Saturday, 16 January 2010

Quote of the Century

Money makes the world go round... the bend

Jamie Dimon, the chief executive of JP Morgan, was critical of Obama and his vow to tax cash-rich Wall Street. "Using tax policy to punish people is a bad idea. All businesses tend to pass their costs on to customers," he said.

In the case of investment banking these 'costs' nowadays tend to be called 'bank bailout', or TARP... and they are actually passed on to tax payers as well as to customers. For the record, the costs are passed on when, for example, investment banks have brought the Western economies to the brink of financial meltdown.

Therefore, Jamie "buddy can you spare a" Dimon has a point... in a sense.

Just, not the sense in which he meant it.


  1. I agree with everything you say. But government is about tough decisions. I just want to be loved.

  2. I wish you lot would stop being so disparaging about bankers. Many of best friends are bankers.
    Or at least they were until all that schadenfreude kicked in

  3. Little Gay Crooner16 January 2010 at 18:46

    If you happen to be rich...

    Erm, that's it

  4. Alistair Darling16 January 2010 at 21:03

    Some of MY best friends are bankers too.

  5. Nothing wrong with bankers as long as some of their money goes to supporting excellent causes such as, I don't know... political parties.
    Say, New Labour... that is a good cause.
    Please... pretty please.

  6. CH4RL35 3 H4RDWIDG316 January 2010 at 22:08

    I'm a coooooooooooooooooooooooooooooooooooool dude