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.