Wednesday, March 11, 2009

Tennessee Loses 13,000 Jobs In January While Bankers Feel Persecuted

The job loss is according to this report, released today.

But do a Google search for "plant closing, Tennessee” and you get the same general idea.

Meanwhile, someone in the banking world is feeling a little pissy:
March 11 (Bloomberg) -- Jamie Dimon, chief executive officer of JPMorgan Chase & Co., said the U.S. can rescue its banking system by year-end if U.S. officials start cooperating and refrain from the "vilification" of corporate America.

"If we act like a dysfunctional family and we don't finish these things and we're forever debating them, I think this will go on for several years," Dimon, 52, said at a conference hosted by the U.S. Chamber of Commerce in Washington. "It's completely up to us at this point."

Congress called eight bank CEOs to Washington last month to face criticism for outsized pay packages and executive perks at a time when losses were rising and the U.S. was pumping billions of dollars into their companies. U.S. Senate Banking Committee Chairman Christopher Dodd led an effort to put new restrictions on banks that receive government support.

“When I hear the constant vilification of corporate America, I personally don’t understand it,” Dimon said in his speech. “I would ask a lot of our folks in government to stop doing it because I think it’s hurting our country.”

Gosh, I’m sorry. You don’t understand why people are pissed that you’re hopscotching around the country on corporate jets, doling out $3.6 billion in executive bonuses, and enjoying lavish luxury retreats while the American people foot the bill?

You don’t get that? Really?

You don't know why we're pissed off that taxpayer money which was supposed to go toward investment in America instead went to fund projects in Dubai, India and China?


All I can say to that is, “Fuck you.”

Look, you were given money so you’d start making loans to small businesses and families. We can debate the wisdom of that, but that was the idea. You were not supposed to hoard the largesse while enjoying fancy retreats at California resorts. Or send it to spur the economies of Dubai, India, and China.

And saying Congress Critters wanting to hold you to account for your fiscal malfeasance is what’s wrong with the economy is just delusional.