In your dreams CNN. Google is featuring this “news” article at the top of its search results Jamie Dimon just said what lots and lots of CEOs think about Trump. Dimon added, “And by the way, this wealthy New Yorker actually earned his money. It wasn’t a gift from daddy.”
Jamie Dimon only became a billionaire in 2015. Jamie Dimon is worth $1.4 billion. Dimon’s fortune derives from a $485 million stake in New York-based JPMorgan, where he’s been chief executive officer since the end of 2005, and an investment portfolio seeded by proceeds from Citigroup stock sales.
President Trump is worth about $3.5 billion.
President Trump’s wealth is more than double Jamie Dimon’s so if Jamie Dimon is so much smarter than President Trump and so much better at business, why is he worth less than half of what President Trump is worth?
Trump Got Legal Help From His Dad
Trump got help from his dad to the tune of $1 million for real estate investments. Some say Trump received several multi-million dollar loans from his dad over the years. There’s nothing illegal or wrong with being a young man and getting help from your dad.
Jamie Dimon Got Illegal Help From the US Taxpayer
How did Jamie Dimon get his wealth? Under the leadership of Jamie Dimon, JP Morgan Chase has been charged with 48 different violations of banking and securities fraud. $28,675,456,874.00 is the total they’ve paid out just in the past 7 years in slap-on-the-wrist fines by politicians who’s coffers they’ve filled with money. JP Morgan Chase played a major role in putting millions of Americans out of work by wrecking the global economy, for which he and his corrupt bank paid a $13 billion dollar fine to end a criminal probe into his role.
What about the London Whale?
The London Whale story was set in the London branch of JP Morgan Chase’s Chief Investment Office (“CIO”), a brainchild of Jamie Dimon, who devised a scheme that would allow JP Morgan to gamble with depositors’ money. When the whole thing blew up, Dimon claimed the CIO was not originally set up by him to do proprietary trading, it just somehow magically “morphed” into a highly-risky proprietary trading operation without his involvement.
So it was Dimon who hired Ina Drew; and it was Ina Drew who hired Bruno Iksil and others, who were paid whopping salaries to speculate with other people’s money. Dimon was gambling with taxpayers’ money because, if he won, he and JP Morgan Chase would keep the profits, but if he lost, the taxpayers would bail out the depositors.
Bruno Iksil entered a series of derivative transactions involving credit default swaps (CDS) reportedly as part of the bank’s “hedging” strategy.
Hedging with derivatives, what could go wrong?
The London Whale is not a story about rogue traders acting on their own against senior management and secretly putting positions on the Bank’s books. These traders fully disclosed what they were doing, on orders from Ina Drew who reported directly to Dimon. Dimon and Hogan even approved changing the way the CIO valued its investments so that its portfolio would be able to absorb twice the risk without setting off bank-wide risk alerts. In the first three months of 2012, the firm-wide risk limits were breached 330 times, with direct notification to Dimon and Hogan. You can read more about The London Whale story here.
Jamie Dimon violated securities laws and the public’s trust IMO.
A Senate Subcommittee on Investigations subpoenaed JP Morgan’s internal emails and recorded phone calls. What Bruno Iksil was doing was not hidden from the people inside JPMorgan Chase. Indeed, according to the Senate Subcommittee, both Dimon and the Bank’s Chief Financial Officer, Douglas Braunstein, violated the securities laws by making deliberately inaccurate disclosures to the public, the Office of the Comptroller of the Currency, and the SEC.
I could go on with other illegal schemes that Jamie Dimon and JP Morgan Chase have been involved in, and fined for, over the years. Suffice to say, when comparing how President Trump built his wealth to how Jamie Dimon built his wealth, it’s clear that Trump built his fortune in a much more honest and ethical way than Jamie Dimon. But once again, the “fake news” mainstream media wants to convince the public of the opposite. Apparently CNN, Google, and other Democrat controlled mainstream media groups are happy with you believing that Jamie Dimon’s fleecing of U.S. taxpayers through mortgage fraud and derivatives trading fraud is a better path to wealth than Trump’s borrowing from his dad.
It’s the information wars and the battle for the public’s minds in full view.