>>> HERE’S THE DILEMMA, THERE IS
>>> HERE’S THE DILEMMA, THERE IS IN THE COUNTRY A GREAT DEAL OF
IN THE COUNTRY A GREAT DEAL OF ANGER ABOUT THE FINANCIAL
ANGER ABOUT THE FINANCIAL INSTITUTIONS, INCLUDING THOSE
INSTITUTIONS, INCLUDING THOSE REPRESENTED HERE.
REPRESENTED HERE. THERE HAS TO BE ON THE SENSE OF
THERE HAS TO BE ON THE SENSE OF THE AMERICAN PEOPLE YOU
THE AMERICAN PEOPLE YOU UNDERSTAND THEIR ANGER, THEIR
UNDERSTAND THEIR ANGER, THEIR FRUSTRATION AND YOU REALLY WILL
FRUSTRATION AND YOU REALLY WILL COOPERATE AND IN FACT ARE
COOPERATE AND IN FACT ARE WILLING TO MAKE SOME SACRIFICES
WILLING TO MAKE SOME SACRIFICES SO WE CAN GET THIS WHOLE THING
SO WE CAN GET THIS WHOLE THING WORKING.
WORKING. >> THE MEASURE OF STRENGTH FOR A
>> THE MEASURE OF STRENGTH FOR A COMPANY AND A COUNTRY IS NOT
COMPANY AND A COUNTRY IS NOT NECESSARILY THE PROBLEMS BUT HOW
NECESSARILY THE PROBLEMS BUT HOW THEY DEAL WITH THE PROBLEMS,
THEY DEAL WITH THE PROBLEMS, OVERCOME THEM, IDENTIFY THEM AND
OVERCOME THEM, IDENTIFY THEM AND MOVE ON.
MOVE ON. I’M CONFIDENT WE WILL DO THIS
I’M CONFIDENT WE WILL DO THIS AGAIN AND WE WILL ALL EMERGE
AGAIN AND WE WILL ALL EMERGE BETTER BECAUSE OF IT.
BETTER BECAUSE OF IT. >> WE WILL ALWAYS EMERGE BETTER
>> WE WILL ALWAYS EMERGE BETTER BECAUSE OF IT.
BECAUSE OF IT. ALL IS THE IMPORTANT WORD THERE.
ALL IS THE IMPORTANT WORD THERE. WHAT A DIFFERENCE A DECADE
WHAT A DIFFERENCE A DECADE MAKES.
MAKES. THAT WAS THEN CONGRESSMAN BARNEY
THAT WAS THEN CONGRESSMAN BARNEY FRANK GOING TOE TO TOE WITH
FRANK GOING TOE TO TOE WITH JAMIE DIMON ON CAPITOL HILL IN
JAMIE DIMON ON CAPITOL HILL IN AN EXPLOSIVE HEARING MORE THAN
AN EXPLOSIVE HEARING MORE THAN TEN YEARS AGO.
TEN YEARS AGO. REMEMBER THIS, AT THE TIME THE
REMEMBER THIS, AT THE TIME THE COUNTRY WAS STILL REELING FROM
COUNTRY WAS STILL REELING FROM THE FINANCIAL CRISIS AND
THE FINANCIAL CRISIS AND CONGRESS HAULED IN EIGHT OF WALL
CONGRESS HAULED IN EIGHT OF WALL STREET’S BIGGEST BANK CEOs TO
STREET’S BIGGEST BANK CEOs TO EXPLAIN HOW THEY SPENT BILLIONS
EXPLAIN HOW THEY SPENT BILLIONS OF TAXPAYERS’ MONEY.
OF TAXPAYERS’ MONEY. NOW SEVEN ARE BEING CALLED BACK
NOW SEVEN ARE BEING CALLED BACK BEFORE THE HOUSE FINANCIAL
BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE.
SERVICES COMMITTEE. WHILE THE MARKET IS DOING
WHILE THE MARKET IS DOING EXTREMELY WELL, THE COUNTRY IS
EXTREMELY WELL, THE COUNTRY IS ENDURING A FINANCIAL CRISIS OF A
ENDURING A FINANCIAL CRISIS OF A DIFFERENT KIND.
DIFFERENT KIND. THE GROWING ECONOMIC DISPARITY
THE GROWING ECONOMIC DISPARITY BETWEEN THE FOLKS AT THE VERY
BETWEEN THE FOLKS AT THE VERY TOP AND EVERYONE ELSE.
TOP AND EVERYONE ELSE. I WANT TO BRING IN MY PANEL,
I WANT TO BRING IN MY PANEL, BILL COHEN, THE AUTHOR OF "WHY
BILL COHEN, THE AUTHOR OF "WHY WALL STREET MATTERS" A BOOK THAT
WALL STREET MATTERS" A BOOK THAT DEFENDS WALL STREET AND BIG
DEFENDS WALL STREET AND BIG BANKS.
BANKS. HE’S WORKED FOR J.P.MORGAN.
HE’S WORKED FOR J.P.MORGAN. MY FRIEND SCOTT GALLOWAY FROM
MY FRIEND SCOTT GALLOWAY FROM THE NYU SCHOOL OF BUSINESS AND
THE NYU SCHOOL OF BUSINESS AND FOUNDER A BUSINESS INTELLIGENCE
FOUNDER A BUSINESS INTELLIGENCE FIRM.
FIRM. BRET STEPHENS AND MEGHAN MURPHY
BRET STEPHENS AND MEGHAN MURPHY BACK WITH YOU.
BACK WITH YOU. BRET, I WANT TO START WITH YOU.
BRET, I WANT TO START WITH YOU. HERE’S WHAT I SEE, MAXINE WATERS
HERE’S WHAT I SEE, MAXINE WATERS NO DOUBT WILL GO AFTER THE CEO
NO DOUBT WILL GO AFTER THE CEO END ZONE TODAY.
END ZONE TODAY. BUT
BUT BUT WE TAKE THE LAST TEN YEARS,
BUT WE TAKE THE LAST TEN YEARS, WHAT DID THEY DO?
WHAT DID THEY DO? THEY MADE HUGE MISTAKES.
THEY MADE HUGE MISTAKES. I WILL CONCEDE ALL OF THE PEOPLE
I WILL CONCEDE ALL OF THE PEOPLE THEY TOOK ADVANTAGE OF DURING
THEY TOOK ADVANTAGE OF DURING THE SUBPRIME CRISIS.
THE SUBPRIME CRISIS. THE PROBLEM IS THEY DIDN’T
THE PROBLEM IS THEY DIDN’T ACTUALLY BREAK A LAW, SO THEY
ACTUALLY BREAK A LAW, SO THEY DIDN’T GO TO JAIL BECAUSE THEY
DIDN’T GO TO JAIL BECAUSE THEY DIDN’T BREAK A LAW.
DIDN’T BREAK A LAW. THE T.A.R.P. MONEY, THEY PAID IT
THE T.A.R.P. MONEY, THEY PAID IT ALL BACK.
ALL BACK. SHAREHOLDERS HAVE DONE WELL AND
SHAREHOLDERS HAVE DONE WELL AND THEIR LENDING PRACTICES ARE
THEIR LENDING PRACTICES ARE TIGHTER.
TIGHTER. SO JAMIE DIMON WILL WALK IN AND
SO JAMIE DIMON WILL WALK IN AND SAY, LISTEN, REGULATIONS WERE
SAY, LISTEN, REGULATIONS WERE GOOD.
GOOD. EVERYTHING WAS POSITIVE.
EVERYTHING WAS POSITIVE. EVERYTHING IS GOING WELL.
EVERYTHING IS GOING WELL. BUT THE PROBLEM IS FOR HALF THE
BUT THE PROBLEM IS FOR HALF THE COUNTRY, IT’S NOT.
COUNTRY, IT’S NOT. FOR ALL OF THE PEOPLE WHO
FOR ALL OF THE PEOPLE WHO SUFFERED DURING THE FINANCIAL
SUFFERED DURING THE FINANCIAL CRISIS, THEIR CREDIT SCORES ARE
CRISIS, THEIR CREDIT SCORES ARE DESTROYED.
DESTROYED. ALMOST HALF OF THE BLACK PEOPLE
ALMOST HALF OF THE BLACK PEOPLE IN THE UNITED STATES, 44%, THEIR
IN THE UNITED STATES, 44%, THEIR CREDIT SCORES ARE BELOW 620.
CREDIT SCORES ARE BELOW 620. THEY’RE LOCKED OUT OF THE
THEY’RE LOCKED OUT OF THE BANKING SYSTEM.
BANKING SYSTEM. IF YOU SEE OF THE AMERICANS WHO
IF YOU SEE OF THE AMERICANS WHO DON’T HAVE $400 FOR EMERGENCY,
DON’T HAVE $400 FOR EMERGENCY, THEY’RE SCREWED.
THEY’RE SCREWED. BUT IS IT THESE BANK CEOs’
BUT IS IT THESE BANK CEOs’ RESPONSIBILITY TO FIX IT?
RESPONSIBILITY TO FIX IT? THAT’S WHAT WE’RE GOING TO HEAR
THAT’S WHAT WE’RE GOING TO HEAR TODAY.
TODAY. >> STEPHANIE, THERE’S A LOT OF
>> STEPHANIE, THERE’S A LOT OF IMPACT IN WHAT JUST SAID.
IMPACT IN WHAT JUST SAID. AND AN IMPORTANT QUESTION.
AND AN IMPORTANT QUESTION. FIRST OF ALL, I HAVE TO TELL THE
FIRST OF ALL, I HAVE TO TELL THE VIEWERS I WROTE THREE BOOKS THAT
VIEWERS I WROTE THREE BOOKS THAT WERE HIGHLY CRITICAL OF WALL
WERE HIGHLY CRITICAL OF WALL STREET.
STREET. ONE BOOK THAT WAS TRYING TO
ONE BOOK THAT WAS TRYING TO DEFEND THE BASIC THINGS WALL
DEFEND THE BASIC THINGS WALL STREET DOES THAT WE OFTEN
STREET DOES THAT WE OFTEN FORGET.
FORGET. WHAT HAS THANKED IN TEN YEARS?
WHAT HAS THANKED IN TEN YEARS? YOU’RE RIGHT.
YOU’RE RIGHT. THEY TOOK T.A.R.P. MONEY AND
THEY TOOK T.A.R.P. MONEY AND PAID IT BACK WITH INTEREST AND
PAID IT BACK WITH INTEREST AND MORE.
MORE. REMEMBER, THE GOVERNMENT GOT
REMEMBER, THE GOVERNMENT GOT MORE --
MORE -- >> GOFLTVERNMENT MADE MONEY ON A
>> GOFLTVERNMENT MADE MONEY ON A OF THAT.
OF THAT. >> THE BANKING SYSTEM IS
>> THE BANKING SYSTEM IS OBVIOUSLY MUCH SAFER THAN IT WAS
OBVIOUSLY MUCH SAFER THAN IT WAS TEN YEARS AGO BUT THERE ARE
TEN YEARS AGO BUT THERE ARE STILL FUNDAMENTAL FLAWS IN OUR
STILL FUNDAMENTAL FLAWS IN OUR BANKING SYSTEM THAT NO ONE HAS
BANKING SYSTEM THAT NO ONE HAS EVER ADDRESSED.
EVER ADDRESSED. NOBODY WANTED TO ADDRESS BECAUSE
NOBODY WANTED TO ADDRESS BECAUSE THEY’RE TOO FUNDAMENTAL TO THE
THEY’RE TOO FUNDAMENTAL TO THE WAY BANKS WORK.
WAY BANKS WORK. ONE IS, OF COURSE, THE WAY THEY
ONE IS, OF COURSE, THE WAY THEY FINANCE THEMSELVES ON A DAILY
FINANCE THEMSELVES ON A DAILY BASIS, HOW THEY FUND THEMSELVES.
BASIS, HOW THEY FUND THEMSELVES. BANKS ARE IN THE BUSINESS, WE
BANKS ARE IN THE BUSINESS, WE HAVE A FRACTIONAL BANKING SYSTEM
HAVE A FRACTIONAL BANKING SYSTEM OF BORROWING SHORT AND LENDING
OF BORROWING SHORT AND LENDING LONG.
LONG. AND THERE’S NOTHING ANYBODY’S
AND THERE’S NOTHING ANYBODY’S GOING TO DO ABOUT THAT SAVE FOR
GOING TO DO ABOUT THAT SAVE FOR FORGETTING THE FRACTIONAL
FORGETTING THE FRACTIONAL BANKING SYSTEM, WHICH ISN’T
BANKING SYSTEM, WHICH ISN’T GOING TO HAPPEN.
GOING TO HAPPEN. SO IN OTHER WORDS, THERE’S
SO IN OTHER WORDS, THERE’S ALWAYS GOING TO BE SOME RISK IN
ALWAYS GOING TO BE SOME RISK IN THE BANKING SYSTEM IF EVERYBODY
THE BANKING SYSTEM IF EVERYBODY FREAKS OUT AT THE SAME TIME AND
FREAKS OUT AT THE SAME TIME AND WANTS THEIR MONEY BACK AND IT’S
WANTS THEIR MONEY BACK AND IT’S NOT THERE.
NOT THERE. SECONDLY AND MORE IMPORTANTLY IN
SECONDLY AND MORE IMPORTANTLY IN MY VIEW IS IT IT CAN AFFECT
MY VIEW IS IT IT CAN AFFECT PEOPLE’S BEHAVIOR AND THAT IS
PEOPLE’S BEHAVIOR AND THAT IS THE COMPENSATION SYSTEM ON WALL
THE COMPENSATION SYSTEM ON WALL STREET.
STREET. YOU LOOK AT ME LIKE YOU KNEW I
YOU LOOK AT ME LIKE YOU KNEW I WAS GOING TO SAY IT.
WAS GOING TO SAY IT. THAT HAS NOT CHANGED IN TEN
THAT HAS NOT CHANGED IN TEN YEARS AND STILL REWARDS PEOPLE
YEARS AND STILL REWARDS PEOPLE ON WALL STREET FOR TAKING BIG
ON WALL STREET FOR TAKING BIG RISKS WITH OTHER PEOPLE’S MONEY.
RISKS WITH OTHER PEOPLE’S MONEY. THAT HAS NOT CHANGED.
THAT HAS NOT CHANGED. UNTIL THAT CHANGES, YOU WILL NOT
UNTIL THAT CHANGES, YOU WILL NOT IT CHANGE PEOPLE’S BEHAVIOR.
IT CHANGE PEOPLE’S BEHAVIOR. PEOPLE ARE SIMPLE AND DO WHAT
PEOPLE ARE SIMPLE AND DO WHAT THEY’RE REWARDED TO DO AND
THEY’RE REWARDED TO DO AND THEY’RE STILL REWARDED ON WALL
THEY’RE STILL REWARDED ON WALL STREET TO TAKE BIG RISK WITH
STREET TO TAKE BIG RISK WITH OTHER PEOPLE’S MONEY.
OTHER PEOPLE’S MONEY. WE’RE ASKING FOR -- I CAN GO
WE’RE ASKING FOR -- I CAN GO INTO WHY THE DEBT MARKETS ARE
INTO WHY THE DEBT MARKETS ARE RISKY NOW.
RISKY NOW. I’VE WRITTEN ABOUT THAT FOR "THE
I’VE WRITTEN ABOUT THAT FOR "THE NEW YORK TIMES" AND OTHER
NEW YORK TIMES" AND OTHER PLACES.
PLACES. THERE ARE A LOT OF RISKS IN THIS
THERE ARE A LOT OF RISKS IN THIS MARKET IN ADDITION TO THE
MARKET IN ADDITION TO THE UNFAIRNESS THAT YOU TALKED ABOUT
UNFAIRNESS THAT YOU TALKED ABOUT AND INCOMING EQUALITY AND PEOPLE
AND INCOMING EQUALITY AND PEOPLE NOT HAVING $400 IN THEIR SAVINGS
NOT HAVING $400 IN THEIR SAVINGS ACCOUNT TO GET THE MONEY THEY
ACCOUNT TO GET THE MONEY THEY NEED IN AN EMERGENCY.
NEED IN AN EMERGENCY. >> SCOTT, JAMIE DIMON CAN TALK
>> SCOTT, JAMIE DIMON CAN TALK ALL DAY LONG ABOUT THEIR
ALL DAY LONG ABOUT THEIR PHILANTHROPY AND MONEY THEY’RE
PHILANTHROPY AND MONEY THEY’RE SPENDING ON WORKFORCE
SPENDING ON WORKFORCE DEVELOPMENT, AND THAT MATTERS.
DEVELOPMENT, AND THAT MATTERS. BUT AT THE SAME TIME THEY’RE
BUT AT THE SAME TIME THEY’RE MAKING $2 BILLION LAST YEAR IN
MAKING $2 BILLION LAST YEAR IN OVERDRAFT FEES.
OVERDRAFT FEES. WHO DO YOU THINK THAT HURTS?
WHO DO YOU THINK THAT HURTS? SMALL BUSINESS OWNERS WHO HAVE
SMALL BUSINESS OWNERS WHO HAVE ACCOUNTS WITH J.P.MORGAN.
ACCOUNTS WITH J.P.MORGAN. TECHNICALLY, LEGALLY, HE’S
TECHNICALLY, LEGALLY, HE’S ALLOWED TO DO THAT.
ALLOWED TO DO THAT. HOW DOES CONGRESS GO AFTER THOSE
HOW DOES CONGRESS GO AFTER THOSE CEOs WHEN THEY’RE ACTUALLY
CEOs WHEN THEY’RE ACTUALLY ADHEARING TO THE LAW?
ADHEARING TO THE LAW? CHANGE THE LAW IF YOU DON’T LIKE
CHANGE THE LAW IF YOU DON’T LIKE WHAT THEY’RE DOING.
WHAT THEY’RE DOING. >> I THINK TO BILL’S POINT, THE
>> I THINK TO BILL’S POINT, THE RISK IS UNHEALTHY BECAUSE AS
RISK IS UNHEALTHY BECAUSE AS SOON AS A VENTURE-BACKED COMPANY
SOON AS A VENTURE-BACKED COMPANY IS TAKING A RISK WITH OTHER
IS TAKING A RISK WITH OTHER PEOPLE’S CAPITAL, IT HURTS THE
PEOPLE’S CAPITAL, IT HURTS THE ECONOMY.
ECONOMY. IF I GO OUT OF BUSINESS BECAUSE
IF I GO OUT OF BUSINESS BECAUSE I TAKE EXTRAORDINARY RISK, I
I TAKE EXTRAORDINARY RISK, I DON’T GET BAILED OUT, I DON’T
DON’T GET BAILED OUT, I DON’T COME BACK.
COME BACK. SO IT CHANGES THE LEVEL OF RISK
SO IT CHANGES THE LEVEL OF RISK I’M WILLING TO TAKE.
I’M WILLING TO TAKE. AT THE END OF THE DAY, IF JAMIE
AT THE END OF THE DAY, IF JAMIE DIMON CALLED JEROME POWELL AT
DIMON CALLED JEROME POWELL AT HOME TONIGHT AND SAID, BOSS, I
HOME TONIGHT AND SAID, BOSS, I HAVE SOME WEIRD NEWS.
HAVE SOME WEIRD NEWS. WE HAD AN ANOMALY 100-YEAR THING
WE HAD AN ANOMALY 100-YEAR THING HAPPEN, ROGUE TRADER, THROW OUT
HAPPEN, ROGUE TRADER, THROW OUT THE BIG WORDS, THEY GET THROWN
THE BIG WORDS, THEY GET THROWN OUT.
OUT. THE PROFESSOR OF COLUMBIA LAW
THE PROFESSOR OF COLUMBIA LAW WROTE A GREAT BOOK ON THIS, THE
WROTE A GREAT BOOK ON THIS, THE BANKING INDUSTRY NOT ROBUST.
BANKING INDUSTRY NOT ROBUST. McDONALD TAKES A STUPID RISK AND
McDONALD TAKES A STUPID RISK AND GOES OUT OF BUSINESS, WE’RE
GOES OUT OF BUSINESS, WE’RE GOING TO CHIPOTLE AND STILL
GOING TO CHIPOTLE AND STILL EATING.
EATING. WE’RE FINE.
WE’RE FINE. IF J.P.MORGAN GOES OUT OF
IF J.P.MORGAN GOES OUT OF BUSINESS, IT CAN TAKE THE GLOBAL
BUSINESS, IT CAN TAKE THE GLOBAL ECONOMY.
ECONOMY. SO THE RISK TAKING REWARDED, WE
SO THE RISK TAKING REWARDED, WE NEED REGULATIONS AND TO LET
NEED REGULATIONS AND TO LET PEOPLE FAIL AND WE NEED TO BREAK
PEOPLE FAIL AND WE NEED TO BREAK THESE GUYS UP.
THESE GUYS UP. >> MEANWHILE, WE’RE IN A
>> MEANWHILE, WE’RE IN A DEREGULATION PHASE AND
DEREGULATION PHASE AND REGULATION FOR THESE SEVEN CEO
REGULATION FOR THESE SEVEN CEO END ZONEs
END ZONEs HAS BEEN FINE.
HAS BEEN FINE. THEY HAVE REGULATORY CAPTURE.
THEY HAVE REGULATORY CAPTURE. IF YOU HIT JAMON DIMON WITH MORE
IF YOU HIT JAMON DIMON WITH MORE REGULATION AND COMPLIANCE, HE
REGULATION AND COMPLIANCE, HE CAN SHIP IN ANOTHER THOUSAND
CAN SHIP IN ANOTHER THOUSAND COMPLIANCE OFFICERS AND NOT
COMPLIANCE OFFICERS AND NOT SWEAT IT.
SWEAT IT. SMALL AND MIDSIZE BANKS GOT
SMALL AND MIDSIZE BANKS GOT CHOKED OUT.
CHOKED OUT. THESE GUYS CAN SAY WE’RE MORE
THESE GUYS CAN SAY WE’RE MORE RESPONSIBLE, CLEANER, BETTER,
RESPONSIBLE, CLEANER, BETTER, BECAUSE WE FOLLOWED THE RULES.
BECAUSE WE FOLLOWED THE RULES. BUT DID THE GOVERNMENT PUT
BUT DID THE GOVERNMENT PUT TOGETHER A BUNCH OF CRAPPY
TOGETHER A BUNCH OF CRAPPY RULES?
RULES? >> AS YOU KNOW I WAS THE BANKING
>> AS YOU KNOW I WAS THE BANKING CORRESPONDENT DURING THE CRISIS.
CORRESPONDENT DURING THE CRISIS. OH, THE IRONY, I HAD THE CHANCE
OH, THE IRONY, I HAD THE CHANCE TO READ THE SEVEN WHITE BANKING
TO READ THE SEVEN WHITE BANKING CEOs --
CEOs -- >> THEY CANNOT CHANGE THE FACT
>> THEY CANNOT CHANGE THE FACT THEY’RE SEVEN WHITE GUYS IN
THEY’RE SEVEN WHITE GUYS IN THOSE JOBS.
THOSE JOBS. >> I KNOW THEY’RE HOPING THEY
>> I KNOW THEY’RE HOPING THEY WILL TALK MORE ABOUT THAT, BUT
WILL TALK MORE ABOUT THAT, BUT HOW LITTLE HAS CHANGED.
HOW LITTLE HAS CHANGED. THE IRONY READING LAST NIGHT ALL
THE IRONY READING LAST NIGHT ALL SEVEN CEOs SAYING HOW THANKFUL
SEVEN CEOs SAYING HOW THANKFUL THEY WERE FOR DON FRANK AND HOW
THEY WERE FOR DON FRANK AND HOW THANKFUL THEY WERE FOR THE
THANKFUL THEY WERE FOR THE OPPORTUNITY TO BE REGULATED BY
OPPORTUNITY TO BE REGULATED BY THE GOVERNMENT, HOW THANKFUL
THE GOVERNMENT, HOW THANKFUL THEY WERE ABOUT THINGS THAT
THEY WERE ABOUT THINGS THAT TRIED TO PREVENT THEM FROM
TRIED TO PREVENT THEM FROM TAKING EXCESSIVE RISKS WITH
TAKING EXCESSIVE RISKS WITH OTHER PEOPLE’S MONEY.
OTHER PEOPLE’S MONEY. BUT THE MOST IMPORTANT POINT IS
BUT THE MOST IMPORTANT POINT IS THE BANKING SYSTEM HAS A
THE BANKING SYSTEM HAS A SYSTEMIC FLAW, WHICH IS THIS,
SYSTEMIC FLAW, WHICH IS THIS, THEY REMAIN TOO BIG TO FAIL.
THEY REMAIN TOO BIG TO FAIL. TEN YEARS AFTER THE CRISIS,
TEN YEARS AFTER THE CRISIS, YOU’RE EXACTLY RIGHT, IF ONE OF
YOU’RE EXACTLY RIGHT, IF ONE OF THE BIG BANKS REPORTED AN
THE BIG BANKS REPORTED AN EXTRAORDINARY RISK -- AND GUESS
EXTRAORDINARY RISK -- AND GUESS WHAT, THIS HEARING TODAY WILL BE
WHAT, THIS HEARING TODAY WILL BE A LOT ABOUT THE LAST CRISIS.
A LOT ABOUT THE LAST CRISIS. WHAT I FOCUS ON IS WHAT IS THE
WHAT I FOCUS ON IS WHAT IS THE NEXT CRISIS AND THAT IS ALWAYS
NEXT CRISIS AND THAT IS ALWAYS WHAT IS UNPREDICTABLE, WHETHER
WHAT IS UNPREDICTABLE, WHETHER IT BE AIL GO RHYTHMIC OR TRADING
IT BE AIL GO RHYTHMIC OR TRADING OR AUTO LENDING OR REAL ESTATE,
OR AUTO LENDING OR REAL ESTATE, WHERE WE SEE MOST CRISIS.
WHERE WE SEE MOST CRISIS. WILL THIS HEARING BE FOCUSED ON
WILL THIS HEARING BE FOCUSED ON WHAT IS THE NEXT SYSTEMIC RISK
WHAT IS THE NEXT SYSTEMIC RISK AND WILL WE NOT PUT THE AMERICAN
AND WILL WE NOT PUT THE AMERICAN PEOPLE IN THE POSITION OF
PEOPLE IN THE POSITION OF BAILING OUT BANKS THAT WERE NOT
BAILING OUT BANKS THAT WERE NOT REALLY SUPPORTED BY THE
REALLY SUPPORTED BY THE GOVERNMENT, PROPPED UP BY THE
GOVERNMENT, PROPPED UP BY THE GOVERNMENT, BILLED OUT BY THE
GOVERNMENT, BILLED OUT BY THE GOVERNMENT BUT OVER THE LAST TEN
GOVERNMENT BUT OVER THE LAST TEN YEARS HAVE MADE A FORTUNE FOR
YEARS HAVE MADE A FORTUNE FOR ARTIFICIALLY LOW INTEREST RATES
ARTIFICIALLY LOW INTEREST RATES AND QUANTITATIVE EASING.
AND QUANTITATIVE EASING. YOU WANT TO KNOW WHAT
YOU WANT TO KNOW WHAT CONTRIBUTES TO INCOME
CONTRIBUTES TO INCOME INEQUALITY, IT IS THAT.
INEQUALITY, IT IS THAT. ONE IN FOUR AMERICANS UNDER
ONE IN FOUR AMERICANS UNDER BANKED.
BANKED. WE’RE RELYING ON EXCESSIVE
WE’RE RELYING ON EXCESSIVE RATES, PAYDAY LENDERS, LIVING
RATES, PAYDAY LENDERS, LIVING PAYCHECK TO PAYCHECK TO A SYSTEM
PAYCHECK TO PAYCHECK TO A SYSTEM THAT STILL DOES NOT SUPPORT
THAT STILL DOES NOT SUPPORT THEM.
THEM. ASK THEM THOSE QUESTIONS, NOT
ASK THEM THOSE QUESTIONS, NOT WHAT HAPPENED TEN YEARS AGO.
WHAT HAPPENED TEN YEARS AGO. >> BUT THEY TIGHTEN UP LENDING
>> BUT THEY TIGHTEN UP LENDING STACHE ARDS TO IMPROVE BALANCE
STACHE ARDS TO IMPROVE BALANCE SHEETS, MORE PEOPLE GOT KNOCKED
SHEETS, MORE PEOPLE GOT KNOCKED OUT OF THE SYSTEM AND FORCED TO
OUT OF THE SYSTEM AND FORCED TO GO TO PAYDAY LENDERS.
GO TO PAYDAY LENDERS. BRET STEPHENS, WHEN YOU LOOK AT
BRET STEPHENS, WHEN YOU LOOK AT THE WHOLE PICTURE AND SEE THE
THE WHOLE PICTURE AND SEE THE BROKEN ECONOMY, THE FACT JAMIE
BROKEN ECONOMY, THE FACT JAMIE DIMON IS NOW USING ELIZABETH
DIMON IS NOW USING ELIZABETH WARREN TALKING POINTS, TALKING
WARREN TALKING POINTS, TALKING ABOUT ALL OF THE AMERICANS WHO
ABOUT ALL OF THE AMERICANS WHO DON’T HAVE $400 IF THERE’S AN
DON’T HAVE $400 IF THERE’S AN UNEXPECTED EMERGENCY, SHOWS HOW
UNEXPECTED EMERGENCY, SHOWS HOW BROKEN THE SYSTEM IS.
BROKEN THE SYSTEM IS. >> IT ALSO SHOWS DON FRANK WAS A
>> IT ALSO SHOWS DON FRANK WAS A VERY PROBLEMATIC BILL THAT
VERY PROBLEMATIC BILL THAT ENTRENCHED A KIND OF OLIGOPOLY
ENTRENCHED A KIND OF OLIGOPOLY OF BANK THAT’S PROFITED, BECAUSE
OF BANK THAT’S PROFITED, BECAUSE AS YOU POINTED OUT, THERE’S
AS YOU POINTED OUT, THERE’S ANOTHER FOR DIMON TO HANDLE
ANOTHER FOR DIMON TO HANDLE ANOTHER THOUSAND COMPLIANCE
ANOTHER THOUSAND COMPLIANCE OFFICERS BUT IF YOU’RE A
OFFICERS BUT IF YOU’RE A COMMUNITY, YOU’RE FINISHED.
COMMUNITY, YOU’RE FINISHED. WE NOW HAVE A SYSTEM OF SEVEN OR
WE NOW HAVE A SYSTEM OF SEVEN OR EIGHT LARGE BANKS.
EIGHT LARGE BANKS. THEY HAVE NO COMPETITION TO
THEY HAVE NO COMPETITION TO SPEAK OF.
SPEAK OF. NO ONE THINKS, HEY, I’M GOING TO
NO ONE THINKS, HEY, I’M GOING TO START A BANK.
START A BANK. PEOPLE LOOK ELSEWHERE.
PEOPLE LOOK ELSEWHERE. THE NEXT TIME WE HAVE A BIG
THE NEXT TIME WE HAVE A BIG REFORM, PEOPLE HAVE TO BE
REFORM, PEOPLE HAVE TO BE MINDFUL OF THE FACT THAT AS YOU
MINDFUL OF THE FACT THAT AS YOU INCREASE -- AS YOU IMPROVE THOSE
INCREASE -- AS YOU IMPROVE THOSE LENDING STANDARDS, YOU DON’T
LENDING STANDARDS, YOU DON’T WANT TO CREATE A MARKET WHERE
WANT TO CREATE A MARKET WHERE YOU CAN ONLY HAVE THREE, FOUR
YOU CAN ONLY HAVE THREE, FOUR MAJOR PLAYERS.
MAJOR PLAYERS. >> BUT ISN’T SHORT TERM-ISM THE
>> BUT ISN’T SHORT TERM-ISM THE REAL ISSUE HERE?
REAL ISSUE HERE? FINANCIAL ENGINEERING?
FINANCIAL ENGINEERING? LET’S SAY BILL COHEN IS THE CEO
LET’S SAY BILL COHEN IS THE CEO OF A MAJOR COMPANY, AND I’M A
OF A MAJOR COMPANY, AND I’M A BIG INVESTOR IN THAT COMPANY.
BIG INVESTOR IN THAT COMPANY. AND I’M A BIG INVESTOR IN THAT
AND I’M A BIG INVESTOR IN THAT COMPANY.
COMPANY. AND A BOMB HITS THIS BUILDING.
AND A BOMB HITS THIS BUILDING. I CAN JUST SELL MY STOCK THAT
I CAN JUST SELL MY STOCK THAT DAY.
DAY. MAYBE IT GOES DOWN BY 20% BUT
MAYBE IT GOES DOWN BY 20% BUT I’M OUT OF THE POSITION.
I’M OUT OF THE POSITION. HE RUNS THAT COMPANY WITH 50,000
HE RUNS THAT COMPANY WITH 50,000 EMPLOYEES AND HE STILL HAS TO
EMPLOYEES AND HE STILL HAS TO DEAL WITH IT.
DEAL WITH IT. FOR THE FINANCIAL INDUSTRY, THE
FOR THE FINANCIAL INDUSTRY, THE FACT THAT IT IS SO LOOSELY
FACT THAT IT IS SO LOOSELY REGULATED, THE FACT ACTIVISTS
REGULATED, THE FACT ACTIVISTS AND INVESTORS CAN COME IN, SHAKE
AND INVESTORS CAN COME IN, SHAKE UP A COMPANY AND WHEN THEY SHAKE
UP A COMPANY AND WHEN THEY SHAKE IT UP AND OPTIMIZE IT, WE KNOW
IT UP AND OPTIMIZE IT, WE KNOW PEOPLE LOSE THEIR JOBS AND
PEOPLE LOSE THEIR JOBS AND THEY’RE NOT HELD TO ANY
THEY’RE NOT HELD TO ANY STANDARDS, IS THAT NOT ONE OF
STANDARDS, IS THAT NOT ONE OF THE MAIN ISSUES HERE?
THE MAIN ISSUES HERE? >> YEAH, BUT WE KEEP HOPING THE
>> YEAH, BUT WE KEEP HOPING THE BETTER ANGELS OF A CEO ARE GOING
BETTER ANGELS OF A CEO ARE GOING TO SHOW UP.
TO SHOW UP. AND AT THE END OF THE DAY PEOPLE
AND AT THE END OF THE DAY PEOPLE WILL -- I SERVED ON A BUNCH OF
WILL -- I SERVED ON A BUNCH OF PUBLIC COMPANY BOARDS AND ON THE
PUBLIC COMPANY BOARDS AND ON THE COM COMMITTEE, PEOPLE WILL
COM COMMITTEE, PEOPLE WILL LARGELY -- THEIR BEHAVIOR WILL
LARGELY -- THEIR BEHAVIOR WILL BE DRIVEN BY COMPENSATION.
BE DRIVEN BY COMPENSATION. WHEN 98% OF SENIOR EXECUTIVE
WHEN 98% OF SENIOR EXECUTIVE COMPENSATION IS BASED ON THE
COMPENSATION IS BASED ON THE OPTION VALUE OF THEIR EQUITY,
OPTION VALUE OF THEIR EQUITY, THEY’RE GOING TO FOCUS ON THE
THEY’RE GOING TO FOCUS ON THE STOCK PRICE MORNING, NOON AND
STOCK PRICE MORNING, NOON AND NIGHT.
NIGHT. >> BECAUSE THAT’S WHAT THEIR JOB
>> BECAUSE THAT’S WHAT THEIR JOB IS.
IS. UNLESS WE CHANGE THAT MOVE TO
UNLESS WE CHANGE THAT MOVE TO CAPITALISM --
CAPITALISM -- >> THEY’RE DOING THEIR JOB.
>> THEY’RE DOING THEIR JOB. THE PEOPLE WHO ARE NOT DOING
THE PEOPLE WHO ARE NOT DOING THEIR JOB QUITE FRANKLY IS US.
THEIR JOB QUITE FRANKLY IS US. WE NEED TO ELECT OFFICIALS WHO
WE NEED TO ELECT OFFICIALS WHO RECOGNIZE THE INCENTIVES ARE OUT
RECOGNIZE THE INCENTIVES ARE OUT OF WHACK AND WE NEED REFEREES ON
OF WHACK AND WE NEED REFEREES ON THE FIELD TO REALIZE THESE GUYS
THE FIELD TO REALIZE THESE GUYS ARE TOO BIG.
ARE TOO BIG. TO REALIZE IF YOU IN FACT MAKE
TO REALIZE IF YOU IN FACT MAKE $100 MILLION IN EQUITY VALUE BY
$100 MILLION IN EQUITY VALUE BY PUTTING IN PLACE RISKS THAT
PUTTING IN PLACE RISKS THAT SOMEBODY ELSE DOWN THE ROAD HAS
SOMEBODY ELSE DOWN THE ROAD HAS TO PAY BACK, WE CAN CLAW BACK.
TO PAY BACK, WE CAN CLAW BACK. I SAY HATE THE GAME, NOT THE
I SAY HATE THE GAME, NOT THE PLAYERS.
PLAYERS. >> I AGREE WITH YOU 100%.
>> I AGREE WITH YOU 100%. BILL, ONE OF THE PROBLEMS IS IF
BILL, ONE OF THE PROBLEMS IS IF YOU RUN A PUBLICLY TRADED
YOU RUN A PUBLICLY TRADED COMPANY, IF YOU WANT YOUR STOCK
COMPANY, IF YOU WANT YOUR STOCK TO GO UP, YOU HAVE TO GROW.
TO GO UP, YOU HAVE TO GROW. SO YOU’RE SEEING ACQUISITION
SO YOU’RE SEEING ACQUISITION AFTER ACQUISITION AFTER
AFTER ACQUISITION AFTER ACQUISITION.
ACQUISITION. WHAT DOES THAT MEAN?
WHAT DOES THAT MEAN? HOSPITAL MAIZATION AND
HOSPITAL MAIZATION AND OPTIMA DECISION AND PEOPLE
OPTIMA DECISION AND PEOPLE LOOKING THEIR JOBS.
LOOKING THEIR JOBS. DO WE HAVE TO REVISIT THAT?
DO WE HAVE TO REVISIT THAT? WHEN MAXINE WATERS GO AFTER CEOs
WHEN MAXINE WATERS GO AFTER CEOs YOU AND I KNOW TRADING PEOPLE
YOU AND I KNOW TRADING PEOPLE ACROSS THE BOARD WILL SAY WE
ACROSS THE BOARD WILL SAY WE DIDN’T VOTE FOR TRUMP LAST TIME
DIDN’T VOTE FOR TRUMP LAST TIME BUT MAYBE WE SHOULD THIS TIME
BUT MAYBE WE SHOULD THIS TIME BECAUSE OUR CHOICE WILL BE
BECAUSE OUR CHOICE WILL BE CAPITALISM OR SOCIALISM.
CAPITALISM OR SOCIALISM. WHY DOES IT HAVE TO BE ONE OR
WHY DOES IT HAVE TO BE ONE OR THE OTHER?
THE OTHER? WHY NOT LET’S REVISIT CAPITALISM
WHY NOT LET’S REVISIT CAPITALISM AND IMPROVE IT?
AND IMPROVE IT? >> YOU’RE ABSOLUTELY RIGHT AND
>> YOU’RE ABSOLUTELY RIGHT AND THAT WAS THE POINT WHY WALT
THAT WAS THE POINT WHY WALT MATTERS, FIX CAPITALISM WHERE
MATTERS, FIX CAPITALISM WHERE IT’S NOT WORKING ON THE MARGINS
IT’S NOT WORKING ON THE MARGINS AND FIX WALL STREET WHERE IT’S
AND FIX WALL STREET WHERE IT’S NOT WORKING ON THE MARGIN.
NOT WORKING ON THE MARGIN. >> LIKE CARRIED INTEREST WITH
>> LIKE CARRIED INTEREST WITH BOTH PARTIES.
BOTH PARTIES. THERE WAS A HUGE TAX CUT AND
THERE WAS A HUGE TAX CUT AND NOBODY GOT RID OF CARRIED
NOBODY GOT RID OF CARRIED INTEREST.
INTEREST. >> WHAT OTHER BUSINESS ON THE
>> WHAT OTHER BUSINESS ON THE FACE OF THE EARTH GETS RAW
FACE OF THE EARTH GETS RAW MATERIAL FOR FREE?
MATERIAL FOR FREE? THE FED HAS KEPT THE RATES LOW
THE FED HAS KEPT THE RATES LOW FOR TEN YEARS AND NOW PRESIDENT
FOR TEN YEARS AND NOW PRESIDENT TRUMP IS JOB-OWNING THE FED AND
TRUMP IS JOB-OWNING THE FED AND TRYING TO STACK THE FED WITH
TRYING TO STACK THE FED WITH PEOPLE WHO ARE GOING TO TRY TO
PEOPLE WHO ARE GOING TO TRY TO KEEP RATES EVEN LOWER.
KEEP RATES EVEN LOWER. THAT WORKS GREAT FOR THE JAMIE
THAT WORKS GREAT FOR THE JAMIE DIMONS OF THE WORLD AND BANKS OF
DIMONS OF THE WORLD AND BANKS OF THE WORLD BUT IT DOESN’T WORK
THE WORLD BUT IT DOESN’T WORK GREAT FOR PEOPLE WHO ARE GOING
GREAT FOR PEOPLE WHO ARE GOING TO SUFFER WITH ALL OF THIS
TO SUFFER WITH ALL OF THIS MISPRICING OF RISK THAT GOES ON
MISPRICING OF RISK THAT GOES ON IN THE MARKET.
IN THE MARKET. >> SPEAKING OF THE PERVERSION OF
>> SPEAKING OF THE PERVERSION OF THAT, QUANTITATIVE EASING, QE
THAT, QUANTITATIVE EASING, QE CAME WHEN WE NEEDED FINANCIAL
CAME WHEN WE NEEDED FINANCIAL BANKERS TO COME IN LET’S LOWER
BANKERS TO COME IN LET’S LOWER THINGS SO PEOPLE CAN LEND,
THINGS SO PEOPLE CAN LEND, PEOPLE CAN BORROW AND IT WON’T
PEOPLE CAN BORROW AND IT WON’T COST THAT MUCH.
COST THAT MUCH. NOW PRESIDENT TRUMP SAYS THE
NOW PRESIDENT TRUMP SAYS THE ECONOMY IS STRONGER THAN EVER,
ECONOMY IS STRONGER THAN EVER, AND BY THE WAY, LET’S CUT RATES.
AND BY THE WAY, LET’S CUT RATES. HE MIGHT ACTUALLY BE SUCCESSFUL
HE MIGHT ACTUALLY BE SUCCESSFUL IN BULLYING THE FED TO NOT RAISE
IN BULLYING THE FED TO NOT RAISE RATES AND WALL STREET’S GOING TO
RATES AND WALL STREET’S GOING TO GO, THAT WAS THE WRONG THING TO
GO, THAT WAS THE WRONG THING TO DO, HA, HA, BUT WE’LL TAKE IT.
DO, HA, HA, BUT WE’LL TAKE IT. THE LITTLE GUY WILL GET SCREWED
THE LITTLE GUY WILL GET SCREWED AGAIN.
AGAIN. >> LAUGHING ALL THE WAY TO THE
>> LAUGHING ALL THE WAY TO THE BANK.
BANK. WE SHOULD POINT OUT JAMIE DIMON
WE SHOULD POINT OUT JAMIE DIMON TAKING HOME $31 MILLION IN HIS
TAKING HOME $31 MILLION IN HIS 2018, HIGHEST HE’S HAD, RECORD
2018, HIGHEST HE’S HAD, RECORD PROFITS.
PROFITS. LET’S BE CLEAR ABOUT THIS, LET’S
LET’S BE CLEAR ABOUT THIS, LET’S NOT MAKE THIS FALSE DICHOTOMY
NOT MAKE THIS FALSE DICHOTOMY BETWEEN CAPITALISM AND
BETWEEN CAPITALISM AND SOCIALISM.
SOCIALISM. LET’S NOT POSIT THAT TO THE
LET’S NOT POSIT THAT TO THE VIEWERS OR ANYBODY OUT THERE.
VIEWERS OR ANYBODY OUT THERE. THOSE ARE NOT OUR CHOICES.
THOSE ARE NOT OUR CHOICES. OUR CHOICES ARE HAVING A MORE
OUR CHOICES ARE HAVING A MORE RESPONSIBLE BANKING SYSTEM THAT
RESPONSIBLE BANKING SYSTEM THAT SERVES THE BENEFIT NOT OF THE
SERVES THE BENEFIT NOT OF THE 1%, NOT OF THE .1%, WHICH IT
1%, NOT OF THE .1%, WHICH IT DOES TO SUCH AN EXTENT NOW WITH
DOES TO SUCH AN EXTENT NOW WITH SO MUCH FINANCIAL MEGSINGSHING T
SO MUCH FINANCIAL MEGSINGSHING T GOES ON BUT THE BANKING SYSTEM
GOES ON BUT THE BANKING SYSTEM THAT SERVES THE VAST MAJORITY OF
THAT SERVES THE VAST MAJORITY OF THE AMERICAN POPULATION.
THE AMERICAN POPULATION. THAT MEANS AN INCREASED,
THAT MEANS AN INCREASED, BULKED-UP BUREAU THAT TACKLES
BULKED-UP BUREAU THAT TACKLES THE LENDING, TACKLES AND NOT
THE LENDING, TACKLES AND NOT SEGREGATE LOW INCOME COMMUNITIES
SEGREGATE LOW INCOME COMMUNITIES AND DO NOT GIVE THEM THE ACCESS
AND DO NOT GIVE THEM THE ACCESS OF CAPITAL THEY NEED TO GET INTO
OF CAPITAL THEY NEED TO GET INTO THE BANKING SYSTEM.
THE BANKING SYSTEM. DO YOU KNOW THE PERVERSION TRULY
DO YOU KNOW THE PERVERSION TRULY IS PEOPLE WHO ARE UNDERBANKED
IS PEOPLE WHO ARE UNDERBANKED PAYING EXCESSIVE FEES AND
PAYING EXCESSIVE FEES AND EXCESSIVE RATES TO DO NORMAL,
EXCESSIVE RATES TO DO NORMAL, EVERYDAY THINGS.
EVERYDAY THINGS. TO GET A CAR TO TAKE THEIR KIDS
TO GET A CAR TO TAKE THEIR KIDS TO SCHOOL, TO TAKE CARE OF THEIR
TO SCHOOL, TO TAKE CARE OF THEIR PARENTS.
PARENTS. >> I DON’T HAVE MONEY WIRE
>> I DON’T HAVE MONEY WIRE TRANSFER FEES.
TRANSFER FEES. >> DON’T CONFUSE CAPITALISM AND
>> DON’T CONFUSE CAPITALISM AND SOCIALISM.
SOCIALISM. LET’S PUT THE CHOICE BETWEEN
LET’S PUT THE CHOICE BETWEEN BETTER CAPITALISM, FAIRER
BETTER CAPITALISM, FAIRER CAPITALISM AND THAT’S WHAT
CAPITALISM AND THAT’S WHAT BENEFITS THE AMERICAN PUBLIC.
BENEFITS THE AMERICAN PUBLIC. >> AND HIGHER INTEREST RATES
>> AND HIGHER INTEREST RATES THAT HELPED SAVERS AT THE
THAT HELPED SAVERS AT THE BENEFIT OF SPECULATORS.
BENEFIT OF SPECULATORS. >> ABSOLUTELY.
>> ABSOLUTELY. LAST POINT, SCOTT?
LAST POINT, SCOTT? >> LOVE THIS.
>> LOVE THIS. THE QUESTION I HAVE --
THE QUESTION I HAVE -- >> LET’S GO.
>> LET’S GO. >> IT ALL MAKES SENSE.
>> IT ALL MAKES SENSE. TO YOUR POINT, WE CAN’T MISTAKE
TO YOUR POINT, WE CAN’T MISTAKE CRONYISM AND CLEP TOK RASY FOR
CRONYISM AND CLEP TOK RASY FOR CAPITALISM.
CAPITALISM. CAPITALISM INVOLVES DEMOCRACY
CAPITALISM INVOLVES DEMOCRACY AND REFEREES ON THE FIELD.
AND REFEREES ON THE FIELD. UNFORTUNATELY WHEN YOU PREVERT
UNFORTUNATELY WHEN YOU PREVERT CAPITALISM THE WE IT’S BEEN
CAPITALISM THE WE IT’S BEEN PERVERTED THE LAST FEW YEARS, WE
PERVERTED THE LAST FEW YEARS, WE HAVE A RISE TO NATIONALISM AND
HAVE A RISE TO NATIONALISM AND FASCISM.
FASCISM. WHAT I CALL PG-13 SOCIALISM,
WHAT I CALL PG-13 SOCIALISM, WHICH I THINK IS ALSO A BAD
WHICH I THINK IS ALSO A BAD IDEA, CAPITALISM WORKS BUT WE
IDEA, CAPITALISM WORKS BUT WE NEED REFEREES ON THE FIELD.
NEED REFEREES ON THE FIELD. >> THEN YOU HAVE THE
>> THEN YOU HAVE THE BILLIONAIRES LIKE DIMON TRYING
BILLIONAIRES LIKE DIMON TRYING TO LEAD THE CHARGE IN THE PUBLIC
TO LEAD THE CHARGE IN THE PUBLIC SPHERE TALKING ABOUT HOW THEY
SPHERE TALKING ABOUT HOW THEY CAN REFORM CAPITALISM AND CHARGE
CAN REFORM CAPITALISM AND CHARGE HIGHER TAXES ET CETERA, ET
HIGHER TAXES ET CETERA, ET CETERA, MAKING THEM LOOK LIKE
CETERA, MAKING THEM LOOK LIKE THE GOOD GUYS WHEN THEY’RE
THE GOOD GUYS WHEN THEY’RE FRANKLY PART OF THE PROBLEM.
FRANKLY PART OF THE PROBLEM. >> THEY CAN SAY WE’RE NOT GOING
>> THEY CAN SAY WE’RE NOT GOING TO CHARGE OVERDRAFT FEES ANYWAY.
TO CHARGE OVERDRAFT FEES ANYWAY. JAMIE DIMON CAN SAY, YOU KNOW
