Analysis

JPMorgan’s Jamie Dimon Is No ‘Savior’: He’s A Bond Villain

ANALYSIS
Bank CEOs Testify Before Senate Banking, Housing, and Urban Affairs Committee

(Photo by Drew Angerer/Getty Images)

Gage Klipper Commentary & Analysis Writer
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Since the banking crisis started in March, JPMorgan’s Chief Executive Jamie Dimon has frequently made the headlines. Despite leading the country’s largest bank through an extensive list of scandals since his tenure began in 2006, Dimon is not the hero of the republic that the corporate media often makes him out to be. In fact, he much more closely resembles a villain from a James Bond film.

The latest on Dimon comes from a Bloomberg podcast, and it is the continuation of a string of puff pieces from the New York Times calling him a “patriot and a savior,” to Politico detailing his financial “rescue mission.” Discussing Dimon’s role in “rescuing” First Republic Bank, the reporters can’t help but gush over him. The podcast begins with an interlude from 1950s jingle “Only You (Can Make This World Seem Right),” before explaining how “all roads lead to Jamie.”

Finance reporter Hannah Levitt explained how with First Republic, “he [Dimon] pulled off only something Jamie could pull off.” She continued that “banks that are in the category of his size — his is the biggest one of those — are really not supposed to buy other depository institutions, but there’s an exception for failed banks and, so we saw it’s obvious that JPMorgan would have the best offer.” (RELATED: Is The US Economy About To Collapse?)

Jennifer Surane, another Bloomberg reporter, explained how Dimon stuck by First Republic’s side every step of the way. “Everywhere First Republic turned, Jamie Dimon was there,” watching and advising the smaller bank on a capital raise, issuing credit, and leading the push among the other big banks to put together $30 billion to keep the bank afloat.

Under Dimon, JPMorgan has a history of absorbing failed banks. During the 2008 financial crisis, JPMorgan swept up both Washington Mutual and Bear Stearns, leading the New York Times to dub him “America’s least-hated banker” back in 2010. Since then, with $3.2 trillion in total assets JPMorgan has become America’s largest bank, far outpacing its nearest competitor Bank of America, worth only $2.4 trillion.

As smaller banks fail, mega-banks like JPMorgan make out with larger shares of the total U.S. financial system. Liberals were historically concerned about the concentration of power and wealth in the hands of a few. However, liberals today are not the same as old. Today’s Democratic Party can only hope to hold off against a populist revolt by consolidating power in exactly this way. Since Dimon has championed priorities of this new left on multiple fronts, it is no wonder that the corporate media is dutifully willing to sing his praises as he garners greater control over American life.

Under Dimon, JPMorgan has pursued Environmental, Social and Governance investing and the “debanking” of conservatives all while pledging greater investment in America’s greatest adversary, China. (RELATED: JASON ISAAC: The Great Carbon Capture Scam)

A company statement on ESG discussed the need for the “financial sector, in partnership with government” to assist in “financing the transition to a low-carbon and sustainable future.” In the statement, JPMorgan pledged to target $2.5 trillion over the next 10 years and align its portfolio with the terms of the Paris Climate Agreement.

As Dimon said in a press release shortly after President Biden took office, “Climate change and inequality are two of the critical issues of our time, and these new efforts will help create sustainable economic development that leads to a greener planet and critical investments in underserved communities.”

In other words, the bank will work hand in glove with the federal government, and leverage its market share to pressure both its clients and other banks into pursuing a leftist climate and social agenda.

That is not the only way Dimon is using JPMorgan to foist an agenda on the American people. Chase, part of the larger JPMorgan & Chase Co., has repeatedly been accused of discriminatory debanking directed arbitrarily at conservative groups and individuals. (RELATED: ‘Asleep At The Wheel’: ‘Too-Big-To-Fail’ Banks Are Getting Even Bigger And Economists Are Sounding The Alarm)

For example, Chase abruptly closed the accounts of the National Committee for Religious Freedom, in what Florida Sen. Marco Rubio called a “politically motivated de-banking.” The bank reportedly refused to even consider reinstating the account unless the NCRF disclosed its major donors and financial decision-making process. While this is one of the higher profile cases, Chase has also been accused of similar actions toward the Arkansas Family Council, the Defense of Liberty, and even retired General Michael Flynn, among others.

The long list of scandals led 14 state auditors to draft a letter to Dimon demanding answers. While JPMorgan brags about its perfect score on the left-wing Corporate Equality Index, it received a score of only 15% on the Viewpoint Diversity Score Business Index.

As if this all wasn’t enough, JPMorgan has big plans to deepen its ties with America’s biggest adversary. “China is by far the biggest opportunity for us,” the bank’s chief of global markets, Troy Rohrbaugh, said at a conference. Dimon himself plans to visit the country later this month for the first time since the pandemic. The bank’s asset management arm boasts of “exciting opportunities” in a range of equity and bond market investment geared towards “long-term consumer trends.” JPMorgan clearly thinks China is the future, and it wants to bring its American investors along for the ride.

While Dimon continues to crush ordinary Americans under the boot of woke capital, the corporate media will continue to sugarcoat his agenda. However, the dirty secret that neither Dimon nor the media want to admit is that their agenda is very much the same. Dimon spares no effort in making his intentions appear pure, but like with every Bond villain, other incentives lie just below the surface.