presidential election, there was speculation that Dimon would serve in the Obama Administration as Secretary of the Treasury. Obama eventually named the President of the Federal Reserve Bank of New York, Timothy Geithner, to the position. … Obama commented on Dimon’s handling of the real-estate crash, credit crisis, and the banking collapse …: “You know, keep in mind, though there are a lot of banks that are actually pretty well managed, JPMorgan being a good example, Jamie Dimon, the CEO there, I don’t think should be punished for doing a pretty good job managing an enormous portfolio.” Did the Huffington Post place an Evil Republican Mask on actor Dimon, who already knew of the $2 billion dollar loss to be reported the next day, with this post: Jamie Dimon is angry. So angry, in fact, that he might just switch teams. The JPMorgan Chase CEO told about 200 people at a conference in Columbus, Ohio that he’s still a Democrat, but just “barely,” ... he reportedly met privately with now-Republican front runner Mitt Romney before a fundraiser in September, … If Dimon does switch teams, Obama and his other Democratic colleagues would be at risk of losing major cash. As of 2009, Dimon and his wife had donated more than half a million dollars to Democratic candidates and committees, … almost 12 times what he gave to Republican candidates during the same period.Back on stage, the Kabuki Theater Continues: Obama puts on his mask opposing lobbyists, while his beloved, actor/banker Dimon, says, “it is JPMorgan’s responsibility to “stay actively engaged” in “policy debates that will affect our company …You read constantly that banks are lobbying regulators and elected officials as if this is inappropriate,”…”We don’t look at it that way.”

The chorus called the Center for Responsive Politics chants, … JPMorgan spent more than $7.5 million on lobbying in 2011. [also, 7.5 million in 2010] That’s just a couple hundred thousand less than Wells Fargo, but about $2.5 million more than Citigroup, and $4.4 million more than Bank of America, which spent $3.2 million on lobbying. In total, the broader coalition of commercial banks spent just over $60 million on lobbying in 2011. Companies in other sectors, like General Electric, Verizon and Boeing, spent far more.

Meanwhile the very Progressive critic, Joe Klein has seen through the masks and scripted words to say, “Moral hazard may be the most important issue facing our economy in the long-term, but it’s not likely to be addressed in the coming presidential campaign. Obama had his chance to rectify it, and failed; Romney’s not interested in trying. And the Jamie Dimons of the world can preen and flash along…until their hubris causes the next disaster.’

In earlier Kabuki, Warren Buffet, second richest man in America, got a ribbon placed around his neck by Obama, sworn enemy of the rich. These plays are farcical acting by Dimon, Obama and Buffet ending in financial tragedy for ordinary Americans. A “Pay to Play Protection Racket” right before their eyes, but hidden by scripts and under masks.

Links: credit default swap moral hazard and top five US banks, Pay to play

The Unwashed TARP

©Black & Right — Sat, 07 Feb 2009 19:02:28 +0000

There is a saying that is no more truer than in politics, “One hand washes the other.” Given the recent circumstances regarding TARP (Troubled Asset Relief Program) money, the $700 billion bill passed and signed in October, it appears that those who washed the right hands in advance are the ones who were taken care of.

This is especially distressing to some of us “ordinary people” whom were told that we could expect assistance, not that all of us wanted a hand-out. The gesture, at least, would’ve been nice.

The president and his Democrat leadership have now told us that certain institutions need this bloated stimulus package sooner in order to save jobs. Whether they’re right or not will be for historians to decide, but unless you did some early hand-washing, you may be SOL.

$302.28 billion was given to select businesses that were supposedly important to the financial solvency of our nation. However, after that sizable cash infusion, the economy continued to tank. The handling of our economy over last eight years has been blamed politically, while presidential candidates (in order to differentiate themselves from an opposing party’s incumbent) in unison talked-down the economy, calling it the worst since the Hoover Administration. Add to that the simmering Democrat Fannie Mae and Freddie Mac-socialist experiment run amok, “bad bookkeeping” fraud, things went downhill.

We were told certain institutions couldn’t be allowed to fail, and they received no-strings attached TARP money. Now let me ask you; when was the last time (aside from receiving a tax refund) did the government ever give us something without any guidelines or laws directing us how to utilize what they gave us? Yet it was done and then some, given the perks, junkets, and parties our money allowed them.

Here’s one theory why: the recipients washed the hands of politicians.

For example, the Bank of America (incl. Merrill Lynch) received $45 million. Why would they get that kind of money, no strings attached? Maybe because Kenneth Lewis, Chairman and CEO of Bank of America, washed some hands, giving $56,300 to Republicans and $15,163 to Democrats. Stan O’Neal, Merrill Lynch Chairman and CEO from 2003-2007, donated $5,000 to Republicans and $7,800 to Democrats, including Barack Obama and Hillary Clinton. Current chairman John Thain has given $234,800 to Republicans, $18,000 to Democrats, and $108,750 to special interests.

Citigroup received $45 million, and I’m sure the fact that their 2002-2007 chairman and CEO‘s campaign donations got them some attention. Charles Prince gave $53,100 to Republicans and $100,700 to Democrats, including Barack Obama, the DNCC, and Charlie Rangel. Citigroup’s chairman-designate Richard Parson has donated another $259,850 to Republicans and $17,300 to Democrats. Current chairman Vikram Pandit gave $40,000 to Republicans and $5,000 to Democrats.

AIG received $40 million of TARP money, and the fact that CEO Edward Liddy gave $14,100 to Republicans and $250 to Democrats probably didn’t hurt.

$25 million dollars went to Wells Fargo, and Chairman Richard Kovacevich donated $181,500 to Republicans, $32,200 to Democrats, and $42,920 to special interests. Quite the coincidence….

And don’t let the party disparities fool you. That money was clearly meant as insurance, either way.

Another $25 million was used to keep yet another fine financial institution up and running. Jamie Dimon, JP Morgan Chase Chairman and CEO, gave $46,800 to Republicans and $491,700 to Democrats, including Hillary Clinton, Chris Dodd, Mark Warner, Steny Hoyer, Harry Reid, Rahm Emanuel, the DNCC, Mary Landrieu, and Barack Obama.

Remember all the outrage that was the automotive hearings, when our elected officials let the Big Three have it? It would appear that was probably all for show.

General Motors received $14.284 million after Chairman Rick Wagoner gave $17,100 to Republicans, $18,800 to Democrats, and $76,932, mostly to the GM Political Action Committee (which lobbies politicians).

Goldman Sachs got $10 million as Chairman and CEO Lloyd Blankfein gave $5,000 to Republicans and $130,290 to Democrats, including the DSCC, Chris Dodd, Hillary Clinton, Jon Corzine, John Kerry, Tom Daschle (reported?), Chuck Schumer, Bob Torricelli, and Al Gore.

You get the idea. It’s clear as day that to get any “assistance” from our lawmakers, you got to pay to play.

After months of anger and anxiety, our part in the Rick Senninger saga will be over on Monday when our house is sold from under us. I didn’t pay off any politicians requesting special treatment when our world was falling down around us, and we don’t have anything near the world of opulence like those mentioned above.

The good thing is, that unlike those CEOs and chairmen, we can sleep well over the coming days and weeks knowing that we’ll not have to continue paying out big sums of money to the elected just to keep them off our backs, or to get their attention when we need a boost.

As this vitally-important pork-payoff stimulus plan edges towards implementation, remember that those who washed hands will be the first ones helped. Those of us unwashed will be the ones to bear the brunt of the economic fiasco created by the very ones who now say they know how fix it.

For a price….

Jamie Dimon – Black & Blonde Media

Financial Pay-to-Play Rituals, Play Acting and Masks

The Unwashed TARP